Business Model Competition
Semi-Final Round - Advice and Resources
Deadline: April 8, 2013; 11:59 PM
Rather than focusing on a business plan or trying to sell your idea, your presentation needs to focus on telling the story of how you tested your unexamined business assumptions in the field and developed a validated business model. You will manifest this by demonstrating a deep understanding of customers and revealing the details of how you may have discovered that some of your assumptions were wrong and how you changed accordingly.
WPI's qualifying round judges will select one candidate on Friday, April 5, 2013 to advance to the May 3-4, semi-finals at Harvard University. That candidate must adhere to the rules and formats on the BMC web site, linked below.
[Note that ALL WPI qualifying round applicants may apply to the semi-final competition by following those same instructions, but are not guaranteed entry.]
Staff and faculty members affiliated with WPI's entrepreneurship center will be available to assist with applications and technology.
The Business Model Competition (BMC) was launched by Brigham Young University and has grown to include other participating universities. Worcester Polytechnic Institute is proud to join the ranks of these forward thinking universities by offering a qualifying competition.
The BMC represents the first international business model competition and is part of a groundbreaking approach to entrepreneurship that focuses on the process of improving the inputs into entrepreneurship rather than the outputs. Specifically, rather than focusing on outputs like business plans or fundraising, this new approach focuses on the key tasks of testing unexamined assumptions in the field and developing validated business models which is usually manifest through a deep customer understanding and traction.
The 2013 BMC semi-finals and finals are open to US and international students and will be held at Harvard University. The winner of the WPI qualifier competition will receive an automatic advancement in the International Competition (runners-up can still apply through the general application for the International Competition).
Monday, April 1, 2013
WPI Qualifying BMC Competition
Friday, April 5, 2013
Higgins Labs Room 102
Harvard, May 2
Harvard, May 3
Venue to be announced
Want to Join a Team?
Individuals without business ideas may participate by working with a team that needs your skills. There is no guarantee that there are teams needing your particular skills. Please email firstname.lastname@example.org with "Business Model Competition" as the subject and specify your skills. Ms. Betti will contact you if there is a match.
Required Skills and Resources
Skills required to do well in the BMC are:
- Time and project management
- Understanding and applying all Business Model Canvas concepts in your presentation. (to view the video scroll down on the page) This requires a multiple set of skills that can be divided amongst team members. If you are lacking any of the skills, we recommend finding a student that has those skills to complement your team, or to consult your team.
- Creating the slide deck
- Strong presenter skills (speak clearly, passionately, persuasively, style (body language)) (to view the video, scroll down on the page)
- Ability to defend the idea during judges' questioning period
To enter the qualifying round, please fill in the application form.
BMC qualifier major entry eligibility guidelines
- All BMC participants from my team hold significant management positions within the company and are degree seeking university students
- Each team member has a minimum of at least six credit hours and is enrolled in the given semester of the competition.
- My business model is original work done by my student team.
- My BMC team played a major role in creating the venture.
- Each team member owns 5% or more of the total outstanding equity and all team members in aggregate own 20% or more of the total outstanding equity of the venture.
- My company has not booked revenue prior to September 1, 2012.
- My company has not received angel or venture capital financing before September 1, 2012.
- My company is not any of the following:
- A buyout.
- An expansion of an existing company.
- A real estate syndication.
- A tax shelter.
- A franchise.
- Licensing agreement for distribution in a different geographical area.
- A spinout from an existing corporation.
Judges will use the following criteria
- Knowledge of bona fide pain substantiated by customer discovery and development – 25%.
- Your team’s ability to iterate and pivot based on your process of discovery – 25%.
- Progress made in arriving at a “nailed” business model – 25%.
- Clear identification of assumptions, description of assumption test, and findings – 25%.