The flood of contests aimed at small businesses continues.
Last month, Chase Bank’s Mission: Small Business made plenty of headlines as its entry deadline neared. The winners of the contest, which promises to award $250,000 to up to 12 small businesses, will be announced in September. Filling the small business contest void until Chase reveals its winners is the final voting stage of the Big Break for Small Business contest sponsored by American Express.
Ten finalists in the Big Break for Small Business contest are currently lobbying for your vote, and the lucky handful of businesses that receive the most votes by Sept. 1 will be awarded a $25,000 grant from American Express. As was the experience of Chase, American Express had little difficulty finding small businesses willing to take part in the contest as the 10 small business finalists were drawn from more than 10,000 entries.
For small business owners, the decision to enter contests like these is a matter of choice even though the odds are firmly stacked against winning. The chance of payout for entrants in the American Express or Chase grant contests is less than one-tenth of 1 percent.
Despite this, the lack of funding opportunities in general and the appeal of a big prize will keep small businesses entering these contests. And for the corporate sponsors, the opportunity to gain small business credibility and a connection to thousands of potential customers should mean no end to contest marketing for the foreseeable future.
