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This chapter will describe and analyze the evolution of the structure, content, and other key parameters of business plans in international business plan competitions from the beginnings of such competitions in 1991 through the current time. In particular, the chapter will describe how these competitions have evolved through the current time, the standardization of the structure and content of the plans submitted to these competitions, and the changes that have occurred in their structure and content over time. Then it will explain why these changes have occurred. Specifically, that most of the changes that have occurred in these various areas is a direct or indirect result of pressures on the competitions from the major judges used in them – namely U.S. venture capitalists. Appendices A and B will describe the evaluation criteria used in two of the major competitions – Moot Corp/Venture Labs^® and the Georgia Bowl^® – in more detail, while Appendices C and D will provide information on the Term Sheets and decision-making processes used by such venture capitalists. Appendix E contains four Exhibits that provide additional insights into U.S. venture capitalists’ thought processes. The chapter will conclude with a discussion of the additional changes that are likely to happen in the future.

This paper aims to review the academic literature on business plan competitions in developed and emerging economies to assess the contribution to the knowledge so far and identify research gaps.

A variety of databases (such as ABI/Inform Global, Academic Search Complete, Business Source Premier and Emerald Full Text) were used to find peer-reviewed journal articles. Regardless of time, different search terms were used to find relevant journal articles such as business plan competitions, business plan contests, business plan teams, business plan judges, business plan development and business plan scores. After a careful review of the identified articles, a total of 22 articles were included in the final review. The articles in the final set were manually coded using the thematic codes.

Despite the popularity of business plan competitions, limited academic literature exists, particularly in the context of emerging economies. A total of 16 out of 22 studies are conducted in developed economies. The findings suggest that the literature on business plan competitions is largely centered on the structure of business plan competitions, the characteristics of the participating teams and the benefits of business plan competitions. The individual level benefits of business plan competitions include the development of entrepreneurial skills, opportunity for networking and access to mentors. Business plan competitions can be better aligned with public policy, particularly in case of emerging economies. Therefore, a more focused and integrated approach among industry, academia and government in encouraging business plan competitions could potentially make a far-reaching impact in establishing an enterprising society. While much is known about the structure and the benefits of business plan competitions, there are various research gaps which need to be addressed.

The current paper is the first identifiable review of the literature on business plan competitions. The proposed questions for future research will potentially help in addressing the identified research gaps.

As entrepreneurship education has seen substantial growth over the last ten years, so has the debate over the right mix of academic theory and practical insights that best equips entrepreneurial minded business students to realize their entrepreneurial goals and to impact economies. The University of Texas at Austin’s acclaimed Moot Corp Program has not only laid the groundwork for effective, powerful entrepreneurship education, it has created a model that integrates the most value added contributions from the academic and business worlds. The Moot Corp Competition, has been a pioneer as a showcase for new ventures developed at universities across the world.

Business Plan Competitions (BPCs) are readily prescribed and promoted as a valuable entrepreneurial learning activity on university campuses worldwide. There is an acceptance of their value despite the clear lack of empirical attention on the learning experience of nascent entrepreneurs during and post-participation in university-based BPCs. To address this deficit, the purpose of this paper is to explore how participation in a university-based BPC affords entrepreneurial learning outcomes, through the development of competencies, amongst nascent entrepreneurs.

Underpinned by a constructivist paradigm, a longitudinal qualitative methodological approach was adopted. In-depth interviews with nascent entrepreneur participants of a UK university-based BPC were undertaken at the start and end of the competition but also six months after participation. This method enabled access to the participant’s experiences of the competition and appreciation of the meanings they attached to this experience as a source of entrepreneurial learning. Data were analysed according to the wave of data collection and a thematic analytical approach was taken to identify patterns across participant accounts.

At the start of the competition, participation was viewed as a valuable experiential learning opportunity in pursuit of the competencies needed, but not yet held, to progress implementation of the nascent venture. At the end of the competition, participants considered their participation experience had afforded the development of pitching, public speaking, networking and business plan production competencies and also self-confidence. Six months post-competition, participants still recognised that competencies had been developed; however, application of these were deemed as being confined to participation in other competitions rather than the routine day-to-day aspects of venture implementation. Developed competencies and learning remained useful given a prevailing view that further competition participation represented an important activity which would enable value to be leveraged in terms of finance, marketing and networking opportunities for new venture creation.

