Interestingly, while in there were different business plans submitted, because many teams entered more than 1 Phase, there were plans judged in the 3 Phases.However, in Malaysia the competition was not organized to draw participation from educational institutions or initiated by venture capitalists. The Technopreneur Development Flagship aims to increase the availability of seed funds, research and development grants, and venture capital funds. For example, in the US some fifty schools sponsor business plan competitions Warshaw, It appears that the major environmental factor impinging on technopreneurs in Malaysia relates to financing issues obtaining money capital to start a business and the lack of access to operating capital once business is launched. Their competitions do not focus on academic entries by university students. This makes the Malaysian model compelling for others to study. These websites give access to funding, networks, marketing opportunities and mentoring to entrepreneurs and businesses. The aim is to have more governmental agencies, private companies and institutions of higher education working to help develop the technopreneurs of Malaysia. The competition provides the technopreneurs a rapid and deep exposure to many important service providers, who are available gratis to the teams during their planning phases. MAVCAP is what local entrepreneurs would describe as the closest entity mirroring the functions of a Venture Capitalit firm who will help financially challenged start-ups through capital investment, while monitoring their progress. Vesper, Karl H.
McKinsey, the consulting firm, has helped sponsor a number of plan contests McKinsey Regarded by circles within NTV 7 as one of the hottest show on air today, the MyEG Make The Pitch show, is not only for entertainment, it serves as a platform for entrepreneurs to pitch for funding through a business plan competition, which would get them to pitch their ideas to top investors in Malaysia if they qualified.
Business plans are expected to be geared towards technology ideas and solutions, over the years, the competition has seen how innovative and creative students have integrated traditional business models with additions of new technology applications or simply, bringing their businesses online or via the cloud.
The flagship is designed to develop more talents through skill based training programs in areas such as leadership, negotiation and cross-cultural marketing.
The competition embodies elements of a venture forum, because the teams are matched with potential investors and financiers.
Apart from using business plan competitions to encourage entrepreneurship development, venture fora have been used for this purpose as well.
These cover a variety of themes from robotics to mechanics engineering and construction. Typically one finds business plan competitions either for members of a region of a country; or, as an extension of University programs in business and entrepreneurship.
They are known for having quite strict evaluation processes when it comes to funding start-ups, and usually start-ups who have been in business for several years and have a clear growth plan ahead would be considered, as commented by your resident entrepreneur members.