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Organization:Business Model Competition

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= Overview =

~~<div style="float: right; clear: right; margin-left: 1.4em">~~

[[File:Business-model-competition.jpg]]

The [http://www.businessmodelcompetition.com Business Model Competition(BMC)], or International Business

Model Competition(IBMC), is a unique business development competition that differentiates itself from other business plan competitions by stressing the value of validation with real customers, described in the following video:

The International Business Model Competition is the first and largest lean startup competition in the world. The competition's primary aim is to educate and inspire smarter entrepreneurs who launch ventures that are more successful.

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By recognizing that over 85 percent of new business fail within the first few years, often due to the attempt to plan their way to success, the IBMC represents a radical departure from the past and is at the crest of a new paradigm in entrepreneurship. '''The IBMC is not a business plan competition.''' It doesn't reward the student for doing lots of library research, drawing fancy graphs, or crafting the perfect sales pitch to venture capitalists. Instead the IBMC want the students to:

#Break down their idea into key business model assumptions

#Get outside the building and test their assumptions with REAL customers

#Apply Customer Development/Lean Startup principles to make sure they nail the pain and solution

#Learn to pivot(change) until they have arrived at a customer-validated business model

Ultimately IBMC believes this will dramatically improve the success rate of new ventures, allowing entrepreneurs to save both time and money in the process.<ref>http://www.businessmodelcompetition.com/general-information.html</ref>

= Business Model Canvas =

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~~[http://www.businessmodelcompetition.com ~~The Business Model ~~Competition(BMC)], or International Business Model Competition(IBMC),~~ Canvas is ~~a unique business development competition~~ one of the key tools that ~~differentiates itself from other business plan competitions by stressing~~ IBMC recommends the ~~value of validation with real customers~~competing teams utilize.~~<div class="center" style="float: center; width: auto; margin-left: auto; margin-right: auto;">{{#Widget:Youtube|id=K0gqNWQ8j-E}}</div>By recognizing over 85 percent of~~ It is a strategic management template for developing new or documenting existing business ~~fall within a few years, often because they try to plan their way to success,~~ models. The ~~IBMC represents a radical departure from the past and the crest~~ canvas consists of ~~a new paradigm in entrepreneurship. '''The IBMC is not a~~ nine business ~~plan competition.~~model building blocks, which can be organized into four categories: ''infrastructure, offering, customers,and finances' ~~It doesn~~'~~t reward the student for doing lots of library research, drawing fancy graphs, or crafting the perfect sales pitch to venture capitalists~~. ~~Instead the IBMC want the students to~~<ref>[http://www.~~businessmodelcompetition~~businessmodelgeneration.com/~~general-information~~Business Model Generation], A.~~html~~Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self published, 2010</ref>:By using a visual approach to design business models, the Business Model Canvas makes it easier for firms to align their activities by illustrating potential trade-offs.

~~#breaking down their idea into the key business~~ [[File:Business-model ~~assumptions.#getting outside the building and testing their assumptions with customers.#applying Customer Development/Lean Startup principles to make sure they nail the pain and solution, and,#learning to pivot(change) until they have arrived at a customer~~-~~validated business model~~canvas.png|thumb|center|500px]]

~~Ultimately~~ = IBMC ~~believes this will dramatically improve the success rate of new ventures~~2017 Winners =<div class="center" style="width: auto; margin-left: auto; margin-right: auto"></div>== 1st Place - [http://instapathbio.com/ Instapath], Tulane University ==

[https://www.youtube.com/watch?v=F7AYHJAkK-A https://www.youtube.com/watch?v=F7AYHJAkK-A]

~~[[File:Business~~

== ~~IBMC Sponsors & Founders~~ 2nd Place - Rubi, Brigham Young University ==

~~The IBMC is sponsored by the ''Kevin and Debra Rollins Center for Entrepreneurship & Technology'' in the Marriot School of Management at Brigham Young University~~[https://www.youtube.com/watch?v=0im-6nVFfxs https://www.youtube.com/watch?v=0im-6nVFfxs]

