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= Overview =
[[File:Business-model-competition.jpg|thumb|right|300px|Business Model Competition Logo<ref>http://uvef.net/wp-content/uploads/2012/02/business-model-competition.jpg</ref>]]
[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.
By recognizing over 85 percent of new business fall within a few years, often because they try to plan their way to success, The IBMC represents a radical departure from the past and 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<ref>http://www.businessmodelcompetition.com/general-information.html</ref>:
#. breaking down their idea into the key 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.
== Business Model Canvas 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)*'''John Richards''' (Entrepreneurship Professor, BYU)*'''Scott Petersen''' (Director, Center for Entrepreneurship & Technology, BYU)
= Purpose =
= Distinct Differences From Other Offerings =
With these points as the core of the competition,the IBMC ask the participant to emphasize the three key steps:
#''Identify the assumptions''
#''Test the assumptions with real customers''
#''Pivot and tell the story''
= Impact Achieved For Students and Campus =
IBMC is currently co-hosted by Brigham Young University, Harvard University, and Stanford University.
[[File:BYU-Harvard-Stanford.PNG]]
(Include images, where possible, and campuses involved)
To apply to the IBMC, the team needs to fill out and submit the application form at the beginning of January. Before doing that, they also need to do the following:
#) Create a video presentation describing the up-to-date validation and customer discovery with the idea and business model.#) Upload the video to YouTube#) Fill out and sign the Certifications and Agreements, which needs to be scanned and uploaded in the application form.
= Contact Information =
Winner video 2013: Team Owlet {{#Widget:Youtube|id=rS6fHW9pRek}}