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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 =
<span style="color:#000000;"><span id="docs-internal-guid-71fb2125-e1aa-6b98-8efe-50323b058efb"><span style="font-size: 11pt; font-family: Arial; font-weight: 700; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;">The IBMCis a unique student startup competition focused on the inputs, unlike other business competitionsnot the outputs, stresses of the entrepreneurial process of developing a validated business model. </span><span style="font-size: 11pt; font-family: Arial; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;">The competition is looking for its participants to identify requires active identification and validate validation of crucial business model hypotheses rather than the underlying assumptionswriting 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 modelplan.</span></span></span>
<span style="color:#000000;"><span id="docs-internal-guid-71fb2125-e1aa-6b98-8efe-50323b058efb"><span style="font-size: 11pt; font-family: Arial; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;">In short, IBMC emphasizes these three key steps:</span></span></span>
#'''Identify the assumptions<span style="font-size:small;"><span style="background-color: transparent; font-weight: 700; white-space: pre-wrap; color: rgb(0, 0, 0); font-family: Arial;">Identifying and tracking business model hypotheses</span><span style="background-color: transparent; font-weight: 700; white-space: pre-wrap; color: rgb(0, 0, 0); font-family: Arial;"></span><br/></span>'''#'''Test the assumptions <span style="font-size:small;"><span style="background-color: transparent; font-weight: 700; white-space: pre-wrap; color: rgb(0, 0, 0); font-family: Arial;"></span><span style="background-color: transparent; font-weight: 700; white-space: pre-wrap; color: rgb(0, 0, 0); font-family: Arial;">Testing and validating these hypotheses with real customers</span><br/></span>'''#'''Pivot and tell the story<span style="font-size:small;"><span style="background-color: transparent; font-weight: 700; white-space: pre-wrap; color: rgb(0, 0, 0); font-family: Arial;"></span>Iterating their business model based on customer feedback</span>'''
= Impact Achieved For Students and Campus =
