In the past, I’ve always heard of business competition. However, they never seemed to be achievable. I always imagined Shark Tank and Mr. Wonderful tearing apart someone’s idea based on their seemingly small lift pitch. This mentality stuck with me until the new year of high school when I had the opportunity to participate and compete in the Adolescent Entrepreneur Academy and Business Plan competition. This has changed everything. I learned to love the competition, the challenges and the pressure of giving an idea to a panel of judges. Fast forward to last year when my business partner and I had the opportunity to compete in the Wolverine Venture Battle with our company’s idea Resense. We came up with the idea of recession through the Lean Launchpad class offered at Grove City College and by the end of the semester we were able to have a great run in the competition and raise more than $ 6000 at home.
We’ve decided to take Resence further than the Wolverine Venture Battle and launch it as a business. So, this year, we are a part of Venture Lab but we decided to take our chances with more business competition. You will be amazed at the number of different business competitions there. Recently, we applied in 3 different national competitions and are going through different rounds! It has been a very interesting journey and there are many things I have learned and will stay away from this experience forever. Being the most important takeaway, no idea is too small. I don’t know if it’s just me, but I tend to underestimate the impact of a concept and by entering this competition I realized how unique and useful Resense can and will be.
They ask lots of different questions as they enter the competition, forcing you to think about every aspect of your company. It’s something we were prepared for, but it certainly tested our level of knowledge and comfort. We need to do research, ask questions from our consultants and really get to know our company. Although sometimes it was stressful, we were finally able to greatly improve our company and gain knowledge by learning that can only be found outside the classroom. So, the application process was a bit tedious and frustrating but we did it and we are still doing it. Each competition has its own application process with different requirements and so each had an initiative to apply. However, pay it off! We’ve been able to get ahead in the Poets & Quants Big Idea Bounce and rise to the top 12 out of 167 companies. Although we didn’t make it to the top 3 finals, it was an amazing experience and success as far as we considered the truly impressive and innovative ideas. It has given us so much confidence to continue in this competition. We are convinced that Resense and The Memory Box is a good idea and there is a great need for our products in the market Currently, we are also ahead in the TCU Value and Venture competition and are looking forward to hearing more.
So, if you are ever interested in participating in a business competition, I have 2 words for you: Do it! The experience, knowledge and feedback you get as you go through the process is invaluable. Even if you do not win in the end, you will find your name there, market your product, and have a very useful experience in creating an idea… I know for sure that I will be grateful for my future!