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Entering A Startup Funding Contest? 5 Things That Will Help You Succeed

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Startup Funding BasicsSo you have an idea! All set to go and grab the funding opportunity? Wait; know that you have to get it bang on, to be able to get the funding when so many other people are also having their eyes on it. The 5 things that will make you the winner are:

RESEARCH: Merely presenting an idea won’t work. You should know the ins and outs of it. You should be able to tackle the questions thrown at you and be very convincing while answering those. Your confidence in your idea should reflect in your body language. That will only happen when you are fully researched about your start-up idea. The research part doesn’t end here only. You should be well aware if similar ideas are being worked upon and how to make yours unique and feasible. Read books, magazines and surf the net to get motivation and ideas on how to go about it.

PRACTICE YOUR PITCH: All of you would agree to the point that the most eloquent speakers garner the ears of the audience and leave an impact on their minds. Speak in such a manner that people would want to listen to you. Presentation is a key element to winning the prize. You should be confident, well-versed and clear while pitching for your idea. The idea should be made clear and the importance of your start-up be highlighted.

IMPORTANCE OF YOUR START-UP: If you can convince the judges that the world needs your start-up and how convenient it is going to make life for them, then there’s no stopping you from winning the competition. Convince the judges that the world would know the loss in terms of a service or a product being denied if your start-up is not made to face the light of the day.

BUSINESS ASPECT: At the end of the day, your idea is going to be a business making venture. So a little understanding of the business aspects is must. Know your target clients, how much they are willing to shell out of their pockets and make a business model accordingly. No need to panic, you can always hire professionals later.

JUDGING CRITERIA: If the judging criterion is mentioned, it’s good enough. Otherwise below are the main points on which the judges evaluate:
• Probability of successful launch
• Job creation potential
• Impact on the community
• Passionate team members who are willing to see the idea through the end
• Impressive presentation
• Your understanding of the end product and having the skills to do it.

So, grab the funds and kick-start your entrepreneurial voyage!

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Bani Singh

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