Win Capital for Your Startup
It's no surprise that one of the main reasons internet startups fail is because they run out of money. We at Team and a Dream are constantly meeting entrepreneurs who are looking for help in obtaining venture capital funding. While we get them ready through our Business Preparation service and make connections when possible, it can be a long and challenging process.
An alternative to seeking VCs (or at least as a way to buy time), is to go to family and friends and maybe angel investors. If you're in between and looking for another option - it's time to enter Business Plan Competitions. How can you enter these contests and win your startup capital? Check out the links below for more information and eligibility requirements. Some of these end soon so don't procrastinate!
|
Name |
Description (from website) |
Prize |
Deadline |
|
Tell us what you'll Just Start. Fact, fiction or fantasy. What have you always dreamed of doing? What are you resigning from and moving towards? And, how will the Just Start grant ($50k) help you strike out on your own? |
$50,000 plus services |
December 15, 2007 | |
|
Do you have an idea that will solve a problem, express creativity, or change the world? Roll up your sleeves and submit your web application or business idea. |
$15,000 |
December, 31, 2007 | |
|
ATG will connect budding entrepreneurs with leaders in e-commerce, and provide valuable feedback from visionaries who have shaped and continue to guide the e-commerce industry. |
$50,000 |
January 30, 2008 | |
|
Describe an idea for a legitimate business that may be lawfully operated in the United States that does not involve alcohol, illegal substances, tobacco, firearms or pornography in any way. |
$10,000 |
March 31, 2008 |
Another contest to watch out for is run by Y Combinator. It's different in that U.S. technology entrepreneurs don't only compete for money - they also compete for the chance of being locked in apartments with each other where they work for three months straight to start their own companies. The program offers one-on-one mentoring with experienced consultants, legal assistance with filing the paperwork needed to start their business, personal intros to investors, and dinner once a week with a successful entrepreneur. This contest is held twice a year and the most recent one just ended this past October. Look out for the next one early next year.
I've personally entered a few competitions myself - not online, but at my school at Temple University. I was discouraged when I didn't place in my early years at school but I persevered and have won their Innovative Idea Award Competition two years running - once as an undergraduate and most recently as an alumni.
Entering a business plan competition isn't as daunting as it seems, but it does require time and effort. It can also be rewarding whether or not you win. Getting your ideas on paper helps you define the feasibility of your idea/business and it's something you need anyway when you're meeting with VCs or angel investors. Imagine how much smoother that meeting would go if you had just won one of these competitions? In addition, it can also be a great way to network and open other doors - win or lose.
If you know of other business plan or startup competitions, feel free to share them with us below.
By: Yasmine
Great information! We are all interested in learning how to apply for funding.
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