Stage 1: Ideation
Watch this Youtube series for helpful advice and direction for a powerful pitch.
Watch the pitches from previous years’ winners here.
BYU offers everything you need to maximize your chances of success including clubs, competitions, money, and mentoring! You can visit the Rollin’s Center for Entrepreneurship in room 470 Tanner or go to the Center for Entrepreneurship webpage listed on the Marriott School’s website.
Stage 2: Business Model Development
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
workshop.
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.
Stage 3: Traction
Coming soon!