VERMILLION, S.D. – The University of South Dakota is set to host the Invent-2-Innovate Business Competition (i2i) on March 29 at 1 p.m. at the Beacom School of Business located on USD’s campus in Vermillion. The competition is open to high school and college students and will award $7,000 in total prize money to the aspiring entrepreneurs.
The i2i competition started in 2015 and was modeled after the International Business Model Competition which leverages lean startup principles and focuses on the entrepreneurial process. The competition requires active validation of business model hypotheses rather than a static business plan, talking to customers outside the building rather than estimating a large but vague market through secondary data inside the building, finding out what customers want and building a little at a time rather than relying on the “build it and they will come” approach and “pivoting” or changing course rather than blindly attempting to follow an imperfect plan.
The i2i competition will reward student entrepreneurs for:
- Identifying and tracking key business model hypotheses
- Testing and validating those hypotheses with customers
- Pivoting and iterating their business model based on customer interactions and feedback
To enter the competition, students will need to register at www.usd.edu/i2i and create a video submission no longer than 8 minutes in length or a detailed written document that explains their business idea, business model hypotheses and any action taken to validate them.
The deadline for submission is 11:59 p.m. CST on March 11, 2019. Finalists will be notified by March 15, 2019 whether they need to appear at the final round of the competition.