Do you like getting the chance to win some money? How about impressing recruiters? Or, do you like getting to work on interesting business challenges with your fellow classmates and friends? One of the best parts of business school is getting the chance to take part in case competitions. So let's talk about what they are and how to be successful in them.
A business school case competition is an event that gives students the chance for real money or prizes by tackling a business challenge and then presenting out their results to a group of judges.
First of all not all case competitions are created equal. They come in many different formats and flavors. Most completions are done with a group, but some require you to compete solo. Some competitions are sponsored by employers and some are conducted by the school. In some case competitions you'll have a few days to a week to digest the problem and work as a team to come up with a solution. While others force you act more impromptu and you'll only get a few hours to work on the case. The topics will also be very unique. Some competitions ask you to digest a company's problem and come up with a strategy to fix it. There are also more entrepreneurial case competitions (or pitch competition) that will ask you to create a new product or service. Many times those competitions will end up in a pitch to local venture capital investors and they might even fund your idea!
So, how can you be successful in these competitions? First of all, find a great team. Ideally you will want to work with people you know well and have experience with in other group projects. Because the time period for completing the case is so short that you will not have a lot of time to sort out team dynamics. Not having a cohesive team that can hit the ground running will be very costly. However, you'll still want to make sure you have a diverse mix of people on your team. Finally, this is one of the few times when "thinking outside the box" is not a cliché. Case competition judges will see ten to twenty teams present their solution. This is a good time to not play it safe. Try and stand out from the crowd. Be different. Be interesting. There is very little risk involved for you. When it comes time to present your solution to the judges, don't be afraid to have some fun with it. Being different is one of the few ways to consistently be successful in business case competitions.
Oh and those prizes? Well they can be pretty fantastic. In some cases they can be guaranteed interviews or coveted internships. While in others you could be wining cold hard cash. This can sometimes reach upwards of $10,000 for winning teams. So make sure to be on the lookout for these events and sign up. Good luck and have fun competing!