There are many good reasons for startups to participate in competitions: they offer expertise and feedback from experts, access to existing networks, public attention, valuable personal contacts, and prize money. Which competitions are suitable for which startup depends mainly on the stage of founding.
Before founding: Where are you headed?
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 does the market demand? How do I convince investors?
Specialized competitions for early-stage startups like the Munich Business Plan Competition from BaystartUP are the right place to go. The prize money is modest, but the invaluable benefit lies in individual feedback from experienced consultants and experts. Many startups only got on the path to success after constructive criticism and a subsequent pivot.
Spoilt for choice: Which competitions are the right ones?
The startup is growing, positive feedback from customers and first sales confirm the founders and their business model. It’s time to apply for larger and specialized competitions. The prize money here is on average already higher. The scene, investors, media, and potential partners observe the relevant events. Not a few startups met future investors, mentors, and customers at competitions. A competition win is also a nice occasion for communication and is eagerly picked up by scene media. When selecting the right competitions, startups should therefore pay attention not only to the prestige of the awards but also to how actively the organizers themselves engage in public communication and how the media response to past events was.
The dose makes the poison
There are also a variety of competitions, awards, and honors for later-stage startups. It’s not uncommon for young companies to compete here with established older companies. Better chances of winning are offered by separate startup categories.
As is 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 applying for competitions or networking at events and trade fairs. The right balance is best achieved through practical experience.
Stay in the loop
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. You’ll find all articles in our competitions section.
By the way: No other German state has as many regional startup competitions as Bavaria. An overview is provided by a publication from fuer-gruender.de.