Forbes $100,000 Business Plan Competition
As mentioned already at the Business Pundit, Forbes is having their second “Boost your Business” competition looking to award $100,000 to an individual with the best business plan. Don’t take this competition light heartedly though, because it’s pretty serious, evident by last year’s very deserving/qualified winner.
To enter the contest, you need to type up your business plan in a clear, convincing 500 words (that’s not fluff). That’s due May 31. Then if you make it to the next round, you’ll need to film a 30 second elevator pitch of your idea.
From the feeling of this competition, it seems for suited for those with established businesses that could grow wildly with just a little bump of capital. Having said that, I also think that big business would love to finance some deserving, driving, college student startup if they do have a viable enough plan and credentials. It’s definitely a long shot that I don’t think I’ll try out, but it’s something you should consider if you have an offline business idea with high potential. I say offline because online business doesn’t seem like it has as viable of an upside by just pouring $100,000 into the business coffers. The growth opportunities with offline businesses seem much larger than growth opportunities of online businesses with the same $100k. However, I’d love somebody to prove me wrong.
Perhaps this blog’s owner, Ryan, who may or may not have taken in $60,000 worth of funding a while ago, could elaborate as to whether 100k could grow an online business at a competitive rate. hm… but anyways, this will definitely be an interesting competition to follow.
I would say that $100k has the potential to grow a business at a competitive rate. But so much depends on execution of the idea, marketing, etc. that it’s by no means a guarantee.
I’ve had projects funded by $38k completely flop. I’ve had projects funded by $1k dominate and succeed. Mostly, it comes down to whether the product is needed and whether it is properly promoted.
I would probably take the $100k and spend $60k on development and $40k on marketing.