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RIT Business Model Competition Due Date

Sunday, February 23, 2014

One Idea - Two Pages - $4000 for First Prize! 

How lucky do you feel?

Submit your two page idea to the RIT Business Model Competition.  All full time RIT students in good standing are invited to apply. 

Ideas must be submitted online by Sunday February 23, 2014 by 11:59pm. 

Guidelines

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.

Evaluation

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.

Prizes

Undergraduate

1st Prize: $4,000/team

2nd Prize: $2,000/team

3rd Prize: $1,000/team

Graduate

1st Prize: $2,500/team

 

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:

Phone: Fax:

Email:

Business and Business Model

  1. Structure: What is the structure of your organization?
  2. Value Proposition: What is the company’s key value proposition (e.g. low cost producer, highest reliability etc.)?
  3. 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

  1. Product/Service: What is your product/service offering?
  2. Function and Benefit: Define and quantify key benefits to customers (e.g. cost, technical etc.)
  3. Development Stage: Where is the product in its evolution (e.g. idea/conception, fully tested prototype etc.)?

Competitive Position

  1. Competitors: Who is your competition?
  2. Edge over competition: What makes you better than other firms out there?
  3. Sustainability: Is this competitive position sustainable?
  4. IP Protection: How will you protect your proprietary information?

Markets

  1. Target Market: What markets and market segments are you going after? How big is this market and how can you sustainably capture it?
  2. Barriers to Entry: What are the key market barriers that will lend to your success?

Customers

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?

 

Enter Online


Contact Information

Please contact Richard DeMartino for more information.