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Friday 26 October 2012

The Buzz Of A Start-Up Competition

This week, our very own CEO Nitzan Yudan travelled to Liverpool to take part in the Pitch80 BestSmall Business Final. Standing in front of a live audience with several other start-up companies, pitching Flat-Club to a selection of independent judges, Nitzan has talked of the great buzz and excitement that surrounded this event.
Start-up competitions have become an increasingly popular way for companies to launch themselves into their market, spread the word and start building a positive reputation. The number of start-up competitions available has proliferated (we found over 85 for UK competitions only), providing start-ups with more and more opportunities to demonstrate their strengths and recognize their weaknesses. There are so many different ways in which these competitions can prove valuable for a start-up during their first few years of development:

Experience. The more competitions start-ups take part in, the more experienced they become. Through participating in live events, such as the Liverpool final, start-ups gain the opportunity to learn from each other. Through listening to the pitches of other start-ups, small companies can recognize what qualities are needed in order to make their pitch effective. It was through building experience such as this that Flat-Club succeeded in winning the TechCrunch one-sentence pitching challenge earlier this year. It is also a great way to prepare for pitching to investors.

Networking. Competitions are a great place to find like-minded people. Start-ups can cooperate with other start-ups and coordinate their services in a mutually beneficial manner. In Liverpool, we learnt some outstanding tips about social media and finance, and even how to get government support through a new R D scheme.

Building Reputation. It is only through participating in a competition that start-ups stand the chance of being selected as a runner-up, a finalist or even a winner. Not only does this achievement bring obvious benefits of prize money and/or other support, it helps to boost the start-up’s reputation. Reputation is one of the most important factors in the first few years of a start-up, helping to give the company a sense of credibility as well as attracting potential customers.

Spreading The Word. The more events a start-up takes part in, the more chance people are going to know about the company. Just this week, many new rooms and flats throughout England from London to Cardiff were posted on our website, due to more people hearing about Flat-Club in the Liverpool live event.

With all this in mind, Flat-Club is getting ready to participate next week in the popular Pioneers Festival Event in Vienna, as on the of the Top 50 Starts-ups in Europe. As you can imagine, we can’t wait to see what benefits this competition will bring to Flat-Club – so watch this space!
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