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International Finals

First and largest Internaonal Business Model Compeon in the world


HarvardUniversity BrighamYoungUniversity StanfordUniversity


Participating Teams 1,383
Participating Schools 143
Prize Money Awarded $357,000
Participating Countries 10

2013 IBMC Stats


USA, Canada, Chile, Cambodia,
England, Vietnam, Laos, Thailand,
Myanmar, Bangladesh


201 3 I nternati onal Busi ness Model Competi ti on


Table of Contents
General Competition Information
- Schedule 3
- Maps 4
- Prizes 6
Company Descriptions 7
Judging (criteria , bios) 19
Rules 23
History (philosophy, success stories) 27
Additional Resources 33



Congratulations and thank you for being involved with the International Business Model Competition. We started the
IBMC with a vision that there is a better way to be an entrepreneur, applying principles such as Lean Startup, Customer
Development, Design Thinking, and related processes to turn hypotheses into facts before wasting time and resources.
The competition was designed as a tool to tell the world about a better way to be an entrepreneur. To our surprise, in
just three short years the competition has created a revolution in the way universities train and reward entrepreneurs,
reshaping what a business plan means in its wake.

Thank you for being part of this revolution. We are redefining what it means to be an entrepreneur and an innovator. We
are redefining how to teach and reward entrepreneurship. Just like your ventures, we may not be perfect yet, but we
will keep testing our hypotheses until we get it right. Our hope is that you emerge from this competition excited to
continue developing your businesses. Although I know you are all excited to win, you are all winners today. What will
make you a winner in the future will be continuing to test your hypotheses until you have really nailed itonly then
would I encourage you to scale your business. I hope that after today you will tell your friends and your universities
let us keep the fires of this entrepreneurial transformation burning bright and lead the way for others who have
dreams of solving big problems.



Nathan Furr
Founder
International Business Model Competition
Message from the Founder
Joint us in 2014 at BYU
International Business Model Competition

2


201 3 I nternati onal Busi ness Model Competi ti on
Competition Schedule
Friday, May 3, 2013
Networking Brunch | Harvard Innovation Lab Classroom 10:30 AM 12:00 PM
All team members must attend this event and food will be served. Teams will check-in and be given their name badges and competition
information packet. Teams will be welcomed to the competition and introduced to each other. The weekends schedule of events will be
explained along with the logistics of each judging round. It is recommended to bring some form of a business card as networking will be
encouraged.
Semi-Final Judging | Harvard Innovation Lab Conference Rooms 1:00 PM 5:00 PM
Semi-final judging will take place in four different conference rooms throughout the Innovation Lab. A room and time schedule will be
included in the information packet handed out at the Networking Brunch. Judges for this round have been selected from Boston area
investment and entrepreneurship professionals. Each conference room has a large TV screen that teams can use to project their
presentations. Each team is charged with providing their own laptop and the necessary adapters (at the very least an VGA
adapter) to plug into the media resources in the room. Team mentors, advisors, or other team-affiliated individuals are welcome to
watch their teams presentation.
Semi-Final Results Dinner | Harvard Innovation Lab Lobby 6:00 PM 8:00 PM
All teams are required to attend this dinner which will be attended by some of the final event judges and other VIPs. The semi-final
round results and teams advancing to the final event will be announced.
Saturday, May 3, 2013
Booths | Harvard Innovation Lab Classroom 9:00 AM 10:00 AM
All teams are invited to host a booth prior to the start of the final event. Teams will be able to showcase their company to final event
attendees. Booths will be provided with a table, tablecloth and access to power. The following are recommended items to bring:
Business cards
Fliers, posters and banners
Computer (to display visual or digital media assets)
Product prototypes (if applicable)
Anything else that will help facilitate an effective discussion about your company
Final Event | Harvard Innovation Lobby 10:00 AM 12:00 PM
Finalist teams will present to a live audience and panel of judges including Nathan Furr, Alex Osterwalder, Steven Blank, and Thomas
Eisenmann (see IBMC website for more details on judges). Finalist teams will be required to submit their presentation to competi-
tion organizers before midnight on the evening of Friday, May 3rd. Winners will be announced at the events conclusion.
Post-Finals Networking Event | Harvard Innovation Lab Classroom 12:00 PM 1:30 PM
All competing teams are invited to attend this event. Many of the competition judges and other VIPs will be in attendance. Teams hosting
a booth are encouraged to continue manning their booths during this event.
Breakfast (On Your Own) | Clover is recommended
Competition Schedule
3


