Competitions

Competitions
Katie Baker
IEDC October 2015
© 2013 Ewing Marion Kauffman Foundation
www.kauffman.org
© 2013 Ewing Marion Kauffman Foundation
“All of the money in the world
cannot solve problems
unless we work together.
And, if we work together,
there is no problem in the
world that can stop us, as we
seek to develop people to
their highest and best
potential.”
−Ewing Marion Kauffman
© 2013 Ewing Marion Kauffman Foundation
As few as 1% companies = 40% employment
(Net Job Creation)
400,000
© 2013 Ewing Marion Kauffman Foundation
iStart
• Enable transparency and access to the businesses and
the entrepreneurs; increasing the number of new firms
formed
• To bring a new level of efficiency and standardization to
business plan competitions
• Allow experiential education to happen easily and
effectively
© 2013 Ewing Marion Kauffman Foundation
Importance of Competitions
• From Lab Bench to Innovation: R. Lubynsky’s
Dissertation
•
“Mechanisms like competitions are critical to student in developing the
confidence and knowledge necessary to make the decision to launch”
• Experiential Learning
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Written Plans, Financial Projections, Live Pitches, Team Work, Positioning
a business in the market, etc…
• Validating a Market
• Creating a Pipeline – Growing a Market
• Increased Networks
© 2013 Ewing Marion Kauffman Foundation
Why Run a Competition
• Opens up networks; experts, mentors, co-founders, like
minded individuals, potential funders
• Generates buzz - PR for your organization; creates
excitement about entrepreneurship
• Increasing pipeline – finding talent
• Experiential learning – not just theory
• Target an audience
• Idea generation
© 2013 Ewing Marion Kauffman Foundation
Why people participate in
competitions
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ACCESS to networks
Experiential learning
Class or degree requirement
$$
Honing skills
Safe place to try out a new idea
© 2013 Ewing Marion Kauffman Foundation
Who participates?
© 2013 Ewing Marion Kauffman Foundation
Types of Business Competitions
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The Plan
The Model
The Pitch
The Idea
The Challenge/Solution
© 2013 Ewing Marion Kauffman Foundation
What We Have Learned
What Works
• Many Small Cash Prizes
• Mentor Driven Competitions
• Feedback from Admins and
Judges
• Live events for Networking
• The more in depth the
competition, the more
deadlines throughout
• Working backwards – start
with the outcome you want
and decide on judging criteria
and then application should
match to what judges need to
see
• Video submission
What Does Not
• One big Grand Prize
• All online competition with no
interaction
• Unclear expectations – for the
overall competition, as well as
the applications
• Judges without experience just
because they are sponsors
© 2013 Ewing Marion Kauffman Foundation
How to Run a Competition
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Decide on the type of competition
Start with the OUTCOME and work backwards
Promote your competition wide and often
Plan on providing feedback to applicants
Work your networks for judges
Think through prize options
Capture Metrics for your competition
© 2013 Ewing Marion Kauffman Foundation
• For Questions contact
• Katie Baker
• Kbaker@kauffman.org
© 2013 Ewing Marion Kauffman Foundation
For Questions
Contact:
Katie Baker
kbaker@kauffman.org
816-932-1021
© 2013 Ewing Marion Kauffman Foundation
www.kauffman.org
© 2013 Ewing Marion Kauffman Foundation