The Evolution of Business Plans in International Business Plan Competitions

Abstract

This chapter will describe and analyze the evolution of the structure, content, and other key parameters of business plans in international business plan competitions from the beginnings of such competitions in 1991 through the current time. In particular, the chapter will describe how these competitions have evolved through the current time, the standardization of the structure and content of the plans submitted to these competitions, and the changes that have occurred in their structure and content over time. Then it will explain why these changes have occurred. Specifically, that most of the changes that have occurred in these various areas is a direct or indirect result of pressures on the competitions from the major judges used in them – namely U.S. venture capitalists. Appendices A and B will describe the evaluation criteria used in two of the major competitions – Moot Corp/Venture Labs^® and the Georgia Bowl^® – in more detail, while Appendices C and D will provide information on the Term Sheets and decision-making processes used by such venture capitalists. Appendix E contains four Exhibits that provide additional insights into U.S. venture capitalists’ thought processes. The chapter will conclude with a discussion of the additional changes that are likely to happen in the future.

Citation

Hofer, C. (2016), "The Evolution of Business Plans in International Business Plan Competitions", Models of Start-up Thinking and Action: Theoretical, Empirical and Pedagogical Approaches (Advances in Entrepreneurship, Firm Emergence and Growth, Vol. 18), Emerald Group Publishing Limited, Leeds, pp. 145-211. https://doi.org/10.1108/S1074-754020160000018005