Business plan competitions support "network creators" in technology development. Participants in competitions transform uncertainties inherent in any idea and turn them into an opportunity by answering questions previously not answered by inventors. These network creators change a problem into an opportunity through collaboration and open innovation principles that are fostered through the competition.
Business plan competitions are also designed to accelerate capability building within participants by helping them to learn about business strategy as well as innovation. The competitions help inventors learn about, explore, and pursue business trajectories that were previously not considered. In this way competitions permit business experimentation, naturally filtering of poor ideas as well as providing the most promising business opportunities constructive feedback.
By helping participants to master the techniques required to make solid business plans, participants in business plan competitions are well-positioned to create substantial economic value.
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Mercury Technology Labs (www.mercurytechlabs.com) is organizing the FedEx Institute of Technology's 2nd Annual Mid-South Business Plan Competition. For more information visit http://fedex.memphis.edu/bizplan/
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