What Is The International Business Model Competition?
And How Can You Compete?
The International Business Model Competition is the most prominent startup competition method globally. More than 85 percent of new businesses fail within a few years, often because they’re trying to plan their way to success. It is time to change.
The International Business Model Competition is the first and largest lean startup competition globally. The main goals of the competition are to educate and inspire more innovative entrepreneurs to start more successful companies.
The Business Model Competition (BMC) An Open Process For Entrepreneurs
The IBMC is a sole student startup competition focused on the business process’s inputs, not the outputs. Competence requires active identification and validation of critical business hypotheses rather than writing a static business plan. Conversation to customers outside the building rather than collecting tributary data inside the building, applying customer development somewhat rather than relying on product development and “pivot” “Changing course instead of executing the plan.
Specifically, The IBMC Business Model Competition Rewards Student Entrepreneurs For:
- Identify and track key business model assumptions (use a canvas)
- test and validate those hypotheses with clients (leave the building)
- Hinge and iterate your business model based on customer interactions and feedback
Submissions for the competition focus on the process entrepreneurs undertake to test their most crucial customer hypotheses and develop validated business models. The goal is to validate learning about the critical assumptions of the business model, and failure early is a success compared to failure late.
The IBMC is open to all students enrolled in an accredited institution of higher education anywhere in the world. Thousands of schoolchild teams from hundreds of schools worldwide participate each year. Finally, we believe this new approach will improve the success rate of new businesses, which will allow entrepreneurs to save time and money in the process.
Business Model Vs. Business Plan
What exactly is the difference between a business model and a business plan? The International Business Model Competition recognizes that any startup is just an approximation to a problem/solution. The only correct way to check if those guesses are correct is to “get out of the building” and get to work. With the clients.
Outside versus inside the building: Most business plans are written using library research. Successful business models are achieve by talking to customers and making changes base on feedback from those conversations.
Input Versus Output Approach
Most business plan contests focus on compelling writing and slideshows that tick all the right boxes .At the IBMC (Business Model Competition ) And also fancy presentations aren’t going to cut it. And the boxes to be check are brand new and impossible to counterfeit. The goal is to identify your assumptions and turn them into facts as you leave the building. And when a startup has done this, the story is compelling and incredible to tell based on facts. Validated learning about what customers want is what a business model is made of and music to the ears of potential investors.
Lean Development Versus Product Development
Most business plans involve a careful development process to optimize the result. Forget it. Apply Lean Startup principles to very compress your development cycle and take a prototype (even if it’s just a picture drawn late at night) to start the learning process. Find the most creative yet minimally viable product and start learning.
Change Vs. Fortify
Most business plans try to strengthen/prove the core idea with evidence. The IBMC judges will look for instances where teams realize they were wrong and have steered in a new and correct direction. And also Your application should focus on lessons learned and “pivots” made – the more, It the better.
Chasing clients vs. chasing funds: Let’s face it. And also Many business plans are write to increase money. Unfortunately. And also The business plan formula doesn’t detention the answers VCs most want to see: real validation that a product can make customers want it. Instead of chasing money, chase customers. Entering the field will validate the model, and raising money will be easy (see the appendix for more information).
The curriculum aims at students whose goal is self-development and professional development and creates sufficient conditions for a quick and flexible orientation in operational practice and a possible later scientific activity. And also graduates of the program acquire broad business management skills to work in various companies in an international setting. And also The knowledge, services, and experience enable the graduate to work as a board of directors, a middle manager, or a top specialist for excellence in Estonia and other parts of the world.