Brilliant business ideas deserve 2 things—feedback and funding.
If yours is a good business idea that can benefit from funding and mentorship, you may want to look into business plan competitions. After all, these competitions can be beneficial for your networking, growth, and business launch.
So, what is a business plan competition and which ones should you participate in?
Let’s discuss that in this blog post.
What is a business plan competition?
A business plan competition is an event that allows small businesses and startups to compete with each other and get feedback or advice on their business. Such competitions can also help you get your business funded.
In a business plan competition, businesses are judged on several factors including execution, feasibility, and innovation of a business idea.
How to find a business plan competition?
There are several business plan competitions listed on Google that you can look through. Different competitions have different eligibility criteria and guidelines. Go through all of that to know if it fits your business or not.
At the same time, it is important to check the credibility and check for any scams or illegitimate sites.
To make finding business plan competitions a little easier we have compiled a list of 20 popular and credible competitions that you can apply for.
- Global Student Entrepreneur Awards
- tecBRIDGE Business Plan Competition
- HATCH Pitch
- Rice Business Plan Competition
- New York StartUP! Business Plan Competition
- MIT 100k Business Plan and Expo
- FAU Business Plan Competition
- NIBS Business Plan Competition
- Get Seeded
- Pistoia Alliance President’s Startup Challenge
- College of New Jersey’s Mayo Business Plan Competition
- Next Founders Business Plan Competition
- TechCrunch’s Startup Battlefield
- New Venture Challenge
- New Venture Championship
- Climatech & Energy Prize @MIT
- U.Pitch
- CodeLaunch
- Baylor New Venture Competition
- 13th IOT/WT World Cup
1. Global Student Entrepreneur Awards
To encourage students across the globe to become entrepreneurs GSEA organizes this competition for students from all disciplines and countries. The main aim of the awards is to draw people towards entrepreneurship, shape their ideas, and become a catalyst for their business’s growth.
Eligibility
- The student must enroll in a part-time or full-time undergraduate or graduate course.
- The student should own or work as a founder or co-founder of the startup.
- Only one person from the startup can represent it.
- The person should be between 18- 30 years of age.
- The startup should be running for at least 6 months from the date of application.
- The startup should either generate $500 or get $1000 as investments at the time of application.
- The startup shouldn’t have reached the final round of the competition in previous years.
For more details check out their website.
Location
The competition is held at several locations across the world over months during a school year. The finals among the Top 4 teams are held at Goldman Sachs New York.
Rewards
- First Prize: $50,000
- Second Prize: $25,000
- Third Prize: $15,000
Lodging and travel expenses are covered and additional prizes are handed out at the event.
2. tecBRIDGE Business Plan Competition
The tecBRIDGE competition is divided into two parts, with one for college students across 14 colleges and universities and a non-collegiate one for early-stage entrepreneurs.
Eligibility
( For Collegiate )
- At least one member as a college student
- The product must identify commercial solutions through technical processes.
( For Non-Collegiate )
- The startup must gross less than $250k in revenue from its start date up to the last tax filing date.
- The product must identify commercial solutions through technical processes.
For more details check out their website.
Location
It is held in Northeastern Pennsylvania every year. The businesses that win have to establish their headquarters there as well.
Rewards
Prizes worth $100,000 and share in over $100,000 of in-kind services to help launch their businesses.
3. HATCH Pitch
Through the Hatch Pitch program, you get access to mentorship courses, discounted spaces, funds, education programs, financial consulting, and so on.
Eligibility
- The company’s product/service must have been launched within the past 2 years or is expected to launch within 6 months after the event.
- Founders should retain some part of the ownership.
- Must actively participate in Hatch Pitch coaching.
- Must have received less than $5 million in funds from third-party investors.
For more details check out their website.
Location
The competition is held at Entrepreneur Space in Dallas and some programs are held online.
Rewards
Access to high-level incubators and mentorship.
4. Rice Business Plan Competition
The Rice University business plan competition is specially designed for college students to present their ideas to investors, get mentorship and help shape their ideas and business journey better.