Harvard Innovation Lab - First-Floor Map
4


Harvard
Innovation
Lab
Doubletree
Suites
Hotel
5


1
st
Place $ 25,000.00
2
nd
Place $ 10,000.00
3
rd
Place $ 7,500.00
4
th
Place $ 5,000.00
5
th
- 8
th
Place $ 2,000.00
9
th
- 28
th
Place $ 1,000.00
International Business Model Competition
Prizes
6
The IBMC Trophy
Do you have what it takes to bring the International Business Model Competition trophy to you school? The IBMC
trophy travels each year to the school of the IBMC champion. Currently the trophy resides at Brigham Young
University since last year XoomPark, a team from BYU, took first in the competition. The 2013 competition is a
new year and a new champion will be crowned. So bring your best to this competition and you may bring back
more then just prize money.
The IBMC Champions
2012 XoomPark Brigham Young University Ken Frei
2011 Gamegnat American University Zachay Allaun, Jorge Espinoza





201 3 I nternati onal Busi ness Model Competi ti on


Section Contents
Astoria Road Balance Bosse Tools Buzz Lanes
Care Capture Epsilon Micro Devices Ever Fairweather Chef
FiberFix Giraffe Design Givifi LightCloud
Lunch Box Moringa Plus Optimed Lab Solutions Owlet Baby Monitors
Panx Solutions Purchext Quickstor Sensible Baby
Smarty Pants The Shot Coach Soletics Spring Loaded Technology
The Husband Store Tauros Engineering Tripeese Vacation Races
Company Descriptions


