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Published: September 12th 2019
Business competitions are great platforms to gain visibility both in the media and in social networks. In the case of startups, thanks to this type of call, they can access an important network of contacts with influence to be able to obtain financing or the initial boost they need. In some cases, there are mentoring, acceleration or advice programs for the start-up or expansion of the business.
On the other hand, many of these small business awards
are economic awards that allow the entrepreneur or entrepreneur to get financing for your company or idea. This economic contribution can be decisive to materialize the idea or finance a new line of business, although in most cases no more than 20%!o(MISSING)f the financing is obtained. Of course, in return, the entrepreneur obtains countless benefits associated with branding, credibility or confidence in his plan to get more investors, in addition to the reputation he achieves by positioning himself among the finalists or winners of the call. The awards have become real levers to expand or grow.
Another of the benefits that it has is the possibility of seeing what position the initiative that opts for the prize has, since it is possible to make a comparison with other proposals and to know if the project responds to the proposed considerations.
Although the economic endowment is important for the employer, in many cases it is the least significant of these contests. Frequently, the important thing is to participate and take advantage of the tools that the organizers make available to the participants, since it forces entrepreneurs to prepare reports, data and documents by the deadline for the call. Most of these awards require the presentation of a developed business plan, generate pressure of a productive nature so that the project can be accelerated.
In line with this, it is worth highlighting the importance of the feedback received by the participants in the business awards, trust and visibility as axes of the projection that can be achieved.
A large part of the business awards
are convened at the national level, so it is important that the participants adjust to the bases of the call. Your projects will be rewarded if the jury considers them innovative, differentiating, excellent or provide a good business plan, a real opportunity for the market in question. Reasons to participate in this type of contests 1. Be able to win the prize
One of the main reasons to participate in a contest is obviously to be the winner and take the prize money. Sometimes it is an interesting sum for an entrepreneur or for an entrepreneur who, thanks to it, can execute his proposal. 2. Media impact and visibility
The finalists and the winners of the business competitions have a wide impact on the media, social networks and the sector in which they carry out the activity. 3. Project analysis
The members of the jury and the experts that make the selection of the participating projects analyze and study each of the proposals. In this way, the entrepreneur can receive feedback that helps him improve the focus of his idea or business. 4. Extension of the network of contacts
Thanks to this type of calls, participants can meet new people, investors, partners, collaborators, suppliers or potential customers. It is an effective strategy to expand the network of contacts and expand. 5. Access to financing
These types of small business awards are authentic recognitions for the company or for the entrepreneur. Although there are no absolute guarantees in the business venture because the future is uncertain, it is true that obtaining any of these awards allows you to gain the trust of investors or sources of financing to carry it out.
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