== 3rd Place - ABAL Therapeutics, University of Iowa == <span style="text-decoration-line: underline; font-size: 12pt; font-family: Arial; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;">[https://www.youtube.com/watch?v=QdAPVp6ZhfU https://www.youtube.com/watch?v=QdAPVp6ZhfU]<div> </div>= Success Stories = [[File:Kaitek.PNG|none|Kaitek.PNG]]<div></div>Kaitek Labs, Pontifical Catholic University of Chile '''1st Place, 2015'''<div>[http://www.kaiteklabs.com/ <span style="font-size: 9pt; font-family: Arial; background-color: transparent; font-weight: 700; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; vertical-align: baseline; white-space: pre-wrap;">kaiteklabs.com] Kaitek Labs are transforming bacteria into computers. Kaitek Labs uses microorganisms’ natural capacity to gather and process information about its surroundings. This natural functionality gives both a purpose and a human interface to turn bacteria into information gathering machines,capable of expressing their ﬁndings to human users. Founded in 2013 by Emilia Diaz in Santiago, Chile, the company has expanded and gained support of the Chilean government granting Kaitek $350K for development. Reﬂecting on the 2015 IBMC Emilia said, “Do not underestimatewhat lean methodology can do for you. At ﬁrst I honestly thought there was absolutely no way I could apply it to slow, expensive biotech, but I actually found it a great tool when it comes to trying to move as quickly as possible….We have used it many times before and after IBMC to decide what experimental line to pursue.”<div> </div></div>= Important Dates - 2018 = *<div class="paragraph" style="text-align:left">'''January 01'''  At-Large Round Submissions Open </div>*<div class="paragraph" style="text-align:left">'''April 01'''        At-Large Round Submissions Close</div>*<div class="paragraph" style="text-align:left">'''April 12'''       Quarterfinalist Teams Announced</div>*<div class="paragraph" style="text-align:left">'''May 10         '''Lean Startup Thought-Leader Conference</div>*<div class="paragraph" style="text-align:left">'''May 11'''         Quarterfinal, Semifinal, and Final Events </div> = IBMC Sponsors & Founders = The IBMC is sponsored by the ''Kevin and Debra Rollins Center for Entrepreneurship & Technology'' in the ''Marriot School of Management'' at ''Brigham Young University''. The competition was founded by:

*'''Nathan Furr''' (Ph.D., Stanford; Entrepreneurship Professor, BYU)

*'''Steve Blank''' (Entrepreneurship Professor, UC Berkley; Lecturer, Stanford)

*'''Alex Osterwalder '''(Co-Founder Strategyzer)

*'''Jeff Brown'''(Associate Director, Operations at BYU Rollins Center)

*'''John Richards''' (Entrepreneurship Professor, BYU)

*'''Scott Petersen''' (Director, Center for Entrepreneurship & Technology, BYU)

= Purpose =

IBMC wants to dramatically improve the success rate of new ventures by bringing a very different perspective to entrepreneurship. Instead of asking its participants to research existing business models, or craft a perfect sales pitch, IBMC focuses on the process of developing and validating the perfect business models by encouraging its participants to identify and clarify the assumption in the model. IBMC believes that entrepreneurship should not be similar to managing a corporation, since the problems they are facing and the dynamics are very different. As the first international competition of its kind (open to all students) IBMC ultimately wants to change the way entrepreneurship is currently being taught and bring our attention to the importance of validating assumptions.

