Innovate and inspire: How to modernise your startup pitch competition in 2024

Investors looking to support promising startups must often assess pitches in many different ways. Organising a startup pitch competition is a reliable way to identify the cream of the crop. 

When you are dealing with innovative new ideas, your competition structure itself should be modern and innovative too—all to improve the experience of investors, entrants, judges and organisers.  

Benefits of a modernised startup pitch competition

Modernising your startup pitch competition offers a myriad of benefits to startups, organisers, other participants and even the environment. These benefits include:

• Improved access to resources such as mentorship programs and feedback sessions to help startups refine their business models and pitches
• Greater environmental sustainability due to reduced paper use and travel 
• Cost-efficiency and convenience for everyone involved, courtesy of digital platforms which reduces the need for in-person attendance and related expenses
• Better networking opportunities via online platforms to help showcase startups to a global audience of investors
• Worldwide accessibility where startups from diverse locations can join with the help of technology
• Streamlined and transparent pitch processing and judging via a robust judging platform

Practical tips to modernise your startup pitch competition 

1. Go virtual

One way to revamp your startup pitch competition is to shift from in-person events and paper use to a streamlined process of online events and digital operations. To go virtual with your startup pitch competition, consider using the right startup program application system; such a platform streamlines the registration and submission process for the entrants.

It also simplifies the evaluation process and fosters transparency in assessment, thereby enhancing the judging experience.

It’s important to implement virtual event platforms that can handle video streaming. Such tools will aid networking and essential interactive sessions.   

2. Embrace different forms of technology

Modernising startup pitch competitions in 2024 demands using different forms of technology. Consider providing interactive technologies such as augmented reality (AR) and virtual reality (VR) to create immersive experiences that help businesses present their pitches in a more dynamic and engaging way.

It can be helpful to implement AI to analyse the performance of pitches, predict potential success and provide personalised feedback to the entrants. Different Edtech trends can also be made available to help the participants better prepare and learn how to refine their presentations.   

3. Enable support

One of the hallmarks of a modern startup pitch competition is the enhanced experience of all parties involved. Take proactive steps to provide comprehensive support for your entrants and organisers. It’s helpful to kick off with technical support; a dedicated technical team should be available to assist with any technical issue throughout the event. 

Training and provision of educational materials can help entrants in their business model development as well as pitching and presentation skills. Similarly, the provision of media partnerships and post-event support in the form of extended mentorship can increase visibility for participants and ensure they continue receiving guidance after the competition.    

4. Emphasise fairness

To modernise your startup pitch competition, it’s important to level the playing field and give all participants an equal opportunity to succeed. Ensuring diversity and inclusion in your startup pitch competition is a key factor in this. 

Consider leveraging diverse promotion channels to ensure a diverse audience is reached. Actively seek out and invite entrepreneurs from historically underrepresented and disadvantaged communities. Make the application process simple and transparent, and offer  multi-language support when needed. 

Create a rubric that ensures equity and employ a diverse judging panel trained in recognising and mitigating unconscious bias to ensure the competition doesn’t lean in favour of or against any group of persons.      

5. Leverage gamification

Incorporating game-like elements to enhance engagement and motivation for entrants can be a fun and exciting way to add buzz to the competition. Game mechanics such as a points system, leaderboards to display top performers, specific tasks and challenges and badges for milestones can add more excitement to the competition and foster a healthy competitive spirit.

Prizes such as cash awards, mentorship sessions and public recognition through different channels can also incentivise  participating entrepreneurs.      

6. Prioritise sustainability

Refine your startup pitch competition by keeping sustainability front and centre. To promote sustainability in the competition:

• Use digital pitch decks and documentation to reduce paper usage
• Consider conducting the competition online or going green in case of a physical event
• Make sustainability a key judging criterion
• Team up with sustainable partners 

Positioning your startup pitch competition as eco-friendly can make it appealing to investors and enhance its brand image.

Choosing the best and the brightest of new, innovative ideas demands a modernised system. Use these tips above to ensure your startup pitch competition shines like new and provides a better experience for your entrants, judges and organisers.