What is a Startup Businesses
A start-up is a young company that has not yet established itself in the market. But there are other criteria. A new greengrocer is also a young company and not yet established, but it would not be called a start-up company. The reason: An important characteristic for a start-up is an innovative business idea.
Advantages Of a Startup Businesses:
- Feedback and coaching
- Press hype
- Seals of approval, marketing budgets, and other deals
- Little effort – lots of profit
1-Feedback and coaching
Participants in a start-up competition come into direct contact with experts, mentors, and the jury – all experts in their respective fields. The exchange allows you to bring a lot of valuable know-how with you, especially since the participants receive frequent direct feedback on their own ideas. Depending on the company phase, the competitions themselves are also designed to further develop the idea or business plan of the participants and take them to the next level. This means that in addition to the prospect of great prizes, you can also take away free coaching. Some competitions also provide the teams with personal mentors who work with them on the concept.
In competitions for companies that have already been founded, there are representative workshops on topics such as sales or marketing.
When you take part in a start-up competition, you get to know like-minded people, which gives you courage and inspiration. However, there are often contacts here that are difficult to access under normal circumstances, such as experts or investors. Many start-up competitions also offer exclusive events for (former) participants or alumni networks to which one would not have access without participating in the competition.
Visibility is the factor that founders have to struggle to achieve. During and after taking part in a start-up competition, however, all eyes are on the teams. This guarantees the attention of the media, potential first customers and cooperation partners as well as investors: Quite a few start-ups got to know their future business angel in the course of a start-up competition.
4-Seals of approval, marketing budgets, and other deals
Depending on how well known and renowned the competition is, a competition title increases the reputation of your business and can act as a door opener. If the seal of approval obtained is included in the entire communication (e.g. on product packaging, in the signature, on the website), this increases the trust of business partners, suppliers, and, last but not least, the end customer. Marketing budgets, such as those awarded at the breakthrough award in the amount of a fabulous 500,000 euros, help you to keep talking even after the press hype.
5-Little effort – lots of profit
You will receive valuable input for the effort that you have in participating in a start-up competition. The requirements and documents that you have to bring with you vary depending on the competition. For some competitions, you can apply quickly and easily online using a form, but many larger competitions require detailed application material. See this as an investment for the future of your business idea – because even without placing it on the podium, you will gain priceless knowledge and gain useful experience.