Over 85 percent of new businesses fail within a few years, often because they try to plan their way to success. It’s time to change.
The International Business Model Competition is the first and largest lean startup competition in the world. The competition's primary aim is to educate and inspire smarter entrepreneurs who in turn launch more successful ventures.
The IBMC is a unique student startup competition focused on the inputs, not the outputs, of the entrepreneurial process. The competition requires active identification and validation of crucial business model hypotheses rather than the writing of a static business plan, talking to customers outside the building rather than gathering secondary data inside the building, applying customer development rather than relying on product development, and “pivoting” or changing course rather than executing on the plan.
Specifically, the IBMC rewards student entrepreneurs for:
1) Identifying and tracking key business model hypotheses (use a canvas)
2) Testing and validating those hypotheses with customers (get outside the building)
3) Pivoting and iterating their business model based on customer interactions and feedback
Submissions for the competition focus on the process entrepreneurs undertake as they test their most crucial hypotheses with customers and develop validated business models. The goal is validated learning about the key business model hypotheses and failing early is a success compared to failing late.
Ultimately we believe this new approach will improve the success rate of new ventures, allowing entrepreneurs to save both time and money in the process. The IBMC is open to all students enrolled at an accredited institution of higher education anywhere in the world. Each year thousands of student teams from hundreds of schools all over the world participate.
The competition was founded by: