Startup competitions are quite common, but few actually move the needle either for the startups or the organizers. If you want to organize a startup competition that stands out, attracts top founders, and generates long-term impact, you have to be clear about what you can offer.
In this article, we break down why startup competitions work, what makes them effective, and how to best organize them to build a valuable asset for your brand, partners and the broader startup ecosystem.
Why startup competitions are a great idea
Startup competitions are a strategic way to build engagement for any kind of event, be it a tech conference, industry expo, or innovation forum. Here’s why you should organize one:
They’re great for optics
Running a serious startup competition builds credibility: you’re not only commenting on innovation, you’re helping surface it. That kind of positioning sticks, especially when your competition consistently produces real winners.
Partnership opportunities abound
Most events concerning startups are rife with energy — you can’t help but get excited about young folk who are excited about what they’re building! That energy often makes for a great social lubricant that you can leverage to get sponsors and institutional partners in front of early-stage founders. A great side-effect of this is, as an organizer, you can build your own audience of VCs and government or academic institutions. A well-run competition gives everyone something to engage with.
They’re a great source of deal flow
Startups want visibility, and investors want access. Startup competitions provide you a way to be in the middle. This is your chance to become a funnel for high-potential ideas@ before they go mainstream. Some organizers even spin off deal clubs or syndicates to capitalize on the momentum of their competitions. Done right, your event becomes a magnet for founders.
They’re visibility generators
Startup competitions are a fountainhead of content: pitches, winners, innovations, founder stories. That’s media gold. A successful startup competition will be featured in more diverse outlets — not just trade press but mainstream and innovation-focused media. You also stand to become “the event” associated with entrepreneurship in your niche.
They help you foster a community
By offering up a platform for early-stage startups, you can position your brand as an important player in the ecosystem, one that helps people. Founders, mentors and investors will come back if they feel your competition has substance and delivers value.
What makes startup competitions effective
Running a startup competition isn’t about ticking off “pitch event” on your agenda. If your event doesn’t deliver for the startups, you simply won’t attract great founders and their companies. Here’s what makes a successful startup competition:
Valuable prizes (not just cash)
Cash prizes are great, but access can sometimes be better. Market feedback, coaching from industry experts, meetings with VCs, and exposure to media can sometimes be more valuable than a check for a fledgling startup. The prize should align with what your competition promises and how your industry works. That said, a big cash prize is excellent for marketing. Use it if you’ve got it. There’s a reason Slush’s €1,000,000 investment prize is catching everyone’s eyes.
Clear scope and tracks
Broader themes don’t bring more applicants. Precision attracts quality. Define your focus and criteria tightly, and consider using tracks based on industries or startup maturity. That will bring clarity to the process and credibility to your brand. A good example of this was VDS, which featured clear maturity tracks and five categories, helping startups engage despite being a generalist digital event.
Expert judges and mentors
Bring in people who matter — industry experts, seasoned founders, VCs and ecosystem operators. Their presence alone boosts legitimacy and outcomes for the startups in the competition.
Well-defined evaluation process and clear criteria
Clear assessment processes and criteria let you deliver meaningful feedback to all startups, not just the winners. Pro tip: a multi-step evaluation process can help you deal with a more important flow of applicants and involve more jurors.
How to organize a killer startup competition
Most organizers get a critical part wrong: They don’t design competitions to actually attract great founders. Here’s how to do it right:
Set up a dedicated competition page
Your startup competition needs its own space on your site. Include clear, engaging content: program details, application deadlines, prizes, judging criteria, and FAQs. Look to Jumpstarter — its description is comprehensive and engaging, and hits all the right marks. Also try to accept applications on your site instead of sending people to an external form. It breaks the experience.
Streamline the application process
Long applications kill interest, while short forms convert better. Only ask for what you’ll need to evaluate the startups. Platforms that require applicants to sign up before sending an application also drive conversions down.
Build a communication plan
Promote every milestone — your call for startups, judge announcements, sponsors, shortlists, everything — and make the most of the partners, mentors, media and sponsors you’ve brought on board. Encourage applicants to post about their involvement on social media, too, — that creates network effects and makes your event feel bigger.
Two metrics on conversion to keep in mind:
- About 10% of contacted startups start an application;
- Only half of those who start will go all the way to submitting the application.
Account for this in your communication and outreach strategy.
Promote where founders are
Target accelerators, founder communities, universities and investor networks. Reach out directly and leverage your partners for introductions. Don’t wait for good startups to find you; go find them.
Showcase your success all year
Your past winners are proof that your competition fosters innovation. Maintain a live page with updates on your competition alumni, celebrate their wins, and share their growth stories. This will help you recruit next year and deepen your reputation with every cycle. SaaStock does a great job of creating content around their winners year-long, both on their website and on LinkedIn.
The bottom line
Startup competitions don’t have to be relegated to the side-event corner. They can actually be the engine of your brand’s innovation strategy. Focus on creating real value for startups, build a process that founders can understand and trust, and position your event as a launchpad.
That’s how you can turn an evening of pitch-offs into a platform that founders want to be part of, and the ecosystem pays attention to.
At Sesamers, we help organizers set up and run high-impact startup competitions. From application collection and jury management to automated outreach, our platform and team deliver your competition with the highest quality.