Startup Pitch competitions are an excellent opportunity for entrepreneurs to get in front of a crowd and get feedback on their ideas. The energy of competition is a powerful experience and of immense value. Here are four reasons you should consider entering your startup in a pitch competition.
Clearly defines Startup Goals
Startup pitch competitions are a great way to become very specific with your business model and plan. Applying to enter a competition will push you to review every facet of your business plan thoroughly. This process alone requires you to confront and analyze your overall strategy. Also, you’ll get a chance to dial into your vision, value proposition, and short/long term goals.
Creates awareness of your startup
Participating in a competition presents the opportunity to create an awareness of your brand. This may be the first major PR moment for your concept. Send an email to your sphere of influence and announce the competition on social media. There are also opportunities to engage with bloggers or media to create a dialogue about your startup. The outcome of the competition is another share-worthy moment for your brand.
Observing and participating in a startup pitch competition is inspiring. During the application process, fine-tuning your plan stokes the flame of creativity. The information exchange at these events also helps captivate new ideas and improve upon some ideas that you have. You will be amazed at how many thought-provoking ideas you come away with after attending a pitch competition.
It’s essential to have at least a 30-second explanation or elevator pitch that conveys their concept and value proposition of your startup. If you don’t have it down, a pitch competition is a good time to get some practice. Having a successful presence at a startup pitch competition could be the sole thing that gets you in front of potential investors.
If you are local to Phoenix the best startup competition takes place at the end of each month at Galvanize in Downtown Phoenix. The competition is called Founders Live. It’s a memorable competition where five handpicked companies take the hot seat with 99-seconds to pitch their company and explain their value proposition in front of a lively audience. There’s an audience Q&A after the pitches, then the crowd votes on a winner that receives Google and Amazon credits and the chance to talk more about their product or services. Check out a Recap of a Founders Live: