Botstiber Senior Design Entrepreneurship Competition
The Dietrich W. Botstiber Endowed Fellowship for Inventors and Entrepreneurs is supporting an annual competition for Drexel University 2017-2018 senior design students in the College of Engineering and the School of Biomedical Engineering.
Students and their teams will earn funding to enhance their design project development and learn principles of entrepreneurship.
Open to any senior design team in the College of Engineering or the School of Biomedical Engineering, competing teams will develop entrepreneurship skills including team building, business model development, customer development, and presentation development.
The teams will be asked to:
- Enhance their team to include multidisciplinary skills from other schools (such as entrepreneurship, design, and business)
- Create the initial version of their business model using the Lean Startup approach to business model and customer development
- Work to identify their most critical assumptions about their customer identity, the core problem they are solving or need they are satisfying, and their proposed value proposition statement
- Perform actual customer development efforts which typically includes face-to-face customer interviews and other techniques to validate key assumptions
- Check-in regularly with an assigned mentor
- Develop a plan for the use of awarded funds and proof of how funds were used
There will be up to ten team prizes awarded each year in the amount of $2,000 per team.
Teams will be awarded the prize in two tranches of $1,000 each with the first allocation made in January and the second distribution made the following April. Teams will be asked provide additional evidence of need and proof of use of the initial tranche of funding.
The following is the competition schedule:
- Fall 2017: Information and educational sessions for students (at least one member from competing teams must attend one of these):
- Tuesday Oct 24th 5:00-6:30pm
- Thursday Oct 26th 5:00-6:30pm
- Monday Oct 30th 5:00-6:30pm
- Wednesday Nov 1st 5:00-6:30pm
- Register For an Info Session
- December 2017: Applications due December 4th
- January 2018: Competition in mid-January with initial award tranches made
- January-March 2018: Baiada Institute mentors will be made available to the teams
- April 2018: Presentations of progress by awarded teams with second award tranche
Apply to Competition