Venture Cup
Encyclopedia
Venture Cup is a type of a Scandinavia
n business plan competition in which entrepreneurs with unique business ideas compete for investment capital.
Run by non-profit organizations in Denmark
, Finland
, Norway
and Sweden
, Venture Cup competitions are the largest business plan competitions in the world. Used to promote entrepreneurship
within Scandinavian universities and to generate high-growth start-up companies within Scandinavian society, the various organizations award more than half a million euros across Scandinavia on a yearly basis. Each organization runs its competition differently; some consist of several stages, in which participating teams submit ideas or projects for consideration to a professional jury and then develop those ideas into investment-ready business plan
s. Others (in Denmark, for example) run separate competitions for unique business concepts and well-developed business plans.
in cooperation with local universities and business schools. In 1998, McKinsey & Company established Venture Cup in Sweden, and in 2000 as an Øresund-based competition with Denmark and Southern Sweden.
Scandinavia
Scandinavia is a cultural, historical and ethno-linguistic region in northern Europe that includes the three kingdoms of Denmark, Norway and Sweden, characterized by their common ethno-cultural heritage and language. Modern Norway and Sweden proper are situated on the Scandinavian Peninsula,...
n business plan competition in which entrepreneurs with unique business ideas compete for investment capital.
Run by non-profit organizations in Denmark
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...
, Finland
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
, Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
and Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
, Venture Cup competitions are the largest business plan competitions in the world. Used to promote entrepreneurship
Entrepreneurship
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response...
within Scandinavian universities and to generate high-growth start-up companies within Scandinavian society, the various organizations award more than half a million euros across Scandinavia on a yearly basis. Each organization runs its competition differently; some consist of several stages, in which participating teams submit ideas or projects for consideration to a professional jury and then develop those ideas into investment-ready business plan
Business plan
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals....
s. Others (in Denmark, for example) run separate competitions for unique business concepts and well-developed business plans.
History
The concept of a business plan competition originates from the U.S. where it was developed in the early 1980s. In the 1990s competitions were organized around the world by McKinsey & CompanyMcKinsey & Company
McKinsey & Company, Inc. is a global management consulting firm that focuses on solving issues of concern to senior management. McKinsey serves as an adviser to many businesses, governments, and institutions...
in cooperation with local universities and business schools. In 1998, McKinsey & Company established Venture Cup in Sweden, and in 2000 as an Øresund-based competition with Denmark and Southern Sweden.