Sunday, April 2, 2017

MN Cup, Walleye Tank…. Why You Should Enter a Venture Competition

The venture competition season is upon us in Minnesota!
April 14 is the deadline for Walleye Tank life science venture competition out of Mayo Clinic. 

April 28 is the deadline for the Minnesota Cup, the largest state-wide venture competition in the U.S., with 8 divisions and over $450,000 in prize money.

Too often, pre-revenue entrepreneurs and soon-to-be entrepreneurs feel that it is too early to enter a venture competition.  Not true!  There are many benefits to entering a venture competition, whether or not you win the grand prize.    

Participating in a venture competition can help you to:

  • Think comprehensively about the business

  • Distill your communication – concisely share the key points

  • Test your key messages – are they as meaningful to others as they are to you?

  • Practice pitching to potential investors

  • Identify your weaknesses and obstacles to gaining business traction

  • Get feedback and advice from experts and investors

  • Get public exposure through the competition’s publicity efforts

  • Develop credibility (with potential customers, employees, partners, investors)

  • (Maybe) win thousands of dollars 
Two key dates: 
  • April 14 - Walleye Tank life science venture competition.  Note that qualifying winners of the junior and professional angler divisions will automatically be placed as semi-finalists in the Minnesota Cup!
 Good luck!