I'm a student at NC State right now and we have one of these coming up in the spring. I will say that both the companies and the judges are somewhat in the dark for ideas that are even remotely complex with niche markets; however, it doesn't take away from the fact that there is cash involved that we're after and we're gonna give it a decent shot. I'm a graduating senior and I'm staying as far away from jobs as possible. Money from our business plan competition could keep me afloat for another 6-months or so while I bootstrap my idea.

I like that the author pointed out that no home-run companies have won business plan competitions, but it's not to say it won't happen. My observation is that it's going to need to be in a sexy category. The three winners from our competition last year were tuberculosis testing, biodiesel from trap grease, and college admissions...surprise surprise. The teams were good, I have to admit, but I would bet that an equally good team with a sub-trillion-dollar market wouldn't have had a chance. Akamai could have had an awesome business plan with great market research, it probably just didn't excite the judges.