Pitch competitions / business plan competitions / etc are fantasy roleplaying minus most of the things that make fantasy roleplaying educational and enjoyable. It is unlikely they are a productive use of time versus asking an actual prospect to buy an actual thing.
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winner decided by a bunch of people who have never won a game of poker
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This! 10 years ago I entered my niche web design agency into a biz plan competition and didn’t place. Judges feedback: “You should be a generalist and sell to big accounts nationally.” “We don’t see enough upside”
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