One of the best things about being an academic is being able to mold young minds and guide them to success. When one of my students , Andrew Leblanc told me he was entering the Duke Startup Challenge Elevator Pitch Competition , I told him to come and see me and do a practice run. After all, I had judged several of these contests at Duke and other universities. I thought I knew what worked. After the eleventh iteration, Andrew got it right. He wasn’t trying to pack his presentation with unnecessary details. He had slowed down his pitch, added a personal touch and was now exuding confidence. Andrew even researched the background of the judges and tailored his message to their interests. So after two hours of intense preparation, I had little doubt that Andrew would win. Andrew lost. I was surprised. But what I told him afterward is that it really doesn't matter. Contrary to what the organizers of these competitions will tell you, university business plan contests don’t produce winning companies. Yes, a number of companies have emerged from business plan bake-offs that have been moderate or small successes. But not a single home-run has emerged from this now-omnipresent practice.