What folks are saying in this thread is dead on - successful sponsorships are rooted in how you present yourself and your team. For example, one of the first things most potential sponsors will do after you approach them is do some online research. When they Google you, what will they find?
Since the sponsor is essentially hiring you to be a spokesperson for their company, everything you do and say publicly is important, and since the Internet never forgets, you will be accountable for your actions of ten years ago as much as what you did this morning.
I got some of the best advice in this area from Troy Black years ago when I asked him about his major sponsor of the time, Southern Living. He told me the magazine would be perfectly satisfied if he didn't turn in a thing at contests as long as he displayed the branded trailer and interacted with the public.
As cooks we tend to get focused on what is most important to us, but if you are going to attract and hold sponsors you must concentrate on what is important to them.