I was a judge at an entrepreneurship competition this weekend and i listened to the 8 finalists. So I asked the orgnaisers how many people entered the competition. 1000! Jeez thats a lot of entries. I happened to be sitting next to the founder of The BIG Break TV program that is also a competition. So i asked him the same question. He said that 12,000 people entered his show and of course there is only 1 winner and 12 finalists. Then i looked around at the many many competitions that are now available to entrepreneurs across the world. Thousands of people enter these competitions, a few are finalists and the rest?? My opinion is that no one should be a loser in an entrepreneurship competition. So How would i run an entrepreneurship competition?
1. All the entrants are looked at as possible entrepreneurs rather than there ideas alone.
2. Everyone must receive feedback that will encourage them to keep trying...as perseverance is so important being an entrepreneur.
3. Everyone should be encouraged to come back and pitch again and again and again....until they get it!
4. The databases of all the losers should be compiled into one massive database and this should be the foundation for training, encouragement and motivation for wanna be entrepreneurs.
So at the moment we have winners and losers.
In my system i want only winners and winners.
I will begin by compiling a list of all the "losers" and start the long process of getting them up to speed, Who knows the judges may have missed quite a few diamonds on the way.
As one of the winners of the above-mentioned entrepreneurship competition, I would like to share my experience and some thoughts on this topic. From the 1000 entrants, 54 individuals were selected to do a pitch-fire (1 minute pitch). 10 ideas were selected by the participants themselves, and the "losers" were given the option to form teams around the 10 chosen ideas.
ReplyDeleteI was fortunate enough to have attracted 4 extremely talented and creative individuals from those whose ideas had not been voted for. And let me tell you that I am grateful beyond measure. My idea came second in the competition on the backs of these individuals. And all of them have agreed to come with me to the next chapter of my idea. Now, we all share the prize and pool our skills.
You might ask, "What happens to their ideas? Do they abandon those?" No. There is no need for that. As far as I am concerned, they have gone from potential entrepreneurs to definite intrepreneurs. My opportunity is their opportunity. Their growth is my growth.
Thanks for your comments Justin. I agree with you. I just hope that all the people who dont "win" competitions keep going and dont feel deflated. My questions is, " should entrepreneurship be driven by competitions or real support?
ReplyDeleteI was one of the "non-winners" at the same event, but I found that many of the other entrepreneurs who did not make it left the event after the first day without learning a thing, and with a bad attitude.
ReplyDeleteI stuck around and found real support, information and assistance that was more valuable than winning. I spoke to more investors and business owners than most of the winners and I was given the opportunity to present my pitch in private to a few of the investors at the event.
I will be at your next university pitch and can't wait for the feedback and rewards that is at the end of this uphill battle called the entrepreneurs road.
Thank you Charles for providing some of the feedback and information at the event.
Thanks Bruce. I look forward to seeing you again. Yes competitions are inevitably flawed i am finding. See you ate the next pitch session.
ReplyDeleteGood morning Charles
ReplyDeleteDo you have a date and location for the next pitch yet?