By Karen E. Klein (Contributor, Businessweek)

Editor’s note: The Women 2.0 PITCH: Startup Competition application deadline has been extended thru December 7, 2011. Apply here.

Entering business contests is a great exercise, not only because you have a chance at gaining cash winnings and outside investment, but for the chance to get expert feedback on your plan and do some networking and marketing on behalf of your company.

“Depending on what’s most important for you and what stage your venture is in, that will indicate which contests you enter and whether you want to use other methods to meet some of your objectives,” says Susan Duffy, executive director of The Center for Women’s Leadership at Babson College. “Be discriminating about all the support that’s out there. You may enter one contest, get some fabulous detailed feedback, and implement that to get you to the next stage, when you’ll be ready to enter another one.”

» Read the full article at Businessweek.