Young entrepreneurs creating a startup often need to make use of a variety of funding sources to implement their business idea. A popular way for innovative startups to gain visibility and funding is to enter a business idea competition, where entrepreneurs present their business idea to a team of experts in the hope of winning a prize. Entrepreneurship competitions offer innovative startups numerous benefits, both during their preparation and during the competition, such as: raising funds, meeting mentors, networking, practicing essential skills, and receiving media coverage. There are, of course, some disadvantages to applying for business idea competitions. The most significant disadvantage is the distraction. Another essential factor to consider is cost. Therefore, startup founders should do a cost/benefit analysis before applying to a competition. Needless to say, there are many startup pitch competitions taking place around the world. Examples of such contests are the Y Combinator Demo Day, TechCrunch Disrupt, and the Web Summit. In addition, there are currently three important business idea competitions in Cyprus that aim to help innovative ideas reach the next stage of their development. These are Cyprus Entrepreneurship Competition (CYEC), IDEA Innovation Center, and EIT Climate-KIC.