Astoria Road is a universal wedding registry that allows couples to add any gift from any store. We earn
money by charging guests a 7% fee and sourcing gifts from the cheapest retailer. In the future, we will
also earn 5% commissions from retailers. Our LTV per couple is $615. This LTV will rise to $1,000 when we
receive retailer commissions
Our founding team consists of two married couples that are passionate about
creating a registry we wish we have had ourselves when we got married. Our
team has a highly diverse and complimentary skill-set, spanning design, engi-
neering, operations, and marketing
The wedding industry is expanding. Each year $19 billion are spent on gifts
through wedding registries. Registry websites can capture 12% ($2.3 billion)
in revenues
The two types of existing wedding registries each have major deficiencies. In-
store registries have limited capabilities. Universal registries are more flexi-
ble but have a bad user experience
Astoria Road has six distinguishing features: (1) an intuitive user interface; (2) flexibility to add any gift; (3)
social networking capabilities; (4) get inspiration through gift suggestions; (5) a cash out option; and (6)
an easy check-out process for guests
We have launched a fully functioning site with great success and have a clear plan forward. Since our
official launch in February, weve acquired 214 customers, been featured on a top 3 wedding blog, estab-
lished partnership with a retail store (Mariposa), and began conversations with Amazon and The Knot (XO
Group) about potential partnerships.
Balance is a Chilean start up, formed by young designers interested in using innovative new technologies
for wellness products market.
Our first project is Balance, a type of footwear specially designed to protect your feet in the practice of
wellness disciplines such as yoga and pilates. Between its attributes, it incorporates copper for its self
sanitizing function against fungi and bacteria in a new anti-slip material, and an anatomical arch control-
ling postural balance. The value proposition is to improve concentration and performance from our users
and to bring more people to practice wellness disciplines.
One of our key activities is the investigation of technologies and materials, along with the detection of
opportunities, the study of users to improve their quality of life from the design of intelligent products.
We plan for the brand "balance" a steady growth starting from Santiago, continuing coverage throughout
Chile, Latin America and the world, to become a brand recognized for its quality and use of new technolo-
gies in products designed for the physical, emotional and mental wellness of its customers.
International Business Model Competition
Bal ance Ponti fi cal Cathol i c Uni versi ty of Chi l e
masbal ance. wi x. com/bal ancebi enestar
Astori a Road Harvard Busi ness School
astori aroad. com
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Bosse Tools LLC is a startup company that is changing hardware tools through ergonomics; ultimately
creating more efficient shovels, rakes, brooms, and pitchforks - we are transforming the construction,
agriculture, and home-improvement industries. Bosse Tools has developed an ergonomically efficient
design that utilizes a double handle for its tools - we call this innovation "Handle-It Technology." Our tools
maximize muscle usage and diminish strain, ultimately increasing stamina and reducing injury. The prob-
lem that exists today is that many individuals finish a day of labor with sore backs, wrists, and arms from
twisting and tweaking in unnatural positions. With the use of BosseTools, the user utilizes the strongest
muscles in their body - the upper arms, core, and legs - alleviating these issues by returning the body to
a more natural position (minimal wrist pronation and decreased back torque). While ordinary tools do get
the job done, Bosse Tools provides a noticeable benefit to laborers in any field, turning ordinary tools into
ergonomic redesigned tools with increased output. In addition to lost stamina and injury, a problem that
exists is lack of quality. Bosse Tools ensures the highest quality of its products by overseeing the manu-
facturing and assembly process. We are sensitive to the other products on the market and therefore
differentiate ourselves through a standard of high quality. Ultimately, Bosse Tools is a groundbreaking
company that has revolutionized the tool industry and has potential to generate unbelievable successes in
the marketplace.
Company Descriptions
Bosse Tool s LLC Loyol a Marymount Uni versi ty
bossetool s. com
Buzz Lanes is a consultation/marketing management service for aspiring artists. Artists will be able to
sign up for our services at varying price levels with corresponding levels of service. We will help these
artists manage their entire external presence through social media analysis, youtube analysis, and overall
internet presence analysis. We will be able to provide analytical information accompanied with general
consultation for how they can increase their exposure and better reach fans.

Our value proposition is that through our marketing and social media management experience, we will be
able to help artists manage their internet presence in an affordable, accessible, and flexible manner. We
will provide easy to understand analytics based off their internet presence and provide consultation to the
band for how to improve. We see this business as having large growth aspects because of the increased
ability of musicians to not only spread, but make and record their music digitally. Additionally, as our ser-
vice is affordable and flexible, we will be able to build a large customer base of new and aspiring artists.
Buzz Lanes Worcester Pol ytechni c I nsti tute
Care Capture is a software application that senior living communities use to create and send wellness
updates to the family members of their residents. Updates can include pictures, videos, text, and a list of
activities the resident has participated in.