The findings challenge the common understanding that the BPC represents an effective methodology for highly authentic, relevant and broadly applicable entrepreneurial learning. Moreover the idea that the competencies needed for routine venture implementation and competencies developed through competition are synonymous is challenged. By extension the study suggests competition activities may not be as closely tied to the realities of new venture creation as commonly portrayed or understood and that the learning afforded is situated within a competition context. Competitions could therefore be preventing the opportunities for entrepreneurial learning that they purport they offer. Given the practical importance of competition participation as a resource acquisition activity for nascent entrepreneurs, further critical examination of the competition agenda is necessary as too is additional consideration about the design of such competitions and how such competitions should feature within university policy to support new venture creation.

This study contributes to the limited literature and studies on BPCs by focussing on its effectiveness as a means of providing entrepreneurial learning for participants. The key contribution taking it from an individual nascent entrepreneur participant perspective is that the competencies afforded through competition participation are more limited in scope and application than traditionally promoted and largely orientated towards future BPC participation. Learning is mainly situated for competition sake only and about participants securing further resources and higher levels of visibility. As the nascent entrepreneurs intended learning outcomes from competition participation are subsequently not realised, the study highlights a gap between the intended and actual outcomes of competition participation.

The purpose of this paper is to focus with the university-based business plan competition (BPC) and proposes how the theory of effectuation might inform a new model. Such a purpose is timely given the under-challenged nature of the BPC methodology.

Extant literature pertaining to business planning and the business plan within entrepreneurship education and effectuation is reviewed; numerous conceptual issues which undermine BPC provision in its traditional form are then identified. In response to these identified issues, a series of principles which could underpin the introduction of an effectuation-led business coopetition (EBC) are outlined.

Strong emphasis on business plan production within a conventional BPC model raises questions about its capacity to release the entrepreneurial potential of the higher education institution student and provide them with an authentic and relevant entrepreneurial learning experience. Through using the ideas of effectuation to rethink provision, the action of business plan production can usefully be replaced with the action of business implementation. As well as facilitate a beneficial shift from competition to coopetition-based entrepreneurship education.

This paper valuably critiques the efficacy of a commonly employed yet under-challenged methodology for entrepreneurship education; the BPC. The propositions offered can guide competition provision in a more authentic, realistic and relevant way that is potentially better suited to inspiring and supporting entrepreneurial new venturing amongst students and graduates now rather than in the future. The paper thus has practical value to those designing and delivering competition-based entrepreneurship education.

The purpose of this paper is to examine how nascent entrepreneur perspectives towards the utility of the formal written business plan (BP) change before and after start-up competition (SUC) participation. Such focus is pertinent and timely given the enduringly contentious matter of BP creation for nascent entrepreneurs. Despite mounting criticisms, considerable resources continue to be expended on promoting the BP within educative and start-up support provision; the globally ubiquitous SUC phenomenon provides a prominent example of such promotion.

In-depth open-ended interviews were undertaken with nascent entrepreneurs at the start, end and six months after participation in a UK university-based SUC. An inductive thematic content analytical approach was taken to identify patterns across participant accounts at each wave of data collection.

Upon entering the competition, the nascent entrepreneurs held highly positive views towards the BP, believing that it provided legitimacy and served as a means of sense-making. Immediately after the competition, views were more ambivalent, with the BP viewed as secondary to action but remaining an external expectation. Six months after the competition, the BP was viewed as underutilised and internally irrelevant; an unnecessary feature of an action-led approach and only useful when needed by external parties.

Contributing to the limited body of SUC research, the enduring centrality of formal BP production within competition provision is challenged given its limited relevance to the nascent entrepreneur beyond the competition context. Emphasis on BPning within a competition need not automatically require BP creation; this has implications for business competition organisers.

Academic innovation strives to benefit from an ample talent pool, and entrepreneurship and research competitions constitute an integral part of the effort. This prompts discussions about how to optimize the impact of interdisciplinary learning, especially for less-traditional participants. The main purpose of this article is to describe how synergies between research and business plan competitions can facilitate inclusive engagement and enhanced development of transferable skills.

A case illustration addresses the following questions: (1) what skills can be enhanced through a single project toward parallel participation in research and business plan competitions? (2) How can synergies between research and business plan competitions support more inclusive student development? The case illustration outlines the process and outcomes of an initiative with three first-gen business students, two female and two international.

The case illustration describes how synergies and alignments of deadliness between research and business plan competitions enhanced the learning process by facilitating more opportunities to showcase learning and receive feedback. In addition, the parallel preparation facilitated student inclusion by providing purposeful authentic practice in a project envisioned by the students. As a result of the 2019 learning experience, students and their employers continue to value in 2021 the effective development of transferable skills.

