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Business Model Competition

Business Model

The Baiada Institute's Business Model Competition is about recognizing that any new venture is just a series of guesses at a problem or solution and the only valid way to test whether those guesses are right is to "get outside the building" and start working with customers.

The competition requires a focus on actively identifying and validating crucial business model hypotheses rather than writing a static business plan, talking to customers outside the building rather than gathering secondary data inside the building, applying customer development rather than relying on product development, and “pivoting” or changing course rather than executing on the plan.

The Business Model Competition focuses on:

  • Identifying and tracking key business model hypotheses
  • Testing and validating those hypotheses with customers
  • Looking for “disconfirming information” that indicates why key assumptions may be incorrect
  • Pivoting and iterating on the business model based on customer feedback

The format for the competition requires a formal presentation to a judging panel. The presentation should focus on the process and learning a team went through as they tested their hypotheses with customers and develop validated business models.

In addition, a written submission that documents the proof of the customer and business model development efforts will be required.

Cash prizes:

  • First place $1,000
  • Second place $500
  • Third place $250

The competition is open to current Drexel undergraduate and graduate students only and prior winners of any Baiada Institute business model or business plan competition are not eligible to participate.

Competitors must attend an educational and information session in April (see link below) and must schedule a meeting with the Baiada Institute advisors. The competition presentations will occur on May 25.

Competitors must pre-register for the competition HERE. Observers are welcome to attend using the same link.

Register for the educational and information session HERE.

Questions? Email baiada@drexel.edu