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<div style="float: right; clear: right; margin-left: 10em; margin-right: 10em"> </div>= Overview = [[File:Business-model-competition.jpg~~|thumb~~]] =

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

~~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:

= Business Model Canvas =

</div>

<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]

~~== ==~~

= Success Stories =

= [[File:Kaitek.PNG|none|Kaitek.PNG]]~~ =~~

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.”

= Important Dates - 2018 =

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 ~~Offerings~~ Startup Competitions =

The IBMCis a unique student startup competition focused on the inputs, ~~unlike other business competitions~~not the outputs, ~~stresses~~ of the entrepreneurial process ~~of developing a validated business model~~. The competition ~~is looking for its participants to identify~~ requires active identification and ~~validate~~ validation of crucial business model hypotheses rather than the ~~underlying assumptions~~writing of a static business plan, ~~no matter how advanced~~ 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 ~~big the market. The competition will eventually be judged~~ changing course rather than executing on the ~~development process and final business model~~plan.

In short, IBMC emphasizes these three key steps:

#'''~~Identify the assumptions~~Identifying and tracking business model hypotheses'''#'''~~Test the assumptions~~ Testing and validating these hypotheses with ~~real~~ customers'''#'''~~Pivot and tell the story~~Iterating their business model based on customer feedback'''

= 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.

= Applying to the IBMC = '''~~To apply to the IBMC, teams~~ 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><span~~>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] <span~~>page for help doing this. We also strongly encourage you to check out the submission example videos on that same page.~~~~</li><li><span~~>Upload your videoto~~~~[http://www.youtube.com/ YouTube]<span~~>(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><span~~>Indicate that your teamunderstands and agrees to the items outlined in the~~[http://www.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>

'''2018  Application form: [http://www.businessmodelcompetition.com/apply.html http://www.businessmodelcompetition.com/apply.html](Due April 1st)'''

= How to Win IBMC =

~~How to Win IBMC~~   '''1. Complete''' [https://www.udacity.com/course/how-to-build-a-startup--ep245 Steve Bank's "How to Create a Startup" course on Udacity]

  '''2. Seek Out '''an appropriate mentor(s) and meet frequently with them to help you through the lean startup process.

  '''3. Familiarize '''yourself with the following IBMC website resources:

<li>[http://www.businessmodelcompetition.com/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_2018-01-01.pdf Judging Criteria]</li><li>[http://www.businessmodelcompetition.com/validating-a-business-model.html Validating a 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/uploads/5/1/5/7/5157318/ibmc_booksummaries_2014.pdf summaries])

<li>Nail It, Then Scale It</li>

</ul>

  '''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:

<li>[https://strategyzer.com/canvas Business Model Toolbox for iPad ](from creators of Business Model Canvas)</li>

<li>LEANSTACK.com (from the creator of Lean Canvas)</li>

<li>LeanMonitor.com</li>

  '''5. Watch '''the following videos on the IBMC website:

<li>[http://www.businessmodelcompetition.com/training-workshop-videos.html Submission Orientation & Best Practices]</li>

<li>Submission Examples</li>

<li>[http://www.businessmodelcompetition.com/past-winner-videos.html Past Winners]</li>

</ul>

  '''6. Follow '''these blogs and social media accounts:

<li>[https://www.facebook.com/newcareer/ IBMC Facebook and Twitter]</li><li>[http://blog.strategyzer.com/ Strategyzer Blog]</li><li>[https://steveblank.com/ Steve Bank's Blog]</li><li>[http://ashmaurya.com/ Ash Maurya's Blog]</li>

</ul>

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 =

'''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:~~Resources~~Organizations]]

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