Tapping the Business Plan Competition Circuit

Think of business plan competitions and images of brilliant business students trying to create the next big thing comes to mind. Entries for this year's MIT $100K Entrepreneurship Competition includes a plan for the Transition Personal Air Vehicle or flying car. Entering the world of business plan competitions isn't just for smart students. For those daring future entrepreneurs and existing small business owners who need capital and are willing to put together a business plan, the opportunity is there to grab the prize. A web search pulls all types of competitions from governments, business support groups, and educational institutions including:

Local Business Plan Competitions: The Chicago City Treasurer Annual Business Plan Competition open to all existing and startup businesses in the area with total prize money is valued at $21,000.

Industry Business Plan Competitions: The Life Science Business Plan Competition from Purdue University has over $134,000 in prize money and is open to any team in America who is affiliated with a leading institution.

Government Business Plan Competitions: 3rd Annual Wisconsin Governor's Business Plan Contest gives over $100,000 in prize money and eligibility calls for Wisconsin residing residents 18 years old or older and who have a business plan that employs or leverages technology.

Demographic Business Plan Competitions: The U.K. $10,000 Boomer Business Plan Competition. Open to individuals and teams of students, alumni, faculty or staff at accredited four-year colleges and universities; entrepreneurs from early-stage companies with annual revenues of $0 to $1 million; and independent business professionals and isn't limited to US citizens or US companies.