Maeintexas,

The business plan contests I've researched, offer a fairly small prize - which may not be commensurate with the time and effort involved.

Going through the process can be good experience. However, many have different criteria for selecting a winner than an investor would use. As I've told several of our clients, I would participate for the experience and (especially) the contacts - if those connections would be helpful to you and your business.

But, I would continue on your main road to acquiring capital - so if you win it's like receiving a bonus.