Having role models is the basis for educating, motivating
and inspiring more women to become entrepreneurs. Now a business plan
competition is offering women the opportunity to become role models.
Business plan competitions benefit startups by providing exposure, feedback, connections, practice pitching, skills development, money, and more. Yet, only a small percent of women-led companies enter competitions, said Vivek Wadwa, academic, writer, and entrepreneur. He is also a frequent judge in business plan competitions and a vocal critic of the underfunding of women-led companies by Silicon Valley.
Colleges and corporations deliberately recruit and screen
for diversity so why shouldn’t business plan competitions, asked Joanne
Wilson, angel investor and co-founder of Women’s Entrepreneur Festival
at Gotham Gal Ventures.
Well, they’re starting to, a trend that will help women and the economy.
Business plan competition balances for diversity
WSJ Startup of the Year, a cross between a documentary and reality
show, did broad outreach throughout the start-up community, said Vanessa
O’Connell, a WSJ editor. Over five hundred companies applied.
Companies were judged on scalability, long-term viability,
originality, distinctiveness, and utility of their companies. A team of
WSJ editors whittled the list down to about 50 of the top applicants.
If you make an effort, you can ensure diversity and
maintain quality, said Gabriella Stern, a WSJ editor. The top 50
applicants were screened for diversity including ethnicity, gender,
geography, and industry. “We were also looking for dynamic people who
would represent their companies well,” said Andy Regal, a WSJ editor.
“This is TV after all.” Twenty-four finalists were selected. Over a 20
week period, finalists are mentored and judged on how they perform
specific tasks. Companies that don’t make the cut are eliminated until
only one remains. The competition ran from June 24 through November 4.
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How A Business Plan Competition Encourages Women Entrepreneurship :: Ventureneer ::