What is it?
The Business Model Competition is phase two in the Miller Competition Series. You have your idea – now you need to test it with customers, alter your ideas based on feedback, and repeat this process until you know your idea meets your customers’ needs. Your presentation for this competition should tell the story of this process.
The competition will span three rounds beginning on January 21st. The top ten teams will win $20,000 in total prizes at the Business Model Competition finale on February 1 in the BYU Wilkinson Ballroom.
Submission deadline: January 20, 2018 by 11:59 pm
Fill out the PDF version of the Lean Canvas (found here). Submit your completed version to firstname.lastname@example.org. Please submit the entire canvas in pdf or image format. Title your email like this: “BMC – My Company Name”.
Answer the following questions:
- What is your team/business name?
- What email can we use to contact your team?
- What phone number can we use to contact your team?
- 500 word submission telling the story of your validation process. How many people have you talked to? With whom have you validated? Why do you feel that you are on the right track? Anything else to show that you are validating and proving your concept. Be sure to address the 5 areas of the judging criteria.
- List your team members. Specify students or non-students.
- Any capital investment? How much, when, and from whom?
- Any revenue? How much? When it began?
The top 18 teams from BYU will advance to the second round. Every competitior will receive an email of who is advancing.
Presentations: January 26 from 4-7pm
Each of the top 18 teams will be contacted to schedule a time to do a live pitch in front of the same panel of students and faculty that judged Round 1. Each pitch will be filmed and provided to the teams if they would like. The teams will have 7 minutes to present and 3 minutes for Q&A.
Each team should tell the story of the conception of their idea, how they validated the concept, and each time they changed or pivoted based on the feedback of the market.
The top 5 teams from Round 2 will advance to the finale. Every competitor will receive an email of who is advancing. The Top 5 will also be required to attend a Top 5 Training Panel, where the top 5 will pitch to a small group of mentors for feedback.
ROUND 3: Finale
The top 5 teams from Round 2 will be selected to pitch in front of a live audience in the Finale on February 1, 2018 at 5:00 PM. They will have 7 minutes to present and 3 minutes for Q&A.
After each pitch, judges will have 2 minutes to finish scoring the team on each element in the criteria. This will be done electronically through a google form.
Once all teams have presented, the results will be tallied and the winners announced.
- 1st place: $5,000
- 2nd place: $4,500
- 3rd place: $3,500
- 4th place: $2,500
- 5th place: $1,500
- 6th-10th place: $500 each
- Crowd Favorite: $500
- Fail Fast Award: Amount TBD. This prize will reward a team who did not arrive at a viable business model because their validation process revealed that they should not pursue their idea.
Total Purse: $20,000
The business models will be scored on the following criteria on a five-point scale, for a total possible score of 25 points per team. The teams will then be ranked according to aggregate score.
- How well did the team identify the assumptions crucial to their business?
- How well did they design and carry out their tests? (test with customers and/or partners)
- How well did the team take action based on the results of the test? (pivot, retest assumptions, etc.)
- Did they arrive at a viable business model?
- How unique is their value proposition and have they identified barriers to entry? (Who are your competitors? How are you different? What tests show that customers would prefer your solution?)
Additional tie breaker criteria:
- Is the team solving a significant problem? (Defined in terms of money or impact)
- Does the team have significant evidence that the solution is validated? (This includes letters of intent, purchase contracts, sales, and partners)NOTE: Because web-based businesses are easier to test, these companies can often pivot faster. We tend to treat physical products, services, and web/software as slightly different categories in the judging, then pick the best of these categories to compete.
Round 1 will be judged by a panel of graduate entrepreneurship students and faculty. For detail of how judges will view each of these criteria, please refer to the judging criteria for the International Business Competition. Note that top winning teams will have the opportunity to compete in the IBMC.