The senior living industry will grow 60% by 2030 due to the baby boomer generation. Senior communities
try to gain every advantage over their competitors to gain market share, Care Capture is an excellent
competitive advantage.
Care Capture Uni versi ty of Central Fl ori da
carecapture. com
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Epsilon Micro Devices is an innovative technology company dedicated to furthering the field of microfluid-
ics through interdisciplinary work in biology, electronics and mechanical engineering. We strive to enable
our colleagues and customers to break through barriers by providing low cost, alternative techniques and
equipment. We also provide a platform for the exchange of information and innovative ideas in hopes that it
will allow the microfluidic community as a whole to move farther and faster.
The Founders of Ever believe dangerous ideas make better stories. Ever is our online interactive reading
experience. It is an accessible, beautiful, and engaging way for our readers to directly participate in the
story's creation. Readers will explore the worlds created by the stories through role play, discussion, and
polls to influence how the story progresses. Creating a dynamic exchange between authors and read-
ers, Ever will change the dynamic of storytelling forever.
Ever Uni versi ty of I owa
Epsi l on Mi cro Devi ces San Di ego State Uni versi ty
epsi l onmi crodevi ces. com
Fairweather Chef offers fresh, healthy fully-prepped meal kits that are ready to cook. We offer a full meal:
the vegetables are chopped, the condiments are measured, and the recipes are quick and simple. Competi-
tors require advance ordering and price points are high due to shipping costs. Our business model is
B2B2C. We partner with companies to provide FWC: employees order online and we deliver each afternoon.
This allows for wider distribution, at lower costs, and on-demand service.
Fai rweather Chef Harvard Busi ness School
fai rweatherchef. com
International Business Model Competition
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Here at FiberFix we manufacture and wholesale a newly developed repair wrap inspired by the casting tape
physicians use to repair broken bones. We discovered casting tape could be modified to make an incredibly
strong and durable solution for common household and industrial repairs. FiberFix was created to address
a universal problem- things break! Sometimes those breaks need to be fixed immediately and often the
broken items are difficult or expensive to replace. FiberFix provides the solution, it is easy to apply, cures
rapidly, and provides a repair 100x stronger than duct tape
Giraffe Design is a reusable packaging design agency. Almost all packaging is thrown out after the custom-
er has reached the product. Giraffe Design develops reusable packaging for brands looking to extend their
marketing while adding value to products. Reusable packaging creates valuable customer impressions.
To recycle is to convert waste in to reusable material, our designs are a simple form of recycling. Brands
that use reusable packaging will lower the brand carbon footprint.
Licensing protected designs to companies will allow Giraffe to make a percentage of every item sold from
major brands. This will allow rapid growth.
Gi raffe Desi gn Qui nni pi ac Uni versi ty
desi gnbygi raf f e. com
Fi berFi x Bri gham Young Uni versi ty
f i berf i x. com
Givifi is a social gifting application that helps busy men and women find meaningful, personalized gifts for
the people they care about, and purchase them in time for special occasions. It does this by importing the
birthdates, interests, and hobbies of the users family members and friends from social networking web-
sites, reminding the user of upcoming special occasions, and providing customized gift recommendations
for each recipient based on their particular interests.
In order to validate our business model, we've conducted over forty customer development interviews,
surveyed 100 strangers, tested a variety of landing pages, and conducted a focus group. Givifi can gener-
ate revenue through: direct application sales, sponsored gift recommendations, and referral fees collected
from merchants. The Givifi application has been completely redesigned several times based on customer
development interview feedback and is currently in the alpha stage. We will begin beta-testing very soon.
Our hope is that Givifi becomes the de-facto gift management application.
Gi vi fi Bri gham Young Uni versi ty
gi vi f i . com
Company Descriptions
11


LightCloud provides proprietary algorithms and downloadable 3D-laser based imagery (point cloud data) of
any civil infrastructure from entire highways, bridges, major arenas, to skyscrapers, and nuclear plants.

These industries will benefit from the exacting standards that our technology enables, and further our
market presence. Market research suggests that the market is large enough to attain profitability in the
first year.

In addition to a 3D database, LightCloud also offers customized engineering consulting catered specifically
to clients needs for example: if a general contractor is awarded a 20 mile highway renovation con-
tract, LightCloud is able to provide surveying data in a record time and at comparable costs to current
manual surveying methods except that LightClouds data consists in billions of useful and visually appeal-
ing coordinates rather than hard to read 2D architectural drawings .

LightCloud's value proposition is that we avoid business interruption, which leads to litigation all while
providing highly useful 3D measurements of the world to facilitate construction, surveying, and insurance.
Moringa Plus is an organic tea producer from Vientiane, Laos. Our Business focuses on manufacturing,
branding and marketing a range of tea products from the Moringa Tree, which provide various health ben-
efits. Moringa Plus has already produced and tested prototypes in the Vientiane Capital and is now looking
for partners to expand sales to neighboring countries and overseas markets in Japan, Europe and the USA,
where the health-conscious trend is dominant.
Mori nga Pl us The Lao-Ameri can Col l ege
facebook. com/pages/Mori nga-Pl us/576781 592334682
Li ghtCl oud Uni versi ty of Central Fl ori da
Lunch Box is a new business that combines great advertising with free food. Through mobile and online
channels, Lunch Box provides value to three unique groups. Current college students, school organizations
and clubs, and businesses. Lunch Box provides hungry students a free meal, clubs and school groups free
advertising, and provides businesses a better and more specific way to target their desired market.

