Getting enough money to start a new business venture can be quite a challenge.  Many often rely on family and friends for startup funding, hoping they can get the ball rolling enough to encourage venture capital investors.

However, in the past couple years a new form of funding is gaining in popularity – business plan competitions. The University of Texas Business School sponsored the first competition back in the early 80’s.  The program was such a success that just five years later the program went national including students from other business schools.   Today several universities sponsor business plan competitions, but there are opportunities for the public in competitions sponsored by venture capital firms.

Business plan competitions are a great way for investors to interact with some of the best entrepreneurs and take a look at some fresh business ideas.  For those wanting to start a business, a competition can be a great way to gain exposure for ideas and feedback on plans.  It’s a win-win situation.

Below are just a few examples of the competitions that are open to the public.  While some are open to anyone at all, many have certain restrictions such as where the business will be based or where you live.  Another thing to be aware of – many of the university sponsored competitions only require one member of the team be a student.  The prize money can often be quite larger – a million dollars – so some investigative work is well worth your while.

GE Ecomagination Challenge – Open to anyone over 18 years old looking to develop a business focusing on renewables, Grid Efficiency and Eco Homes/Eco Buildings.  Five plans will receive a $100,000 cash prize.

National Business Plan Competition for Nonprofit Organizations – Open to any one in the US and all types of organizations both large and small.  The goal is to provide guidance and resources to nonprofits needing to generate revenues beyond their philanthropic activities.

Mass Challenge – The world’s largest startup competition open to anyone in the world.  Compete for the cash prize as well as access to workshops, mentors, executives, and office space.

TechCrunch Disrupt – Open to startups existing three months or less. Heavy preference is given to companies that launch for the first time to the public and press at TechCrunch Disrupt.

Beat Waste Start Up Challenge – Open to startups and early stage ventures working towards reducing or eliminating waste.

Cleantech Open Ideas – International competition open to those ideas for businesses in six different clean technology categories.

Great Emerging Franchise Challenge – Open to US businesses owners that have been around for over a year with annual sales exceeding $250,000 designed to help businesses reach the next level.

Accelerated Michigan Innovation Competition – An international business plan competition with over one million dollars up for grabs.  The competition targets mid-to-late stage business startups and encourages opportunities for growth within Michigan.

Power Up! Competition – For residents of Brooklyn, NY this competitions sponsored by the Brooklyn public library offers three cash prizes for new businesses located in Brooklyn.

Enterprising Woman Business Plan Competition – For women looking to start a business in Philadelphia, this contest provides winners with the tools they need to launch and grow their businesses.  Midsized businesses with less than $250,000 annual revenue are also eligible for cash and prizes.

WPI Venture Forum Business Plan Contest – For those living in the northeast and looking to develop a new product, application, or process.  There are three rounds of judging and those moving past the first round are eligible for coaching and mentoring.