A panel of outside entrepreneurs will select five finalists from all the entries to present their business plan in person. The business plans are evaluated based primarily on their realistic potential for success.
All full time RIT students are invited to apply for the RIT Business Model Competition.
A panel of outside entrepreneurs will select five finalists from all the entries to present their business plans in person. The business plans are evaluated based primarily on their real 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 the target market (customers)
- Accessibility & scalability of the business
- Societal values reflected through stakeholders
Before starting the online application, be prepared to answer the following:
- Name of team/company
- Name of Company/Group
- Name and Title of Presenter
- Address, City, State Zip
- Phone: Fax
Business and Business Model
- What is the structure of your company?
- What is your company’s key value proposition (e.g. lowest cost, highest reliability, best performance, etc.)?
- What is your business model? Describe how your business makes money and how it will assure great and long-term profits for the future.
- What is your product/service offering?
- How does your product/service work? Define and quantify key benefits (e.g. cost, performance, technical, etc.) for customers.
- Where is the product/service in its evolution (e.g. idea/conception, proof of concept, fully tested prototype, etc.)?
- Who is your competition?
- What makes you better than other companies currently in the market?
- Is this competitive position sustainable?
- How will you protect your proprietary information? Markets
- What markets and market segments are you targeting? How big are these markets, and how can you sustainably capture them?
- 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?
Button: Submit your application > NEED LINK
Prizes awarded during the Business Model Competition are per 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
For more information, contact Rupa Thind.