Previous studies examine independently entrepreneurship initiatives, science technology engineering arts and mathematics (STEAM) initiatives, transferable skills and pedagogy that support inclusive education. This manuscript describes the option of synergies between research and entrepreneurship competitions to support more inclusive student development. In addition, it provides recommendations for impact when scaling-up synergies.

Encouraging technology-based entrepreneurship is central to the policy agendas of governmental and non-governmental economic development agencies in many industrialised and newly industrialising countries. Entrepreneurs are central to venture creation and evidence indicates that, following secondary and, typically, tertiary education, most work for one or more employers prior to establishing a technology-based venture on their own or with others. As a result of this ‘entrepreneurial apprenticeship’ many technology entrepreneurs establish businesses in their mid-to-late 30s. Developing a thorough understanding of product/service markets and devising strategies to access, serve and support customers are major challenges for founders of technology-based businesses. Ventures established by individuals or groups with relevant commercial experience benefit from the know-how and networks of their founders. This chapter explores the role of university business plan competitions in stimulating entrepreneurial activity and technology transfer from two universities in Northern Ireland by focusing on entrants in the 2007 £25k Enterprise Award Scheme business planning competition. Such initiatives tend to attract students/recent graduates and members of university staff and raise the question as to how such teams develop commercially robust ventures, given that, on the face of it, most have little or no commercial experience. Based on analysis of the business plans of the top 10 ventures from the 2007 competition this chapter explores characteristics of the entrepreneurial teams, their choice of product/service offerings and aspects of the markets they target.

This paper aims to describe an innovative approach of integrating sustainability into the structures and processes of a business school without creating resistance.

A sustainable entrepreneurship competition was embedded as an independent programme in an already existing business plan competition at the School of Business FHNW. The paper shows, which structural elements of the competition had to be adapted to the needs of sustainable entrepreneurs.

The paper outlines aspects that need to be considered and steps that need to be taken to run a sustainable entrepreneurship competition supporting as many high-quality projects as possible. It describes the importance of developing an independent instrument that meets the specific needs of sustainable entrepreneurs in project planning. The sustainable innovation plan is explained.

The student projects are developed at the School of Business FHNW as part of the entrepreneurship competition, which has been successfully carried out twice. They have numerous measurable positive social and ecological effects, which are described by the students in their sustainable innovation plans and are subsequently reflected in the realization of the projects.

Using the example of the Swiss Student Sustainability Challenge, the paper demonstrates under which conditions a sustainability project can be successfully integrated into the existing structures of an institution of higher education and develop into a beacon project of the university. Other universities can make use of these findings to launch comparable projects at their institutions.

The purpose of this paper is to investigate the effectiveness of an experiential learning approach, available to students in all disciplines that combined a hands-on entrepreneurial and enterprise experience with professional consultant mentoring by using a competition to win business start-up funding.

Students at a UK University had the chance to enter a competition in which they developed an entrepreneurial idea and then designed and presented a business plan to win business start-up capital. Students who were entrepreneurially motivated, but who lacked capital to start-up their business, were targeted, as these students have been argued to benefit the most from a combination of business plan training and entrepreneurial development. Feedback and data were obtained from the students at each stage of the process and was thematically analysed to assess the development of students’ entrepreneurial skills and knowledge through the experience.

The research found that the benefits gained from this approach included both enterprising and entrepreneurial skills, with the greatest impact being on student confidence and belief in their ability to start a business. The practical skills had a “demystifying” effect on students that made them feel like entrepreneurship and enterprise start-up were attainable.

The research focused on students at one UK University and centred on entrepreneurship in a retail business. The competition thus appealed mainly to students who were interested in retail start-up, thus leaving out some enterprising students whose feedback may have been different. In addition, while entrepreneurial skills are assessed in the data, the students who would be interested in the competition would be assumed to be proactive, and this skill was not able to be analysed. This research is a single case, and thus could be enhanced by more cases and looking at other enterprise start-up means beyond retail.

This research makes a case that, in light of literature critical of the use of business plan training in entrepreneurship education, certain students are appropriate candidates for this approach. Specific skills and knowledge can be developed in university students using a live enterprise experience, supported by entrepreneurial mentoring. By making the event extracurricular, the study sought to capture the feedback of students who self-selected into the programme, who can benefit most from combined entrepreneurial and business plan development experience.