= Distinct Differences From Other Startup Competitions =

The IBMC is a unique student startup competition focused on the inputs, not the outputs, of the entrepreneurial process.The competition requires active identification and validation of crucial business model hypotheses rather than the writing of a static business plan, talking to customers outside the building rather than gathering secondary data inside the building, applying customer development rather than relying on product development, and “pivoting” or changing course rather than executing on the plan. In short, IBMC ~~2013 Winner~~emphasizes these three key steps: ~~Team Owlet~~ #'''Identifying and tracking business model hypotheses'''#'''<~~div class~~span style="~~center~~font-size:small;" >{{Testing and validating these hypotheses with customers'''#~~Widget~~'''Iterating their business model based on customer feedback</~~div~~span>''' = Impact Achieved For Students and Campus = The IBMC helps students and campuses in many different ways. First, the competition encourages students to explore entrepreneurship - and with a different mindset. With the advice and critiques given throughout the competition, students will further develop and strengthen their ideas. Second, workshops and lectures will be arranged at the beginning of the year. These events invite experienced entrepreneurs to talk about their approach and help the students work on their businesses. Even without the competition, these lecturers are very helpful in bringing student interest to entrepreneurship. Lastly, the monetary award helps the winners to roll out the business plan. With $25,000 given to the first place and with a total of 28 award recipients, students can have a great financial start on their business as well. = University Involvements = The IBMC is currently co-hosted by Brigham Young University, Harvard University, and Stanford University. At the same time, it also encourages and helps local sector development. Currently, it has ten universities and colleges hosting qualifier competitions, and three participating universities. [[File:BYU-Harvard-Stanford.PNG|500px|BYU-Harvard-Stanford.PNG]] == Qualifier Competitions == [[File:Qualifier Competitions.PNG|665px|Qualifier Competitions.PNG]] == Participating Universities = ~~Purpose~~ =

~~= Distinct Differences From Other Offerings =~~[[File:Participating universities.PNG|700px|Participating universities.PNG]]

~~Unlike other offerings~~= Steps Required To Bring Resource to Campus =

~~#'''Identify the assumptions'''#'''Test the assumptions~~ There are two ways to become involved with ~~real customers'''#'''Pivot and tell~~ the ~~story'''~~IBMC:

#[[#General_Application|'''Become a participating university''']] Advertise the competition and encourage the students to apply through a general application process.

#[[#Host_Qualifier_Competitions|'''Become a qualifier competitions host''']] Apply to be a qualifier competitions hosting university - Build, organize, and run the competition.

Here is a link to the [http://www.businessmodelcompetition.com/apply---2014.html General Application].

~~= Impact Achieved For Students and Campus =~~The Business Model Competition is open to all participatants who meet the [http://www.businessmodelcompetition.com/eligibility-criteria.html Eligibility Criteria]. Bringing this competition to campus doesn't establish the necessity to submit any application to BMC or the requirement to establish a local chapter on campus. Although, BMC does enforce a set of rules that ensure the strong representation of students within the competing teams, allowing for the attraction of new student entrepreneurs.

~~IBMC is currently co~~= Applying to the IBMC =

'''Teams must fill out and submit the application form at the beginning of January. However, before submitting the application, teams also need to complete the following:'''<ol style="margin-top: 0pt; margin-bottom: 0pt;"><li>Create a 5-8 minute video presentationdescribing the customer discovery and validation you have been through with your idea and business model. You may use PowerPoint, Keynote, Prezi or any other presentation software. The presentation needs to be narrated and saved as a video file. See the "Presentation Video Creation Tools" section of the[http://www.businessmodelcompetition.com/preparing-your-submission.html Preparing Your Submission] page for help doing this. We also strongly encourage you to check out the submission example videos on that same page.</li><li>Upload your video to[~~File~~http:~~BYU~~//www.youtube.com/ YouTube](if you want to keep your video hidden mark it as "unlisted" NOT "private,"only someone logged into your account can watch your videos marked private).</li><li>Indicate that your teamunderstands and agrees to the items outlined in the[http://www.~~PNG~~businessmodelcompetition.com/certifications--agreements-form.html Certifications and Agreements Form]. This form is also included in the appendix of the[http://www.businessmodelcompetition.com/rules--info-packet.html Competition Rules and Information Pa]</li></ol>

