There are a lot of business plan competitions out there, but TiEQuest stands out since the first prize includes app. $50,000 in cash. Second prize is also worth app. $25,000 in cash. Besides these cash prizes, you can win a number of in-kind services from participating sponsors. Of course, the cash is nice, and the in-kind services are also great (free legal services are never a bad thing), but there are also other reasons why you would want to participate:
1) A large number of VCs and Angels in the Toronto region judge this event (excellent visibility)
2) TiEQuest assigns two experienced mentors to help you out in the process – free help
3) You can meet lots of other entrepreneurs in the process… the network is awesome.
My company, Chide.it, participated in TiEQuest two years ago, and we found the experience very rewarding (even though we didn’t win any cash).