Maybe you own a business or you have launched your startup but wonder where you are going to get the money to really drive it to become the success you know it could be. You have sought funding from all the popular options – Banks, but are not eligible yet. Your family, friends and colleagues, have a lot on their plate to consider this idea of yours at the moment, they like it but well, the time is not right. You have gathered up all of your savings and its running out really fast and you are looking towards the next course of action.
Comes in Startup Business Funding Competitions
Startup or business funding competitions are life savers and, business power boosters if you can access the funds – or correctly put, if you can win the funds. So how can you position yourself to ensure you can absolutely win funds when you apply through a startup competition?
As you already know, competitions are competitive, because every entrepreneur or startup founder could make do with the cash to jumpstart or totally overhaul a business, so expect a tough run on this one.
Business Startup funding competitions can be time sapping, as you need to go through painstaking thought process when it comes to filling the application. Hence, picking your battles wisely is essential to success.
To apply for startup business funding, there are necessary things you need to understand and follow to the letter if you desire to come out tops. They include;
Truths – understand these truths and take your rest
- Startup competitions are a dime a dozen. Determine which ones are for you and those that are not and leave them alone
- The more competitions suitable to your business or startup you can find and participate in, the more your chances of winning
- You can win the very first competition you apply for. Don’t be cork sure about that and don’t count on it but stay as positive as you can about it.
Dos – do these and expect the best
- Thoroughly read the entire content provided about the competition you wish to apply for.
- Again, thoroughly read the entire content a second time without skipping a line.
- Copy the content on a word document and if you can print it out.
- Properly understand the objectives of the competition.
- Read the ‘About us’ page on the website to have firsthand knowledge of the company or organisation behind the competition.
- Determine if the competition is for your kind of business, your nationality, your stage of business etc., by fitting your business into the objectives of the competition. Do this by underlining or taking notes of specific, important points that relate to the competition which intersects with your business.
- If it states that the competition is providing seed funding to startups and you are in growth stage, don’t apply.
- If traction is required in terms of user acquisition, sales or revenue generation and your business is still at idea stage, please don’t waste your time.
- Try to almost perfectly fit yourself into every objective of the business, and you are very well above good standing
Creating your Application – The Real Deal
I tell all entrepreneurs and startup founders I work with one thing; it is not the smartest entrepreneurs that get the competition cash, but the bolder, strategic pitching and fine writing entrepreneurs who do.
So to get your application listed as a strong contender for the cash from the word GO, here are things you should do;
- Pitch with gusto
Most competitions will need you to fill out boxes on the application form, not exceeding specific number of words. Make every word count and hit home like a missile that knows exactly where it is going. It is not the number of words you can write but how good you can punch home the words that matter. With that said, updating your business writing skills is a plus for any person who wants to win business startup funding competitions.
- Be Strategic
Speak industry words like you created the industry yourself. Tell your evaluator where you think your industry is headed and why you may very well be the game changer the world is waiting for. Use industry facts, data and numbers where necessary, supporting these with relevant references.
- Be innovative
Competitive funding applications always present you the opportunity to think through your business model and your differentiation strategies. This is your chance to emblazon your innovativeness. Why are you different from all the other market players? You need to bring on your A game here.
- Seek professional help
Don’t be shy to seek professional help when you need it. As an idea strategist, I have hosted an idea challenge funding competition and worked with all kinds of entrepreneurs to access loans and grant funding from business competitions, running into millions of dollars. I can categorically say that the entrepreneurs who seek help from professionals such as accountants, strategists, business developers etc., when they are stranded, are better positioned to win the cash. Why is this so? They are humble enough to understand that they know the business they are driving but they lack the wherewithal to express this business in a strategically assertive and spellbinding way. While some competitions may state that applicants go through the process alone, no real business that has truly succeed has not drawn advice, help or support from people, consultants, experts etc., no matter how small. So seek help where and when necessary.
- Show Proof of Success
If your business has proof of success, show it. If this is demanded, have it ready with real numbers. Funders, investors or startup competitions love to know their money is going in the right direction and a little proof of success will definitely go an awesome long way.
These steps will get you the money if you follow through on them. And the only thing that may stop you will be the narrowing down to fit a certain number. But the good news, it can still get you on the top of the narrowed down number. So should you be applying for your next startup business funding application, take these steps personal if you want to win.
Leave us a comment
Do you find this article helpful? We would be pleased to hear it in the comments below.
So, please leave us a comment; I look forward to your addition on this conversation if you have any to add. I talk back to help you succeed in your journey to starting a tech start-up.
If you wish to have access to professional help in your applying for business startup funding applications, send us a message on the contact page.
Also, click on the icons and share on social media. Somebody somewhere may need this information to move to the next level in life and that person may just be you, receiving a shared content.
<?php echo do_shortcode (‘[shareaholic app=”total_share_count”]’); ?>
Disclosure: This review, article or report was first posted on http://www.babeonideas.com blog in 2017. The http://www.babeonideas.com blog no longer exists. Some information may be outdated or a startup may no longer exist in the form or all of its form when it was first reviewed.
babeonideas 