Business Model Competition
Due to campus closures and safety issues regarding COVID-19, we will be canceling the 2020 Business Model Competition.
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.
$2000 total prize pool. As opposed to a traditional 1st, 2nd and 3rd place prize structure, the cash prizes for this competition will be awarded based on the quality of competitors' work effort as outlined in the competition rules and will be "variably awarded". This means that the competitors who put in higher quality efforts relative to other competitors will be eligible to win more of the overall prize pool.
The competition is open to current Drexel undergraduate and graduate students only. Prior winners of any Baiada Institute business model or business plan competition are not eligible to participate.
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