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Contests

Discussion in 'Financing Your Business' started by Alaine, Apr 4, 2016.

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  1. Alaine

    Alaine Member

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    There are numerous ways to raise capital for a new business and as there always are Entrepreneurship contests if you have a great business plan, you could enter one of them competitions and you could possibly win some money. All of these contests have different eligibility requirements but if you are to look around the web, you'll most likely find one you can qualify for and if you win, you'll have the money you need to start your business.

    You could start here if you are interested.
     
  2. jona

    jona Member

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    Yes, a lot of business operate as project incubators for great ideas, just 2 small warnings: be very careful with these contests, read the small letter and, if possible, have some legal assistance for a lawyer before entering, some of these contests are very fishy in nature, I once saw one that claimed that your idea was their property once submitted even if you din't win! Be careful with that.

    The second thing, and this is equally important, the actual serious and established contests are not simply giving money away because your idea sounds good, they are actually looking for ideas to invest in, that means that they will be your investors somehow, so they will have a say on the way your develop your idea and run your business, just like any normal investor. You will have to deal with this external interference... it is probably going to be useful guidance most of the time but be aware that you are not going to be 100% independent anymore.
     
    T J Tutor and Alaine like this.

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