Eligibility
- Students managed or created businesses.
- Consists of at least 2 college students, and one student pursuing a graduate degree.
- Have raised less than $250k in equity capital.
- Have generated less than $100k in any 12-month period.
For more details check out their website.
Location
The competition is held at Rice University’s Graduate School of business in Houston, Texas.
Rewards
In total, more than $1 million in investment and cash prizes are expected to be awarded at the 2024 Rice Business Plan Competition. Each of the 42 startups will walk away from the 2024 Rice Business Plan Competition with at least $950 in prizes, no matter how you place in the competition.
5. New York StartUP! Business Plan Competition
New York Public Library sponsors this competition to help entrepreneurs from around the world. They give wings to their ideas.
Eligibility
- Must live in Manhattan, Staten Island, or The Bronx.
- Your business should be in any of the above places as well.
- The idea or business model is in the startup phase and shouldn’t have earned more than $10,000.
For more details check out their website.
Location
The competition is held in New York.
Rewards
A grand prize worth $15000, a runner up prize worth $10,000, and $7,500 for the third position.
6. MIT 100k Business Plan and Expo
MIT organizes this competition to promote innovation in the university as well as the world. It consists of 3 competitions throughout the year namely Pitch, Accelerate, and Launch.
Eligibility
- Teams must consist of at least one current MIT student (undergraduate, graduate, or doctoral).
- Each team should enter one idea.
- Participants must have original work ideas
- Should disclose the received funding. The maximum non-equity funding limits are $100,000 for Pitch, $150,000 for Accelerate, and $250,000 for Launch.
For more details check out their website.
Location
Hosted in Cambridge MA MIT campus from October to May through the academic year.
Rewards
- Pitch: $5000 jury award and $2000 audience choice award.
- Accelerate: 20 finalists get industry-specific mentorship programs with a budget of $1000 each. The top 10 finalists compete for the Audience Choice award worth $10,000. The top 3 finalists immediately get into the finals of the launch.
- Launch: The winner gets a whopping amount of $100,000 while the runner gets $25000.
7. FAU Business Plan Competition
The Florida Atlantic University Business Plan Competition is for graduate and undergraduate students spanning all continents.
Eligibility
Undergraduate or graduate participants.
For more details check out their website.
Location
The competition is held at Florida Atlantic University, in Boca Raton, Florida.
Rewards
First Prize: $5000 and Second Prize: $500
8. NIBS Business Plan Competition
The NIBS Worldwide Business Plan Competition is a virtual event open to teams of students who develop business plans with entrepreneurial vision and an international focus. The competition typically begins with registrations in November and requires submissions by early March.
Eligibility
- Entrants of legal age to have contracts as per the rules of their country of residence.
- Should not hold any employment apart from their own company.
- The plan must stand for a startup business and not an acquisition.
For more details check out their website.
Location
It is held in the USA.
Rewards
There’s a cash prize for the first three places as well as an opportunity to get an incubator program for the winners.
9. Get Seeded
Get Seed is a two-part funding program for students to launch their businesses.
Eligibility
- At least one student from a higher education institution in Utah is a must.
- Should be enrolled for nine credit hours during that semester.
- Utilization of funds to take the idea further.
For more details check out their website.
Location
Salt Lake City in Utah hosts the business plan competition.
Rewards
A micro-grant worth $500 and a seeded grant from $501 to $1500
10. Pistoia Alliance President’s Startup Challenge
This competition was designed for startups focusing on digital and health technology.
Eligibility
- Legally formed entities
- The company must have less than 50 people.
- Annual sales under $5 million.
- The product should have been launched within 3 years.
- Your country should not have the USA’s trade restrictions imposed.
For more details check out their website.
Location
You can submit your ideas from anywhere.
Rewards
2 winners receive $20,000 and 6 months of mentorship from one of our members. All the five finalists win $5,000.
11. College of New Jersey’s Mayo Business Plan Competition
This competition is held for students to appreciate new challenges.
