The International Business Model Competition represents the first-ever competition of its kind in the world and is part of a ground breaking 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 deep customer interaction and traction.
The International Business Model Competition represents a radical departure from the past and the crest of a new paradigm in entrepreneurship. The IBMC is not a business plan competition. Participants won’t be rewarded for doing lots of library research, drawing fancy graphs, or crafting the perfect sales pitch to venture capitalists. Instead the IBMC rewards students for:
- breaking down their idea into the key business model assumptions,
- getting outside the building and testing their assumptions with customers,
- applying Customer Development / Lean Startup principles to make sure they nail the pain and solution, and,
- learning to pivot (change) until they have arrived at a customer-validated business model.
Applications for the 2014 competition open on January 1st, 2014. However, in preparation, the IBMC has uploaded online training workshops to tell you a little bit more about the competition and what is expected of applicants. For more information, check out the competition page, resources, and success stories.