Difference between revisions of "Organization:Business Model Competition"
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= Overview = | = Overview = | ||
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| + | [[File:Business-model-competition.jpg|thumb|right|300px|Business-model-competition.jpg]] | ||
[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. | [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. | ||
| + | <div class="center" style="width: auto; margin-left: auto; margin-right: auto;">{{#Widget:Youtube|id=K0gqNWQ8j-E}}</div> | ||
| + | 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>: | ||
| − | The Three Keys to the BMC | + | #. 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. | ||
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| + | <br/>The Three Keys to the BMC | ||
#Identify the assumptions | #Identify the assumptions | ||
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== Business Model Canvas == | == Business Model Canvas == | ||
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= Purpose = | = Purpose = | ||
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= Steps Required To Bring Resource to Campus = | = Steps Required To Bring Resource to Campus = | ||
| − | Business Model Competition, unlike other students based competitions, is open to anyone who want to participate while meeting the [http://www.businessmodelcompetition.com/eligibility-criteria.html Eligibility Criteria]. Thus, bringing this competition to campus doesn't need to submit any application to BMC or establish local chapter on campus. And at the same time, BMC also enforces 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 Competition, unlike other students based competitions, is open to anyone who want to participate while meeting the [http://www.businessmodelcompetition.com/eligibility-criteria.html Eligibility Criteria]. Thus, bringing this competition to campus doesn't need to submit any application to BMC or establish local chapter on campus. And at the same time, BMC also enforces a set of rules that ensure the strong representation of students in the competing team, which makes it very attractive to new students entrepreneurs. |
== [http://www.businessmodelcompetition.com/apply---2014.html How to Apply] == | == [http://www.businessmodelcompetition.com/apply---2014.html How to Apply] == | ||
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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: | 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. | + | |
| + | #) Create a video presentation describing the up-to-date validation and customer discovery with the idea and business model. | ||
#) Upload the video to YouTube | #) Upload the video to YouTube | ||
#) Fill out and sign the Certifications and Agreements, which needs to be scanned and uploaded in the application form. | #) Fill out and sign the Certifications and Agreements, which needs to be scanned and uploaded in the application form. | ||
Revision as of 17:38, 3 October 2013
Contents
Overview
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[1]:
- . 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.
The Three Keys to the BMC
- Identify the assumptions
- Test the assumptions with real customers
- Pivot and tell the story
Business Model Canvas
Purpose
Distinct Differences From Other Offerings
Impact Achieved For Students and Campus
(Include images, where possible, and campuses involved)
Steps Required To Bring Resource to Campus
Business Model Competition, unlike other students based competitions, is open to anyone who want to participate while meeting the Eligibility Criteria. Thus, bringing this competition to campus doesn't need to submit any application to BMC or establish local chapter on campus. And at the same time, BMC also enforces a set of rules that ensure the strong representation of students in the competing team, which makes it very attractive to new students entrepreneurs.
How to Apply
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
