If you have any questions regarding your eligibility, including if you are in minor violation of the eligibility criteria but believe that you are still a good fit for the competition and would like to submit a petition, please contact us and we will respond to you as soon as possible. All decisions made by the competition’s committee are considered to be final.
The BMCC invites student entrepreneurs to learn about business models, business model validation, and the business model canvas and then demonstrate their understanding through a video submission of their own entrepreneurial experiences that exhibit these concepts. Semi-finalists will then be chosen to participate in live presentations based on the content of their video submissions. Please go to our Resources page for information.
- Teams should consist of 2 – 5 members, and each member must have been enrolled in a post-secondary educational institution in 2017.
- At least 50% of the team should be composed of high-level, decision-making positions for the venture they are representing, such as President, CEO, COO, etc.
- Teams should own at least 20% of the venture they are representing.
- Teams in their entirety must control at least 51% of the voting rights for the venture they are representing.
Nature of Venture
- Ventures must be a conception of the team, at least in part. Licensing technologies, from a university for example, is encouraged permitting it has not been previously commercialized.
- Ventures may not have arisen from a previous venture, such as a buyout, franchise, spin-out, etc.
- It is expected that the majority of ventures will not have excessive revenues gained during the validation process. Any excessive revenues will be individually evaluated by the competition’s committee.
- This competition focuses on increasing venture start-up success by inherently minimizing the amount of initial investment required, to prevent premature scaling and full prototype development. As such, prior to the competition, the venture that the teams are representing may not have accepted investments from friends, family, any kind of debt, accelerators, etc. over a total of $100,000. For convertible debt: conversion must have occurred 2 years prior to the start date of the competition.
Video Submission Criteria
Your video must be no more than 8 minutes, and must address the following points (in no particular order):
- Describe your problem-solution fit
- Describe your minimum viable product (MVP)
- Highlight your value proposition
- Use business model canvas (BMC) to explain your business model
- Explain your customer discovery and validation process (e.g. surveys, interviews)
- Explain any pivots, if relevant
- Introduce your team
*Deadline for submissions is Monday, October 16th, 2017