38
edits
Changes
m
no edit summary
= Overview =
<span style="font-size: 12pxsmall;">The </span>[http://www.businessmodelcompetition.com <b>Business Model Competition(BMC)</b>]<span style="font-size: 12px">, 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:</span><div class="center" style="width: auto; margin-left: auto; margin-right: auto">
{{#Widget:Youtube|id=K0gqNWQ8j-E|width=800p|height=400p}}
</div>
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, <span style="font-size:small;"></span>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>:
#Break down their idea into key business model assumptions
#Learn to pivot(change) until they have arrived at a customer-validated business model
Ultimately IBMC believes believe<span style="font-size:small;"></span>s this will dramatically improve the success rate of new ventures.
= Business Model Canvas =