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RIT Business Model Competition Due Date
Sunday, February 16, 2014
RIT has modified its business plan contest this year. We have modified the contest to reflect a shorter business/concept write-up and—to those who advance to the next round—a formal presentation to investors.
How the modified contest works:
Business Model Due Date - Sunday February 16, 2014 by 11:59pm: Students submit a business model write-up of two pages or less through the Simone Center website.
Application Format (Please do not exceed 2 pages)
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 organization?
- Value Proposition: What is the company’s key value proposition (e.g. low cost producer, highest reliability etc.)?
- General Description: The description of your business model. Describe how your business makes money and how will it assure great and long term profits for the future.
- Product/Service: What is your product/service offering?
- Function and Benefit: Define and quantify key benefits to customers (e.g. cost, technical etc.)
- Development Stage: Where is the product in its evolution (e.g. idea/conception, fully tested prototype etc.)?
- Competitors: Who is your competition?
- Edge over competition: What makes you better than other firms out there?
- Sustainability: Is this competitive position sustainable?
- IP Protection: How will you protect your proprietary information?
- Target Market: What markets and market segments are you going after? How big is this market and how can you sustainably capture it?
- Barriers to Entry: What are the key market barriers that will lend to your success?
Customers are the key to strong profits. Who are the specific customers that you are pursuing or will pursue? Do you have any letters of intent to purchase?
There is $10,000 in cash prizes that will be awarded in undergraduate and graduate tracts.
DEADLINE - All submissions must be received by Sunday, May 12, 2013 by 11:59pm.
All full- or part-time RIT undergraduate and graduate students working toward a degree are eligible to participate in the competition. (Eligibility includes students graduating at any time during the 2012-13 academic year).
1st Prize: $4,000/team
2nd Prize: $2,000/team
3rd Prize: $1,000/team
1st Prize: $2,500/team
Business plans should describe a potential new business in no more than two (2) single spaced pages, not including the income and start-up cost statement. Download information on how to format your business plan here.
Business Plan Structure and Organization
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), and the value provided to customers Clear definition of target market (customers) and their accessibility Scalability of business and societal value reflected through stakeholders
Please contact Richard DeMartino for more information.