~~[[File:Qualifier Competitions.PNG]]~~

~~= Steps Required To Bring Resource to Campus =~~

~~There are two ways of getting involved with the~~ '''2018  Application form: [http://www.businessmodelcompetition.com/apply.html http://www.businessmodelcompetition.com/apply.html](Due April 1st)'''<div> </div>= How to Win IBMC: =

~~#[[#General_Application|~~  '''~~Become a participating university~~1. Complete'''~~]] Advertise the competition and encourage the students~~  [https://www.udacity.com/course/how-to ~~apply through general application process.#[[#Host_Qualifier_Competitions|'''Become~~ -build-a ~~qualifier competitions host~~-startup--ep245 Steve Bank'~~'']] Apply~~ s "How to be Create a ~~qualifier competitions hosting university. Building the competition, organizing the competition, and running the competition.~~Startup" course on Udacity]

~~== [http://www~~  '''2.~~businessmodelcompetition~~Seek Out '''an appropriate mentor(s) and meet frequently with them to help you through the lean startup process.~~com/apply---2014.html General Application] ==~~

~~Business Model Competition, unlike other students based competitions, is open to anyone who want to participate while meeting~~   '''3. Familiarize '''yourself with the following IBMC website resources:<ul style="list-style-type: circle; margin-left: 40px;"><li>[http://www.businessmodelcompetition.com/~~eligibility~~uploads/9/5/4/5/95454954/ibmc_rules_and_info_packet_2018-01-01.pdf Rules & Info Packet]</li><li>[http://www.businessmodelcompetition.com/uploads/9/5/4/5/95454954/ibmc_judging_criteria_2018-01-~~criteria~~01.~~html Eligibility~~ pdf Judging Criteria]</li><li>[http://www.businessmodelcompetition. ~~Thus, bringing this competition to campus doesn't need to submit any application to BMC or establish local chapter on campus~~com/validating-a-business-model. ~~And at the same time, BMC also enforces~~ html Validating a ~~set of rules that ensure the strong representation of students in the competing team, which makes it very attractive to new students entrepreneurs~~Business Model]</li><li>[http://www.businessmodelcompetition.com/preparing-your-submission.html Preparing Your Submission]</li></ul>

~~===~~       and the concepts in the books below (most of the books have [http://www.businessmodelcompetition.com/~~apply~~uploads/5/1/5/7/5157318/ibmc_booksummaries_2014.pdf summaries])<ul style="list-style-type: circle; margin-~~2014.html How to Apply] ===~~left: 40px;"><li>Nail It, Then Scale It</li><li>Business Model Generation</li><li>The Startup Owner's Manual</li><li>Running Lean</li><li>The Lean Startup</li><li>Boom Start</li></ul>

~~To apply~~   '''4. Tracks''' your progress by using a [http://www.businessmodelcompetition.com/canvases.html canvas]. Consider using a digital tool to help with this process. A few are:<ul style="list-style-type: circle; margin-left: 40px;"><li>[https://strategyzer.com/canvas Business Model Toolbox for iPad ](from creators of Business Model Canvas)</li><li>LEANSTACK.com (from the ~~IBMC, the team needs to fill out and submit the application form at the beginning~~ creator of ~~January~~Lean Canvas)</li><li>LeanMonitor. ~~Before doing that, they also need to do the following:~~com</li><li>Business Model Fiddle</li><li>TheStartupToolkit.com</li></ul>

~~#Create a video presentation describing~~   '''5. Watch '''the upfollowing videos on the IBMC website:<ul style="list-style-type: circle; margin-left: 40px;"><li>[http://www.businessmodelcompetition.com/training-toworkshop-~~date validation and customer discovery with the idea and business model~~videos.html Submission Orientation & Best Practices]</li>~~#Upload the video to YouTube~~<li>Submission Examples</li>~~#Fill out and sign the Certifications and Agreements, which needs to be scanned and uploaded in the application form~~<li>[http://www.businessmodelcompetition.com/past-winner-videos.html Past Winners]</li></ul>

