The MENA region is booming with investment opportunities. Entrepreneurs in the region are getting more attention and opportunities for investments now more than ever. To be successful, startups need to find the right kind of help. This is exactly why entrepreneurship competitions have gotten quite popular in the past few years. Organizing and executing an entrepreneurship competition requires detailed planning and preparation. Our experts have learned quite a lot from our past experiences managing competitions in the UAE and Saudi Arabia.

So, how do you plan and run a successful entrepreneurship competition?

A Clear Charter & Scope

Each sponsor has their own twist and angle on the purpose of having the competition to begin with. It’s crucial that this is made clear with the stakeholders upfront. It is also crucial not to overly complicate the competition entry criteria.

Whether a competition is looking for a specific area of focus (Ex: Smart City), or a specific underlying technology (Ex: Blockchain), or even a specific industry (Ex: Healthcare), it is important to have this focus clearly spelled out upfront.

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A Detailed Plan

A competition is stressful enough on all the participants without the added complication of poor planning or chaotic execution. Hence, a competition should be well planned in advance. The communication means and details along with the complete marketing approach and plan should be organized before the initial kickoff of the competition.

Further, there will always be exceptions and unanticipated twists. Having a clear mitigation plan that handles such exceptions gracefully, helps in providing all involved with a smooth experience.

A Qualified Team

The team can be thought of as the backbone to the entire competition. If the team is lacking, then the failure of competition is eminent. When we say team, that includes the staff that sort data, to those that interact directly with participants, judges, and everyone else included in the competition. A qualified team is foremost needed to correctly handle the screening, filtering, and categorizing of all applications. Undermining the importance of having a qualified team can be disastrous. And of course, on the flip side, if the competition is communicated correctly to its target audience, an overwhelming response can be guaranteed.

Use of Technology

An entrepreneurship competition should be utilizing what it’s rewarding. Competition organizers should utilize latest solutions for idea submissions, online training, and even pitching. Communication is another thing a qualified team will have to handle well. It’s essential to ensure that lines of communication between the organizers and all the participants are active during all stages of the competition, and that they are utilizing the latest technologies in use by the various startups.

Enrich the journey, not just the final prize

Every participant should get something out of the program, such as training and feedback on their business plans. Therefore, training, feedback, and free online courses should be offered to all qualified participants. If possible, on site training focusing on individualized coaching should also be offered to a select group of participants. This way, the winners walk away with a prize, but everyone also walks away with valuable knowledge, connections, or even financial benefit.

Everyone has a fair chance

A competition loses all credibility if it’s biased or rigged. Participants can also smell it a mile away and will make sure the organizers know about it through social media. Competition organizers need to guarantee fairness during every round of screening. This could be achieved by making sure that the judges are made up of a diverse team of professionals from various business sectors…. Diversity across industry, gender, nationality and age.

Guiding startups and helping them grow and be successful is critical in the economic growth of the entire region. One of the most important outcomes of an entrepreneurship competition is participants satisfaction. Satisfaction ensures the successfulness of the competition, not just now, but in upcoming editions over the years. That is why we here at Nuummite Consulting have the best of the best dedicated to the preparation, launching, and management of such events.

Contact us now at: info@nuummiteconsulting.com to get our best team to organize and handle your entrepreneurship competition.

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