There are many good reasons for startups to participate in competitions: They offer know-how and feedback from experts, access to existing networks, public attention, valuable personal contacts and cash prizes. Competitions Which startups are suitable for depends primarily on the stage of establishment.
Before the founding: Where should we go?
First-time founders, in particular, are often overwhelmed by the task of creating a business plan or business model canvas. The challenge: How do I position my business and product correctly? What is the market demanding? How do I convince investors?
Special competitions for early-stage startups such as the Munich Business Plan Competition from BaystartUP are the right place to start. The cash prizes are modest, but the invaluable benefit lies in the individual feedback from experienced consultants and experts. Many startups have only found success after constructive critiques and a subsequent pivot.
Spoilt for choice: Which competitions are the right ones?
The startup is growing, positive feedback from customers and initial sales confirm the founders and their business model. It's time to submit applications for larger, specialized competitions. The cash prizes here are already higher on average. The industry, investors, the media, and potential partners monitor the relevant events. Quite a few young companies have met future investors, mentors, and customers at competitions. Winning a competition is also a great opportunity for communication and is eagerly picked up by the industry's media. When selecting the right competitions, startups should therefore pay attention not only to the reputation of the awards but also to how actively the organizers engage in public communication and the media coverage of past events.
The dose makes the difference
There are also numerous competitions, awards, and honors for later-stage startups. Young companies often compete with established, older companies. Special startup categories offer better chances of winning.
As is so often the case in life, the dose determines the effect. Ultimately, entrepreneurs themselves must decide what proportion of their limited time they want to invest in promoting competitions or networking at events and trade fairs. The right mix is best determined through experience.
Stay up to date
The competition offering is almost as agile and fast-moving as the startup scene itself. In our news, we regularly report on upcoming competitions and deadlines. In our Competitions section you will find all articles.
By the way: No other German state has as many regional startup competitions as Bavaria. An overview is provided by Publication by fuer-gruender.de.