Companies are struggling to reach college students and the solution to their problem is Lunch Box. In an
every changing industry, Lunch Box has found a new way to reach students by providing businesses an
audience of their desired target market. This personal and more specific approach to advertising will help
businesses to increase the effectiveness of their efforts while at the same time, providing hungry college
students a free meal.

Starting at BYU, we are developing a model that will allow this app to grow quickly and efficiently on other
college campuses. We are building software that will give us an upper hand in the advertising industry. Our
target market consists of the top 100 most desirable colleges and is valued at $215 million.

Lunch Box is growing fast and as we are excited to expand our reach across the country.
Lunch Box Bri gham Young Uni versi ty
uni versi tyl unchbox. com
International Business Model Competition
12


Optimed Lab Solutions helps physician run health practices generate revenue from doing their own in house
laboratory testing. Our value model is built on offering online tools and services to help:

EQUIP doctors offices via the purchase of appropriate laboratory instrumentation, and a customized
financial blue print to help them maximize their test reimbursement from Medicare.
EDUCATE office staff on the operation, maintenance, and service of the purchased equipment.
ASSIST the office as a regulatory liaison, providing remote management and guidance in order to maintain
federal regulatory compliance.
Panx Solutions provides universal emergency location devices and asset tracking systems using a proprie-
tary GPS technology. The technology does not use typical GPS satellites, instead it uses existing ground
based signals of opportunity. Our advantage is the technology works not only outdoors, but indoors and
underground where normal GPS does not. This advantage allows Panx devices the opportunity to address a
much larger customer base with unfulfilled needs and multiple revenue streams.
Panx Sol uti ons Bri gham Young Uni versi ty
panxsol uti ons. com
Opti med Lab Sol uti ons Uni versi ty of Central Fl ori da
Owlet Baby Monitors is an innovative baby monitoring company. Our core product is a sock, that alerts
parents if their child stops breathing at night. It wirelessly relays vital signs, heart rate and oxygen satu-
ration levels to the parents smart phone. It uses pulse oximetry, a common hospital technology that
measures oxygen levels and heart rates through light. The lungs are the last organ to develop and conse-
quently many children have respiratory problems. In addition to respiratory problems, heart problems and
common illnesses, SIDS is a major concern for parents. Our monitor gives peace of mind to parents one
heart beat at a time.
Owl et Baby Moni tors Bri gham Young Uni versi ty
owl etcare. com
Company Descriptions
13


