One Idea - $4000 for First Prize!
How lucky do you feel?
Submit your application to the RIT Business Model Competition. All full time RIT students in good standing are invited to apply.
Applications were due on Monday February 20, 2017 at 8:00 AM. The finalists will be announced by Wednesday March 1, 2017. Final presentations will be held on Thursday March 9, 2017 at 6:00 PM.
SPRING 2017 APPLICATIONS ARE NOW CLOSED!
Congratulations to the Spring 2017 Business Model Competition winners:
First Place - AWARE
Second Place - GAIA
Third Place - ASL Storyteller
Fourth Place - Trident Co. LLC
Fifth Place - DADCo
Business plans should describe a potential new business by thoroughly answering all of the questions in the application.
A panel of outside entrepreneurs (and entrepreneur service providers) will judge the contest. Business plans are evaluated based primarily on their realistic potential for success. Other pertinent criteria include: Professionalism of the abbreviated business model, compelling nature of the market opportunity, market need (actual or perceived), value provided to customers, clear definition of target market (customers) and their accessibility, scalability of business and societal value reflected through stakeholders.
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.
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
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?
First Place - AWARE by Ethan Kersat and Emmanuel Dodoo
Second Place - GAIA by Brent Chase
Third Place - ASL Storyteller by Logan Lugo and Joo Yeon Chang
Fourth Place - Trident Co. LLC by Adolf Akuffo-Afful
Fifth Place - DADCo by Colin Fausnaught, Joseph DiPassio, John Grosh and Dan Berg
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