5 Ways an Existing Business Could Benefit a Pitch Competition
by Evie Somogyi, marketing intern and senior marketing student, Mike Cottrell College of Business
When you think of a pitch competition, you probably think of start-ups — and the show Shark Tank. However, a pitch competition isn’t solely for startups or the contestants of Shark Tank. In fact, pitch competitions pose a great opportunity for all entrepreneurs, even those with existing businesses. Here are 5 ways that your business could benefit from a pitch competition:
- Gain funding
Have you thought about expanding your business, but you don’t want to get a loan? A pitch competition is the perfect way for you to gain additional funding — no strings, banks, or loans attached.
- Rethink your business
As an entrepreneur, it is critical to keep your customer at the forefront of your mind. However, it is also easy to lose sight of your value proposition and why you do what you do. Through the pitch creation process, you will look at your business from many different angles. In turn, this will allow you to rethink the value that you are bringing to your customer — as well as why your business is in existence in the first place.
- Gain new mentors
The organizations that run pitch competitions are filled with potential mentors. Many of them have started businesses of their own and are willing to give advice to fellow entrepreneurs. Meanwhile, the connections that your mentors have will allow you to further grow your network.
- Gain new perspective
As human beings, it is in our nature to surround ourselves with like-minded people. As an entrepreneur, it is important to surround yourself with many different types of people who can bring new perspectives to the table. By participating in a pitch challenge, you will meet other entrepreneurs with varying perspectives that will help you grow and evolve your business.
- Create some buzz
Participating in a pitch challenge creates free publicity for your business. The investment groups that hold pitch competitions also invest in media coverage. Often times, newspapers, magazines, and TV stations cover stories on pitch competitions.
Are you ready to grow and evolve your business? Enter for a chance to win $10,000: https://ung.edu/center-entrepreneurship-innovation/startitup-challenge/index.php