business plan competition funding
Often the winners of business plan competitions will receive some form of funding or, at a minimum, in-kind services that help get the company up and running.
Typical Amount of Funding
Business plan competition funding is usually small ranging from $5,000-$50,000.
Availability
There are numerous business plan competitions in nearly every state in the United States and internationally. We recommend that you check out the following links for a more thorough list of business plans:
Interest and Principal Payments
Usually business plan competition funding comes with no real financial strings attached. Sometimes there is pressure to use a recommended service provider but that is usually it.
Equity
As mentioned above, usually business plan competition funding comes with no real financial strings attached. Sometimes there is pressure to use a recommended service provider but that is usually it.
Control
Because business plan funding usually does not represent a debt or equity investment, the providers of the capital usually have no control provisions over your company.
validation / Other
Business plan competitions have the added advantage of providing strong validation of your concept. Since you are competing to win against a broad group of entrants, future investors, banks, service providers, business partners, and even customers will think your chances of success are higher after you win the contest.
Another added benefit of winning (or even placing in) a business plan competition is significant exposure. Generally business plan competitions have websites where they post the winners, they are covered by media outlets like newspapers and TV stations, and they provide good networking opportunities for other funding sources.