Business Model Competition – University of Iowa Affiliate

Business Model Competition – University of Iowa Affiliate

The University of Iowa’s John Pappajohn Entrepreneurial Center (JPEC) and the University of Iowa Research Foundation (UIRF) announce the 2014 University of Iowa Business Model Competition with $60,000 in total cash prizes! This business model competition is open to all University of Iowa Faculty/ Staff and Undergraduate/ Graduate Student, as well as startup companies with a principal address at the University of Iowa Research Park or the Bedell Entrepreneurship Learning Laboratory.

Competition Description:

The Business Model Competition (BMC) is based on a new way of thinking about the entrepreneurship process. This competition allows participants to identify and test their business assumptions EARLY in order to make changes to their ideas so that the end result is fail-proof. 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 test them? How did you respond to those tests? What has been the result? Ultimately, the BMC is a presentation on your start-ups entire journey, not just its current state.

Eligibility Requirements:

  • The UI BMC is open to UI Faculty/Staff and Undergraduate/ Graduate Students as well as startup companies with a principal address at the UI Research Park or the Bedell Entrepreneurship Learning Laboratory
  • Student participants must be taking at least 6 s.h. and in pursuit of a 4 year degree.
  • Teams may be comprised of one (1) to five (5) members
  • The BMC team presenting must have played a major role in creating the venture
  • Members of the presenting team must hold 20% or more of the total equity in the venture and hold 50% or more of the total equity allocated to the management team
  • Non-United States citizens who are unable to legally operate a business in the United States are ineligible to receive prize money but are welcome to participate in the competition for feedback.

Prize

$60,000 in total cash prizes!
Plus, the best student team will be selected to move on to the International Business Model Competition, held at Brigham Young University, for the chance to win up to an additional $25,000!

Timeline & Application Procedure:

  • Friday, February 7: Business Model Workshop Due
    Click here to listen to the presentation given by Lynn Allendorf (JPEC Director) and Lauryn Gordon (BMC Student Winner Spring 2013).
    Click Here to Listen to the Audio
  • Sunday, February 16: Intent to Compete Due
    Register online before 11:59 p.m.One-on-One Mentoring Sessions/Practice Sessions
  • Optional mentoring and practice sessions are available to all participants (Walk-ins welcome).
    Sessions will be held at Thinc: Innovation & Collaboration Lab

    Tuesday, Feb.18, 9:00am – 11:00am, Thinc
    Thursday, Feb.20, 1:00pm – 3:00pm, Thinc
    Monday, Feb.24, 1:00pm – 3:00pm, Thinc
    Wednesday, Feb. 26, 3:00pm – 5:00pm, Thinc
    Monday, Mar. 10, 1:00pm – 3:00pm, Thinc
    Tuesday, Mar. 11, 1:00pm – 3:00pm, Thinc

  • Friday, March 28: UI Business Model Competition – Student Advancement Round
    2:00 p.m. – 3:00 p.m., hotelVetro in downtown Iowa City during the Hawkeye Innovation Summit
    (four student finalist teams will compete for a place in the International BMC)Open for everyone to watch!

 

Recommended Resources:

BMC Informational Flyer (includes complete rules and FAQ)
Business Model Canvas
Book Summaries
Validating a Business Model