Although things like Dragons Den can be cringeworthy times, it's also great TV. But every new business owner seems to be an entrepreneur these days, and everywhere you look there are awards for this that and the other...
Obviously it's all about gaining publicity, plus a few quid or the chance of help from an experienced business person.
But the Beeb has a good article on this with a good quote from Brian Morgan, professor of entrepreneurship at Cardiff Metropolitan University:
“Corporates run such competitions because they can log it as part of their CSR [corporate and social responsibility] strategy, and it helps market them to the younger customer...
...Universities largely do it because they are tasked with engaging with the local economy. At the same time, they can use the award scheme to advertise their courses to potential students
BBC News - Picking winners: Why so many new firms love awards”
...Universities largely do it because they are tasked with engaging with the local economy. At the same time, they can use the award scheme to advertise their courses to potential students
BBC News - Picking winners: Why so many new firms love awards”
So there we go, as we all suspected it's just good old fashioned marketing
