The 2017 Business Model Competition will award $20,000 in total prizes to the top 10 teams competing.
The competition will span three rounds beginning on January 21st.
|January 21, 2017 by 11:59 PM||January 30 & February 1, 2017||February 9, 2017, 6:00 PM|
|First Round Submission Deadline (online)||Second Round Live Pitches||Final Round Public Competition|
|Open to all BYU Student Startups (see eligibility guidelines)||Top 20 teams will pitch in front of panel of judges||Top 5 teams will pitch in front of audience in Wilkinson Student Center Terrace.
$20,000 in prizes will be given to the top 10 teams, so all of the second round teams should attend.
What is the Business Model Competition?
The Business Model Competition is focused on testing your ideas with customers, altering your ideas based on feedback from the tests (pivoting), and repeating this process to ensure your idea meets your customers’ true needs. Your presentation for the competition should tell the story of this process.
The judging criteria will be simple and consistent throughout all phases of the competition. Each element will be scored on a 5 point scale by judges independently and then those scores will be tallied and compiled 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?)
Submission deadline: January 21st, 2017 by 11:59 pm
Fill out the PDF version of the Big Idea Canvas (found here). Submit your completed version to email@example.com. Please submit the entire canvas in pdf or image format. Include “BMC” and your company name in the subject field like this: “BMC – [My Company Name]” (without the brackets).
Google form (here) answering the following questions:
- What is your team/business name?
- 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.
- 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?
- What e-mail can we use to best contact your team?
- What phone # can we use to best contact your team?
Round 1 will be judged by a panel of graduate entrepreneurship students and faculty.
Top 18 teams from BYU and top teams from BYU-Idaho and BYU-Hawaii will be moved on to the second round.
Each of the top 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. These pitches will take place on January 30, 2017 and February 1, 2017. 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 be selected to pitch in the Final Round on February 9, 2017 at 6:00 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
Total Purse: $20,000
Here is more information to introduce the Business Model process and to help prepare you for the competition.
The video below is a brief introduction to the process:
What is the process?
The Business Model process can be summarized by the following three step process:
- Identify Your Assumptions: Your assumptions are your hypotheses about what customers want. The Business Model Canvas (Google template) is a great resource to help you flesh out your assumptions. As you answer questions in each box, you’ll discover key assumptions in your business idea.
(Check out a complete walk-through of the Business Model Canvas with these 6 videos)
- Test Your Assumptions with Customers Once you’ve identified your assumptions, you need to “get out of the building” and talk to people and test prototypes. Get feedback on your idea early and often.
- Pivot and Tell the Story As you test assumptions, you’ll likely discover that you need to make changes to your original idea based on feedback from your target customers. That’s good! That’s part of the process, and we want to hear about these “pivots”.
Essentially, the BMC is about the story of your startup. What were the assumptions
in your original idea? How did you test them? How did you respond to those tests?
What’s been the result?
For more background, watch Dr. Nathan Furr describe the BMC in our
This competition operates in conjunction with the International Business Model Competition and serves to prepare competing teams for later participation in the IBMC, a separate competition.
2017 JUDGING CRITERIA
Each round of the Business Model Competition is generally judged using the following questions:
• 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 prop and have they identified barriers to entry? (who are your competitors, how are you different, what tests show that customers would prefer your solution)
• 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 (includes letters of intent, purchase contracts, sales, and partners)?*
* these criteria serve as tie breakers
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.
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.
Where can I go for help?
The Miller Competition Series leadership team is happy to help any way we can. Send questions to firstname.lastname@example.org.