Why Attend or Compete in a Business Plan Competition

There are many reasons to submit your plan to a business plan competition or at least attend one in your area. Even if you don't think you can win, there are many reasons to compete:

• Most competitions give awards in addition to cash including free consulting services, award recognition or free publicity.
• Know your competition - you may learn of others with similar ideas as yours. You may even be able to collaborate with them.
• You will get valuable feedback.
• You will learn whether others "get it" when you pitch your idea. If they don't  "get it" then your pitch needs more improvement.
• Many competitions provide training courses and other helpful programs to help you get ready for the competition.
• Writing is a guide to thinking. By putting your ideas onto paper, it forces you to be more clear.
• You will learn what other people look for in a business plan - this will help you with your own.
• Even if you lose, you still win - Rejection is good for the soul.
• You might win and get some cash!

You should NEVER be afraid to tell others about your idea! The value is not in the idea, the value is in your ability to execute on the idea. Of course you should not disclose your "Secret Sauce" but you can tell others about your idea and plans without disclosing any of your real Intellectual Property.