Eligibility
The teams must consist of two to four students from the College of New Jersey.
For more details check out their website.
Location
The College of New Jersey hosts this event.
Rewards
The monetary reward of $30,000 followed by $20,000 and $10,000 rewards to second and third positions.
12. Next Founders Business Plan Competition
This competition focuses on startups with an innovative approach to solving social problems and global needs.
Eligibility
It is for Canadian entrepreneurs with scalable, high-potential ventures.
For more details check out their website.
Location
The University of Toronto.
Rewards
There is no direct cash prize. Participants receive mentorship, access to a network of investors, and entrepreneurial education.
13. TechCrunch’s Startup Battlefield
TechCrunch sponsors this competition which comprises two levels.
Eligibility
The companies must have a functional prototype of their product or service to present to the committee.
For more details check out their website.
Location
Different locations.
Rewards
The winner gets $100,000 in equity prize money.
14. New Venture Challenge
This competition is held at the University of Chicago. Three evaluation points for participants are – Innovation, Product Market Fit, and presentation.
Eligibility
The eligibility information is available on their website.
Location
Chicago, IL
Rewards
1st Place: $50,000; 2nd Place: $25,000; 3rd Place: $15,000. In addition to that, the winners get access to mentorship and resources.
15. New Venture Championship
This competition is for those with a good business idea. Even if you don’t have a business plan, you can participate as the competition provides optional plan writing services.
Eligibility
The team should have 2-5 members.
Should have at least one graduate student.
The students should be pursuing their undergraduate or graduate degrees.
For more details check out their website.
Location
Eugene, Oregon.
Rewards
Get up to $10,000 in funding
16. Climatech & Energy Prize @MIT
This competition is ideal for companies with a core focus on energy, climate change, and the environment.
Eligibility
The team must have more than 2 members.
At least 50% of part-time or full-time university students.
For more details check out their website.
Location
Cambridge, MA hosts this competition
Rewards
The winner gets a sizable sum of $1,00,000.
17. U.Pitch
This competition gives entrants a chance to present their ideas to people from different levels and spectrums in the business space and get an opportunity for investments and mentorship programs.
Eligibility
- Undergraduate or graduate program students.
- Functioning Business
- Age up to or below 30
For more details check out their website.
Location
San Francisco, California hosts this competition. However, program doesn’t require you to relocate and is hosted virtually.
Rewards
Prizes worth $10,000 are given.
18. CodeLaunch
It is a seed accelerator competition for entrepreneurs who have technology startups.
Eligibility
The detailed eligibility criteria can be found here.
Location
St. Louis, Missouri hosts these competitions, usually.
Rewards
The winner gets seed fund capital and access to other additional resources.
19. Baylor New Venture Competition
Baylor launched this competition to help entrepreneurs discuss their ideas and get advice from judges.
Eligibility
An undergraduate student at Baylor University and McLennan Community College.
For more details check out their website.
Location
The competition is hosted at Baylor University, Waco, Texas.
Rewards
The first prize winner receives $50,000 while the second and the third finalists win $25,000 and $10,000 respectively. There are prizes for each participant, information for which can be gathered from their official website.
20. 13th IOT/WT World Cup
The Innovation World Cup was started to give startups a chance to display their ideas and business. The competition aims to attract venture capitalists, investors, and potential business partners.
Eligibility
The startup should have a concept of innovative technologies.
You should have a functional prototype of the product.
For more details check out their website.
Location
Cleveland, Ohio hosts this event.
Rewards
You get a chance to win prizes worth $500,000 and connect with leading tech companies in your field.
Conclusion
Business plan competitions offer excellent opportunities for emerging entrepreneurs to get their businesses funded.
Even if you don’t acquire the funds, you gain a lot more in the form of networking and mentorship from industry veterans.
It’s without a doubt the most fantastic way for entrepreneurs to solidify their business ideas and learn the ropes of the trade.
So go ahead and identify the business plan competitions suitable for your business. Understand the guidelines, write your business plan with Upmetrics, and submit your applications before the deadline hits.
