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Screenplay for festival

I'm thinking about entering one of my screenplays in a local state film festival. Does anyone think it's a good idea, or should I wait and make it as a film then submit it?
 
Prizes are the usual for festivals: cash, software, equipment, etc. It's in New Hampshire, so it's not as prestigious as Sundance, Cannes, Toronto, or Teluride, but it is a mid level festival, so it may attract some execs.
 
The poor man's copyright is a misnomer, it holds no water. Personally I would not pass my script around or enter it into any festivals without a US copyright. WGAE is good too, but as a secondary line of defense.
 
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