Do you know if there is a business plan competition at your school? If you search online for college business plan competitions you can see a whole big list of current business plans and competitions. In these competitions, you present a business plan or idea to judges, students, business people, alumni and sometimes even Venture capitalist who are looking for the next big thing. These competitions have become quite popular among students because they have huge cash prizes for those who can win these very competitive contest. Wherever you are in the country, there is likely a competition for business plans offered somewhere nearby. Many of these require you to be at least a part time student, but not often do you need to be enrolled at the school hosting the competition. If it is, you can just team up with a student at that school. Want to compete? Here is a list of the biggest competitions.
o The best known competition in the entire country is the MIT 100k Entrepreneurship Competition. Six awards are given out at the contest. Two in the Venture completion, and two in the Entrepreneurship for development competition. Each winner of those prizes takes home 30 grand, and the 4 runner-ups each win 10 grand.
o The Stern School of Business at New York University has one of the largest cash purses for a contest. They have over 150,000 dollars up for grabs. The contest is open to the greater NYU area, and offers two tracks. A normal business plan track is offered as well as a Social Entrepreneurship track which has to do with developing businesses that are socially responsible and helpful.
o At the Burton D. Morgan Center for Entrepreneurship at Purdue University, the largest business plan competition in the Life sciences field is offered. The competition is open to any service or products in the life sciences industry and has 134,000 in prize money.
o For graduate students who are greatat the elevator pitch, there is a contest just for you. Wake Forest University’s Elevator Competition has 65 Grand in prizes for the ultimate elevator pitch.
o All of these competitions so far have been on the east coast. On the west coast, the Venture Challenge at San Diego State University has a traditional business plan competition with over a 15 Grand prize for the top competitors.