Prizes for Start-Up Businesses in Cambridge Competition
The annual Discovering Start-ups competition run by Cambridge Wireless has announced that there are a number of high-profile contributors to the prizes on offer for those start-up businesses that are selected as winners. Prize competitions are increasingly familiar to entrepreneurs, with a number of competitions being run annually around the United Kingdom and in other countries, such as the USA, in order to identify potentially successful start-up businesses. The household-name companies that invest in some of the prizes also benefit from the exposure that the competitions give them and possibly gain business from actual and prospective winners of the competition.
Advantages of Competition
Even for entrepreneurs who are not looking for acclaim as a competition winner or who feel that they do not have a sufficiently competitive edge to win, entering a competition can be a worthwhile experience and can lead to a number of benefits, such as feedback on business plans, new contacts for networking, and a chance to compare a business planning process with those processes being used elsewhere. Benchmarking is an important part of business planning, whether to compare the business plans being made by start-up businesses or to compare the competitors operating in a chosen field of operation. In many cases, simply taking part in a competition is sufficient to identity areas that might be strengthened or to spark a creative new business idea. Additional professional input on business plans can help both to prepare for the competition and to make the most of the lessons learned.