Winning prizes is one major reason people enter contests, and the Wisconsin Governor’s Business Plan Contest is no exception to that general rule. In fact, about $2.9 million in cash and other prizes have been awarded since the contest launched in 2004.
The real prize, based on the track record of many entrepreneurial entrants over time, is the opportunity to launch a young company in a competitive setting that provides experience, exposure, and a chance to raise startup cash.
The deadline to enter the 2025 contest is 11:59 p.m. Jan. 31 at www.govsbizplancontest.com, a website that serves as a portal through four phases that culminate in June at the Wisconsin Entrepreneurs’ Conference in Madison. The contest is free to enter.
More on those phases later, but let’s first examine how some of the 4,800 entrants over time have capitalized on the process.
NovaScan, which shared the top prize in the first contest in 2004, is still operating and innovating in Milwaukee with its cancer-detection devices. Wausau’s U.S. Trailmaps (2006) is still producing digital maps for the outdoors. Companies such as bluDiagnostics, Fishidy, GuestBridge, and RevolutionEHR were acquired and are contributors in their respective settings.
Exact records are hard to come by, but companies engaged in the contest have raised at least $320 million in angel capital, venture capital, grants and venture debt over time — all while creating jobs and economic value for Wisconsin.
Some companies that have attracted investors in the last five years include Advanced Ionics, Blexx Technology, COnovate, Seedlinked, SpayVac for Wildlife, Atrility Medical, eCourt Reporters, Last Lock, Nurse Disrupted, CrossKudi, Rapid Radicals Technology, Roddy Medical, Fleet Cycles, Graceful Management Systems, and SixLine Semiconductor.
There have even been cases in which a company that did not make it to the final two rounds hit it big, with consumer-loyalty app Fetch Rewards being a prime example. A competitor in 2013, Fetch was valued at more than $2.5 billion in April 2022.
The contest will again offer about $120,000 in cash and service prizes, courtesy of sponsors led by the Wisconsin Economic Development Corp., but many past contestants say the initial “prize” is the plan-writing and presentation process itself. Here are reasons to enter:
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You can walk before you run. The first phase entry is about 250 words spread among four criteria — product or service description; customer definition; market description, size, and sales strategy; and competition. There’s no need to submit financials right away.
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The four contest categories are deliberately broad — advanced manufacturing, business services, information technology, and life sciences. It’s rare that an entry cannot find a logical home.
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Entrepreneurs may enter multiple ideas for free, so long as each idea is separate and distinct.
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All entries are accepted through www.govsbizplancontest.com. The second and third stages of the contest also take place through that website, culminating in a 15-minute video. Up to 12 finalists will present live at the Wisconsin Entrepreneurs’ Conference, June 4–5, in Madison.
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If past contests are any indicator, roughly one in 10 entrants will reach the top 20.
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Contestants meet some interesting people. All potential contestants are encouraged to attend a Jan. 22 online information session. The 50 semifinalists are invited to a live Feb. 26 “boot camp,” where they’ll meet mentors, potential investors, successful entrepreneurs, and others with startup experience.
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The judges and mentors offer years of valuable experience. About 70 judges drawn from the finance, sales, marketing, research, and technology sectors across Wisconsin will score the entries and provide feedback. Many judges are investors.
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Your idea will get some valuable exposure. Semifinalists may post their executive summaries on the Wisconsin Angel Network website for secured review by accredited investors. Also, leaders in Wisconsin’s business press may see news value in your story.
Starting a young company in the tech space or elsewhere is difficult. However, the history of the Wisconsin Governor’s Business Plan Contest shows many entrants — especially those who make it to the top 20 — are still in business and attracting investors, partners and customers. Your chances of winning may be a lot better than Powerball or FanDuel.
