Changes

The [http://www.businessmodelcompetition.com <b>Business Model Competition(BMC)</b>], or International Business Model Competition(IBMC), is an 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:

By recognizing that over 85 percent of new business fall fail within a the first few years, often because they try due to the attempt to plan their way to success, The 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<ref>http://www.businessmodelcompetition.com/general-information.html</ref>:

#breaking Break down their idea into the key business model assumptions.#getting Get outside the building and testing test their assumptions with REAL customers.#applying Apply Customer Development/Lean Startup principles to make sure they nail the pain and solution, and,#learning Learn to pivot(change) until they have arrived at a customer-validated business model.

The Business Model Canvas is one of the key tool tools that IBMC recommends the competing teams useutilize. It is a strategic management template for developing new or documenting existing business models. The canvas consists of nine business model building blocks, which can be organized into four categories: ''Infrastructurei''''nfrastructure, Offeringoffering, Customerscustomers,''and f''Financesinances''.<ref>[http://www.businessmodelgeneration.com/ Business Model Generation], A. Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self published, 2010</ref> By using a visual approach to design business modelmodels, the Business Model Canvas makes it easier for firms to align their activities by illustrating potential trade-offs.

[[File:Business-model-canvas.png|thumb|center|500px|Business-model-canvas.png]]