CAREER

How Pitch Competitions Can Benefit You

Have you ever wanted to start your own business? How about you just want some extra cash? If you answered yes to either of these questions, there are events designed just for this purpose. They are called pitch competitions. Pitch competitions are when corporate sponsors, universities, or local commerce boards host what essentially amounts to a sales competition for people in the area who have ideas for new businesses.

Why should you join? Almost every pitch competition you find will have some sort of cash prize. They can range from $500 to $15,000 as with Michigan State’s Burgess New Venture Challenge. Some prizes will be awarded with the intention of being seed funding for your venture, but some will be blank checks. Make sure you know what the awarded money is for before you enter so it’s used accordingly. On top of the monetary compensation, the people you meet at these events can be invaluable. Pitch competitions can be a great way to expand your network.

Depending upon the size of the event, you may or may not need any visuals. With a bit of practice, and a few hours on a weekend, you could find yourself with a nice check containing the seed money for your future venture.