'''6. Follow '''these blogs and social media accounts:<ul style== "list-style-type: circle; margin-left: 40px;"><li>[https://www.facebook.com/newcareer/ IBMC Facebook and Twitter]</li><li>[http://~~www~~blog.~~businessmodelcompetition~~strategyzer.com/~~starting-a-competition~~Strategyzer Blog]</li><li>[https://steveblank.com/ Steve Bank's Blog]</li><li>[http://ashmaurya.~~html Host Qualifier Competitions~~com/ Ash Maurya's Blog] ==</li></ul>

~~IBMC also encourages the development of qualifier competitions at other colleges and universities~~  '''7. ~~The winners of these competitions will receive an automatic advancement in~~ Complete '''the ~~International Competition, while other contenders may still apply through~~ submission form on the ~~[[#General_Application|General Application]]. Any college or university interested in hosting a local competition is encouraged~~ IBMC website prior to ~~contact businessmodelcompetition@gmail.com~~the deadline

~~=== Creating~~ You can find a ~~University Competition ===~~PDF of this checklist here

~~IBMC made~~ = Creating a strategic guideline to help universities to start the BMC qualifier competition on their campus. The detailed documentation can be downloaded here: [http://www.businessmodelcompetition.com/uploads/5/1/5/7/5157318/_creating_a_university_competition.doc Download Guideline].University Competition =

~~In summary,~~ The organizers of the International Business Model Competition encourage the ~~guideline discussed three topics~~development of similar competitionsat schools throughout the world. Business model competitions transform student entrepreneurs' perspectives, helping them learn a more effective approach to entrepreneurship that dramatically increases their chances of success. Even if your school already holds a business plan competition, experience has shown that holding a BMC before or in conjunction with a business plan competition or new venture competition leads to significantly better businesses.

*'''Building the Competition'''*'''Organizing the Competition'''*'''Running the Competition'''

~~Creating a university~~ Universities interested in hosting their own qualifier competition ~~requires~~ must have a ~~group~~ full-time faculty or staff that will hold the position of ~~leaders that includes at least one faculty adviser and one student~~ competition director~~. The next primary objective is securing funding for the event and building~~ to insure the ~~rest~~ longevity of the competition. It is also strongly recommended that this director leverage an existing student club or assemble a teamof student leaders to run the competition. ~~To assist~~ If would like to start a qualifier ~~competitions, the IBMC also has several resources available through Dropbox. The~~ competition at your school ~~representative need to contact the~~ or have an existing competition serve as an IBMC ~~or one of its administrators~~ Qualifier Competition, send an email to ~~request access to the files~~[mailto:businessmodelcompetition@gmail. ~~To ask for any additional resource can contact~~ com <span style="font-family: Arial; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; vertical-align: baseline; white-space: pre-wrap;">businessmodelcompetition@gmail.com].

IBMC made a strategic guideline to help universities start the BMC qualifier competition on their campus. The detailed documentation can be downloaded here: [http://www.businessmodelcompetition.com/uploads/5/1/5/7/5157318/_creating_a_university_competition.doc <span style="font-family: Arial; background-color: transparent; font-weight: 700; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; vertical-align: baseline; white-space: pre-wrap;">Download Guideline].

= Contact Information =

The administration office for the International BMC is housed within the Rollins Center for Entrepreneurship & Technology at Brigham Young University. To contact the administrators, contact the Rollins Center for Entrepreneurship & Technology using the information provided below, or send an email to businessmodelcompetition@gmail.com

'''Rollins Center for Entrepreneurship & Technology''' 470 Tanner Building Marriott School of Management Brigham Young University Provo, UT 84602 Phone: (801) 422-7437 Fax: (801) 422-0109 E-mail: rollinscet@byu.edu

= Student Contributors  =

[http://universityinnovation.org/wiki/Haley_Brengartner http://universityinnovation.org/wiki/Haley_Brengartner]

[http://universityinnovation.org/wiki/User:Codybrock http://universityinnovation.org/wiki/Cody_brock]

= References =

[[Category:Organizations]]

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