Winning prizes. One of the sure ways of gaining market credibility is to get an award. Some times any award will do. Here’s an example (3 years old list but all awards are annually reoccurring).
This month my company was selected for the Red Herring 100 Europe award. Every year 100 companies are selected regionally through meticulous process that investigates their scale potential.
The process is usually the same, if you get passed each phase.
- Submitting – Once you find an award there are basic features you are given like submissions timeline, criteria, questionnaire and the project/achievement/product you are aiming to be awarded for. That’s the most challenging part of the submission process since each award is looking for something slightly different and you need to fit and be clear in order to get through.
- Once passed the first phase you’ll get a letter and then you’ll usually need to Send a presentation to the contest committee, articulating the company’s portfolio, goals and prospects.
- Interview with the award committee representative
- By this time, if you passed you’re in the top 10/5/20 etc. You’ll probably be invited to a gala/conference to present you’re submission in short along side the other finalists.
- Winning or not winning.
That’s the thing, it’s not as complicated as it looks and you get media visibility, market credibility and something more to talk about. Once passing 2-3 awards it gets easier.
Each year I submit to around 20 awards. Getting a 5% return is a great deal.