RIT Business Model Competition Application and Rules
Business Model Competition Important Dates
The Simone Center will host a Business Model Competition Workshop to provide guidance and direction to student teams wishing to apply to the competition. This is scheduled for Wed Feb 15 from 4pm - 5pm (LOW 1225) and Fri Feb 17 from 12pm - 1pm (SIH 1600).
The application deadline is Monday February 20, 2017 at 8 AM.
Applications are now closed for Spring 2017.
Business Model Competition Prizes
Prizes awarded during the Business Model Competition are per team and split equally amongst the team.
1st Prize: $4,000/team
2nd Prize: $2,500/team
3rd Prize: $1,500/team
4th Prize: $1,000/team
5th Prize: $500/team
Business Model Competition Details
Applications are evaluated on the written presentation of the idea, ability for the team to succeed and if the required skill set is present, market potential, feasibility and general knowledge of subject.
Judges will select five finalists from all the entries selected that will be invited to present their business plan on Thursday March 9, 2017 at 6:00 PM. A panel of judges will evaluate the presentations of to decide their final placements. All teams are required to be present on campus to participate. Winners will be selected and announced at the end of the event. All decisions made by the judges are final.
Name of team/company:
Name of Company/Group:
Name and Title of Presenter:
Address, City, State Zip:
Business and Business Model
Structure: What is the structure of your company?
Value Proposition: What is your company’s key value proposition (e.g. lowest cost, highest reliability, best performance, etc.)?
General Description: What is your business model? Describe how your business makes money and how it will assure great and long term profits for the future.
Product/Service: What is your product/service offering?
Function and Benefit: How does your product/service work? Define and quantify key benefits (e.g. cost, performance, technical, etc.) for customers.
Development Stage: Where is the product/service in its evolution (e.g. idea/conception, proof of concept, fully tested prototype, etc.)?
Competitors: Who is your competition?
Edge over Competition: What makes you better than other companies currently in the market?
Sustainability: Is this competitive position sustainable?
IP Protection: How will you protect your proprietary information? Markets
Target Market: What markets and market segments are you targeting? How big are these markets and how can you sustainably capture them?
Barriers to Entry: What are the key market barriers and how will they lend to your success?
Who are the specific customers that you are pursuing or will pursue?
Do you have any letters of interest and/or intent to purchase?