Business Model Competition

Business Model Competition

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Workshop: March 24, 2017
Competition: March 28-29, 2017

The Business Model Competition is open to all University of Iowa students and is held annually in the spring. This competition is hosted by Iowa JPEC and awards a total of $20,000 in cash prizes.

Competition Description

The Business Model Competition (BMC) allows university students with businesses at any stage of development  to present their businesses to judges who are experienced business professionals outside the university for the opportunity to win seed funding for their business. This competition is based on the methodology of the Business Model Canvas and requires that companies tell their story beginning from the idea stage, including pivots along the way. Participants will provide a brief overview of their startup’s story from the initial idea to the current stage of the startup. Questions participants will answer include: What were the assumptions in your original business idea? How did you validate them? What has been the result? Ultimately, the BMC is a presentation on your startups entire journey, not just its current state.

Participants will present a PowerPoint presentation with a completed business model canvas and financial projections to a panel of judges that is 8 minutes long.  The presentation will be followed by 4 minutes of questions from the judges. The judges and the competition coordinator will be the only people in the room in addition to the presenters.

There are two days of competition (both 8 minute pitch with 4 minute Q&A):

  • Day 1: Early Stage Companies- This competition is open to all students at the University of Iowa who are serious about starting a company but are pre-revenue and have not won $1,000 or more in previous business model competitions. The winner of Day 1 will move forward to compete in Day 2. $6,000 will be awarded on Day 1.
  • Day 2: Advanced Companies- Companies with revenue, companies with $1,000 or more in competition winnings, IMIG companies, and students companies from JPEC universities outside the U of Iowa are eligible to compete on Day 2 which serves as the qualifier for the International Business Model Competition (all JPEC universities in Iowa) and Pappajohn Business Competition (3 teams from University of Iowa will qualify).

This BMC is qualifier competition for two additional business competitions.

  • International Business Model Competition. The winner of the BMC will represent the state of Iowa at the International Business Model Competition. All students enrolled in at least 6 sh and in pursuit of a degree at an Iowa college with a Pappajohn Entrepreneurial Center are eligible to participate.  These colleges are: the University of Iowa, Iowa State University, University of Northern Iowa, Drake University, and North Iowa Area Community College.
  • Pappajohn Business Model Competition. Each JPEC college in the state of Iowa is eligible to send three student companies to the Pappajohn Competition in Des Moines. This BMC serves as the qualifier for the three University of Iowa student companies.

Eligibility

  • The company must have a student co-founder who has a controlling interest or equal controlling interest with other co-founders of the company.
  • Students competing must be serious about starting and growing their business.
  • The presenter(s) must be student(s) and either be a co-founder or employee of the company.

All students enrolled in at least 6 s.h. and in pursuit of a 4 year degree at an Iowa college with a Pappajohn Entrepreneurial Center are eligible to participate.  These colleges are: the University of Iowa, Iowa State University, University of Northern Iowa, Drake University, and North Iowa Area Community College.

Top finalists will be eligible to compete in the Pappajohn Student Entrepreneurial Venture Competition and the International Business Model Competition (IBMC).

Prize

$20,000 in total cash prizes!
Funds awarded must be used for the growth of the student business not for personal purposes and will be awarded to the company. Plus, the best student team will be selected to move on to the International Business Model Competition, held at Brigham Young University or the Pappajohn Student Entrepreneurial Venture Competition for the chance to win up to an additional $35,000!

Timeline & Application Procedure:

  • Tuesday, March 21: Application Submission Due
    Apply online before 11:59 p.m.
  • Friday, March 24: BMC Workshop
    11:30-12:30 p.m., MidWestOne Bank downtown Iowa City

Recommended Resources:
Book Summaries
Validating a Business Model

NEED MORE INFO?

Application coming soon! If you have any questions regarding this event, please contact the University of Iowa John Pappajohn Entrepreneurial Center (Iowa JPEC) office at 319-335-1022 or at iowajpec@uiowa.edu.