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The Business Model Competition is generally judged using the following questions:

 

  • Did the team use the Business Model Canvas or a similar tool to identify and track hypotheses?
  • Did the team clearly state their hypotheses?
  • Did the team identify the most crucial hypotheses to test first?
  • Did the team design and conduct low cost, rapid, but reliable tests of these hypotheses?Number of tests: should be adjusted for industry, product type (web vs physical product), and business type (B2B vs B2C).
  • Quality of tests: interviews are high quality, surveys and focus groups are much lower quality (you don’t know which questions to ask) unless interviews have been conducted first.
  • Did the team clearly state their insights and learning, how those validated or invalidated a hypothesis and if that informed any pivots?
  • If changes were made, was the pivot the team made supported by evidence or did they fail to pivot when the evidence clearly stated it?
  • If appropriate, has the team developed a prototype or minimum viable product (MVP)?
    • Does the team understand the hypotheses they are testing with a prototype or MVP?
    • Is the prototype or MVP appropriate to answer those assumptions?
  • Is the team solving a significant problem?
  • Does the team have significant evidence that the solution is validated (i.e., letters of intent, purchase contracts, sales, partners, etc.)?