Startup challenges & competitions
Organizing a startup challenge
A startup challenge or competition can be a good way to quickly get in touch with many startups and select only the best to continue working with.
In our experience there are two important problems that can arise when organizing a startup challenge or competition:
- Too few (good) startups sign up
- Too many (irrelevant) startups sign up
The problem of too few good startups is obvious; there is less chance to find the best possible collaboration partner(s). Especially if a lot of time, money and resources are invested to organize the challenge, it is a shame if the harvest is disappointing. It’s a real problem, because startups can choose from a wide range of challenges, competitions, pitch games, programs, etc.
The problem of too many irrelevant applications is also annoying. It places a heavy burden on the organization to separate the wheat from the chaff. But also, for example, on the ability to reject applications that fit less well in a personalized and substantiated manner.
Success factors of a good selection process
Based on our experience with selection processes of startups, these are some of the success factors:
- The incentive for the selected startups (cash prize, use of network and knowledge, etc.) is of great importance for startups to sign up;
- This incentive is proportionate to the effort that entrepreneurs have to make in the process, for example in providing information or attending training courses;
- Careful thought was given in advance to what information is needed from the startup and when;
The information requested is also relevant for doing the assessment. Otherwise the problem arises that the startup has to provide too much information and good candidates therefore drop out, and that the selection committee spends too much time reading partly irrelevant information;
- A stage-gate process (the further into the process, the more detailed the information and assessments) can help to make the entry barrier for startups low and to be able to do the first selection round in an efficient way;
- The selection committee knows well in advance what is expected of them and when.
How we help you find good, relevant startups
If you want to collaborate with startups, you need to find them first. You can, of course, wait for startups to knock on your door, but you can also actively search for those startups.
There are some tools and databases on the market that can be a good starting point for this.
In addition, we offer scouting services to help you find good, relevant startups. Read more about this on our startup scouting page.
How we help you select the best startups
Depending on the number and quality of applications, it makes sense to separate the wheat from the chaff in one or more rounds. Our software is focused on assessing and selecting startups and can streamline this process.
If desired, we can also make a substantive contribution to the qualification and selection of participants. After all, this is the core business of Golden Egg Check. We can enrich the applications with substantive advice about the potential and feasibility of the business case. This information can make it easier for the selection committees to make a sound judgement.
Using our software in the process
Our software is intended to assess business plans and requests in a structured manner and to gain quick insights into the best scoring plans. We can customize the software and prepare it for you.
Entrepreneurs can submit their information and plans regarding the startup challenge via our software, but it is also possible, for example, to upload a PDF with their business plan or pitch deck. After the assessment, startups can quickly see why they have or have not been selected for the next round. This increases the professionalism of the challenge, and at the same time ensures an efficient process.
Ideally, each person on the selection committee should be provided with the information necessary to form an opinion, and an easy way to make an assessment. Without being influenced by previous evaluators. As far as we are concerned, the criteria should be about the relevance for your organization and suitability for the challenge on the one hand, and the attractiveness of the business case on the other. This makes it easier to see which participants are more likely to be involved in the challenge than others.
Want to learn more?
Contact Gilles Meijer via gilles[at]goldeneggcheck.com or +31 (0)53 450 0012 to discuss how we can support your organization in organizing a startup challenge or competition. We have experience in finding and selecting startups, we can support the process with our software and we can help to design the selection process.