Inspiring Innovation: Just One of the Benefits of Business Competitions

If there ever was a point to hosting business competitions, it would be that they encourage entrepreneurs to innovate and get creative to acquire even more customers. This is the whole point of Sacramento’s “Calling All Dreamers” business plan competition, which allows aspiring entrepreneurs to pitch their business plans to the public. According to Sonya Sorich, staff writer at the Sacramento Business Journal, this year’s competition was especially grueling:

Top Six

The contest, which offers a chance to open a downtown Sacramento storefront and win cash and business resources, received 33 entries this year, according to organizers. Those entries were narrowed to 10 semifinalists, then six finalists.

One can say that this is due to the competition’s strict standards for selecting prospective business pitches, but it is also just as likely that audiences are simply more inquisitive as regards the shops and stores opening soon in Sacramento. Business competitions, therefore, allow entrepreneurs to test the waters before they carry out their plans. In other words, if a business intends to organize its own contest, it should make use of dependable and effective tools, like Skild, Inc.’s contest management software. Besides, adopting a computer program for planning and management is already an innovation in itself.

Organizing a business contest also allows entrepreneurs to identify their own strengths and weaknesses. For example, an enterprise that sells a valuable commodity may not attract a lot of customers if it doesn’t have an effective marketing strategy in place to. In this day and age, one can say that this is manifested by the inability of some businesses to adopt Internet technologies.

As of 2013, it is said that only 13 percent of all companies use metrics from social media technologies for measuring corporate performance. It can be inferred, then, that less than 20 percent of businesses today know how to use social networking sites effectively to monitor the traffic that their contests generate. This is another function best served a contest management app like Skild.

It can be argued that the biggest reason why companies need to organize competitions every now and then is to tell everyone that they’re still in business. With the right design and execution, contests can be effective marketing platforms that generate considerable attention. If such a strategy worked for business pitches in Sacramento, then there’s no reason for full-fledged businesses to not be able to wield it with maximum effect.

(Source: Top six ideas in downtown business contest, Sacramento Business Journal, April 11, 2014)

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