The Munich Business Plan Competition is entering a new round. Ambitious startups can submit their business ideas from now until mid-January. Phase 1 of the competition focuses on the business idea and customer benefits. Entrants are required to submit a business outline of approximately seven pages or a fully developed pitch deck. The top teams can look forward to prize money of over €48,000, inclusion in the BayStartUP coaching program, and invitations to exclusive business angel and investor events hosted by the BayStartUP investor network.
The Munich Business Plan Competition has proven to be an ideal springboard for startups—especially those with a technology focus. Seven out of nine of the top three finishers from 2015 to 2017 successfully completed a financing round following the competition.
Startups participating in the Munich Business Plan Competition also benefit from their proximity to Germany's largest investor network, coordinated by BayStartUP. Here, founders have access to more than 280 listed business angels, over 100 institutional investors, and financing ranging from €50,000 to €6 million.
Competition victory can facilitate financing
Dr. Carsten Rudolph, Managing Director of BayStartUP, says:
"For years, participation in the BayStartUP business plan competitions has been an excellent opportunity for startup teams to gain structure and receive constructive and critical support from professionals. The fact that it helps is demonstrated by the fact that almost all of the competition winners in the last three years have successfully secured financing very quickly."
The most recent example is the startup Kumovis, winner of the Munich Business Plan Competition in July 2018. The specialist for innovative 3D printers used in medical technology was able to secure financing just three months after being awarded the prize by the jury. The High-Tech Gründerfonds and a family office are participating in a seven-figure seed financingKumovis can now prepare the market launch of its product.
How the Munich Business Plan Competition works
Startups can now Register online as a participant and until January 15, 2019 submit their business plan. This can be a fully developed pitch deck or a rough outline of their business plan. The key is that the strategy and planning must be transparent. A potential investor should be able to understand the origins of the business model's assumptions and why they are sound. All submitting teams will receive comprehensive written feedback on their ideas and business plans from the expert jury, which is comprised of investors, entrepreneurs, and experts in the startup scene.
Participating startups have the opportunity to present their business concepts in a total of three competition phases; lateral entry is also possible at any time in phases 2 and 3.
The focus in Phase 2 will be on market potential, marketing and sales (deadline: March 26, 2019) and in Phase 3 on implementation, capital requirements and sales planning (deadline: June 4, 2019).
