Have you ever thought about why the majority of startups fails? Most people never try to figure out the reasons behind the failures, but it is very important to know primarily if you are planning a startup of your own. According to the Forbes magazine, 90% of startups fail, all for different reasons. Through careful research and planning, we can pick some smart tactics to make the startup successful in the industry.
Nowadays, we can see rapid changes in the world of IT. Many people have invested in IT industry but some of them got success and their startups turned into a big business while others couldn’t survive the competition. Most startups fail because the founders lack the self-awareness and knowledge about the market. Startup competitions offer great help in giving the right direction to new entrepreneurs by providing them with a great learning experience.
Start-Up Competitions can help you with your startup ideas
Entities like [email protected], IGNITE, NIC (National Incubation Centre), TiE Islamabad are some of the names who are brewing startup competitions in Pakistan. [email protected] (Pakistan Software Houses Association) is a private entity founded in the year 1992 to stimulate the software and service industry in Pakistan. Moreover, [email protected] strives in aiding Pakistan’s IT firms to get their voices heard on the global IT platforms. Similarly, IGNITE is another podium for startup competitions in Pakistan, and its sole purpose is to fix the innovation value chain in Pakistan with its primary focus on the IT sector.
The NIC (National Incubation Center) is a state of the art technology hub launched by the Ministry of IT & Telecom, IGNITE fund, Jazz and Teamup. Similarly, TiE is also a non-profit organization for the entrepreneurs. TiE believes and works on their five basic developed pillars to infuse the concept of entrepreneurship through; mentoring, networking, education, incubating and funding. The inculcation of startup competitions in Pakistan is apparently a promising feature for the entrepreneurs and will instil a positive business mentality especially in the minds of young entrepreneurs. Besides that, many universities like NUST, LUMS, Iqra University also hold startup competitions to promote and facilitate their students. These university students then participate in international competitions as well which provides them with an even greater learning experience.
Participation in IT startup competitions is a great way to know the demand of the market and how entrepreneurs should plan the strategy for their business. By participating in such competitions they learn a great deal. If you are intrigued that how IT startup competitions can help you in your startup ideas, we have outlined some benefits.
Startup competitions are the best place to network. In these type of competitions you will not only be surrounded by people with innovative ideas that could change the world, but you will also get a chance to meet some of the most influential entrepreneurs and investors on the scene in the form of judges, mentors, and speakers. It is a great channel to meet professionals and expand your network locally and globally.
A strong network is a key to startup success.
You would also get a chance to interact with peers who have faced similar challenges. These relationships can help you to grow and develop your startup. Moreover, you can secure investors and meet mentors. This all will help you stay in the loop on what’s happening in your field.
In Startup competitions, startup founders, employees, and attendees are privileged to a one-on-one mentoring session with some of the most creative minds. From tech titans to serial entrepreneurs, you will get a chance to know all the ideas you will ever need to grow your business.
Even if you don’t win the Startup competition, it is OK. As the main purpose of participation in these type of competitions is to get exposure. Startup competitions for IT industry help to place you in front of notable investors throughout the conference. Plus, you can get plenty of opportunities outside of the conference as well. The companies that host startup competitions usually have a strong PR arm. These companies design competitions just to bring investors and entrepreneurs under one roof so you would also get a chance to make strong PR with top industrialists.
Being an entrepreneur can be stressful, maddening, and downright unenjoyable at times. The Startup competitions bring together like-minded individuals from across the world. The main purpose is to spur innovation, develop startup support, and have a little fun. The startup competition is filled with engaging workshops that can help you wind down that high strung mentality and you take some time to relax. Moreover, you can get rid of responsibilities for a while that entrepreneurship has placed on you.
There is a great saying, “Practice makes perfect” Startup competitions give you a platform to present your startup in a real, competitive, and high-stakes environment. The valuable feedback from the judges will build your confidence. Moreover, it will allow you to perfect your pitch and be more comfortable to present it in the future.
When you present your idea to an audience, you gain the opportunity to receive valuable feedback from potential investors and clients on your startup that in return provides you with the knowledge that how you can develop your idea further. As the business idea is the heart and soul of any startup, you can use these competitions to conduct informal market research. You can gain meaningful feedback from your target market by meeting potential customers and present them with your product.
There are tons of reporters at the startup competitions. So you can reach out to schedule meetings with key journalists or might be some approaches you by them. It can be helpful to advance your startup.
Most people typically think that when it comes to competition, you have to win in order to be successful, which is not the case. Startup competitions are about more than just winning. We all know that running a start-up can be a tough task and being an entrepreneur you have to overcome many obstacles. This can sometimes weigh you down. However, after talking to fellow entrepreneurs you will realize that you are not the only one facing the hurdles but they are also going through the same thing. You will definitely feel good when you come to know that you are not the only one who is struggling and fighting in order to accomplish your vision of what you want to achieve plus it will be a great learning experience.