Purchext is a digital wallet that allows patrons (parents, managers ect) to control their dependents spend-
ing. Most of the time the person purchasing a good or service is not the person paying. This happens with
children and parents, between friends and at work. Such practice of lending your credit card is highly
inconvenient and insecure at the same time. To validate our hypotheses we have conducted over 700 cus-
tomer interviews with our three main customer segments: Parents or patrons, their financial dependents,
and merchants. We have also conducted smoke tests and built a low fidelity minimum viable product to
confirm demand. We have also interviewed dozens of industry experts to ensure our solution can integrate
in the payments sector. When it comes to dependents spending, the lack of control over what and how
much they spend was clearly identified by our customers as a major problem along with the problem for
teens to reach out to their parents every time they have to make a purchase online.
Considering last year 364 billion dollars worth of goods and services were purchased online in North
America out of which teens represent 20% of all purchases (e-marketer) making the market size 71 billion
dollars of total online transactions.
Going forward many experts believe that mobile payments are widely expected to overtake physical cards
in the next five years this represents a massive opportunity to disrupt.
Each year, more than 4 million babies are born in the States, 2 million of which born into the family of new par-
ents. SIDS, as the leading cause of death for infants under 1 year old, is a main source of anxiety and worries for
new parents. Currently there are audio/video monitors, pressure pads and motion clips that parents use. How-
ever, audio/video monitor require active monitoring during night and interfere with household wireless signals.
The main problem with pressure pads and motion clips are low sensitivity and high false positives, which is a
source of anxiety itself.
Sensible Baby wants to help ease those worries by monitoring babies sleep safety by offering monitoring
products with additional features, lower cost and increased effectiveness. Our product Smart One has a
safe-in-every-way transmitter that alerts the parents on their smartphones if baby is in unsafe sleeping
position/temperature. We aim to bring peace of mind to new parents through technology and innovation.
Sensi bl e Baby Harvard, Babson
mysensi bl ebaby. com
Purchext Dal housi e Uni versi ty
purchext. com
Our vision is to create a mobile platform for self storage rental aimed at the $25 billion self storage indus-
try. The product would allow consumers to rent a storage unit directly from their smartphone or tablet -
including lease execution, payment, and identity verification - and receive an access code to the chosen
self storage facility. The traditional process for self storage rental is largely person-to-person and paper-
intensive. Though current products on the market allow for reservation of self storage units over the
phone or at an on-site kiosk, and several technology companies are attempting to enter the mobile market,
none has created an entirely off-site, user-friendly, and economical product that can be implemented with
ease by the long tail of mom & pop self storage facilities that comprise 85% of the industry.
Qui ckstor Harvard Busi ness School
qui ckstor. com
International Business Model Competition
14


Smarty Pants creates interactive media lessons using environmental contexts to provide teachers with an
engaging, time-saving, tool that raises academic performance scores and inspires environmental steward-
ship. Today, our environment faces increasing human caused degradation and crises. Internationally, the
United States is the second largest contributor of total carbon emissions, greenhouse gas emissions, and
emissions per capita. The United States ranks 47th internationally in our quality of science and math educa-
tion. In order for our nation to begin solving environmental problems and mitigating impacts, we must first
understand science and the environment. The classroom is the ideal place for this learning to occur, but
there are many barriers teachers today are faced with many pains. Elementary school teachers struggle
teaching science because they often do not have science backgrounds. In addition, teachers everywhere
are pressed for time and face immense pressure preparing students for standardized
tests. Smarty Pantsaims to ease these pains with environmentally focused webisodes, or web episodes,
that align with nationwide science standards and use interactivity to keep students engaged. Teaching
through environmental contexts has been shown to increase academic achievement across multiple sub-
jects and encourage pro-environmental behavior. Also, an environmental curriculum provides kids with a
context that they can see and relate to. The ultimate goal of Smarty Pants is to increase environmental
stewardship through awareness and knowledge, and evidence shows that environmental education can help
achieve this mission. Finally, students are important change agents for the larger community, influencing
peers and adults to become environmental stewards.
Smarty Pants Uni versi ty of Cal i forni a, Santa Barbara
www2. bren. ucsb. edu/~smartypants/
The Shot Coach Company is a leading innovator of sports technologies and movement tracking analytics.
Simply put, they create innovative products that help athletes improve their game.

Our team was started in late 2012 with business students Garrett Jestice, Devin Basinger, and Travis Han-
cock. While working together on a class project, they discovered the pain experienced by many basketball
teams, coaches, and players of not being able to automatically and affordably track valuable shooting
statistics to help improve performance. After validating this pain in the marketplace through extensive
market research and coming up with an idea for a potential solution, they recruited brother engineers,
Josh and Mark Bennett, to help make the idea come to life.

Their signature product, The Shot Coach, is the first basketball tracking system that:

1.Automatically tracks a shooters makes and misses.
2.Logs where each shot was taken on the floor.
3.Records wrist movement, shot arch, ball velocity, and other valuable shotstatistics.
4.Displays this information, via mobile application, in easy-to-read diagrams and analytics designed to help
a player improve his or her performance.

This product is loved by competitive teams, coaches, and players alike. Its superior functionality and af-
fordable price allow it to outperform any improvement enhancement product currently available for school
basketball teams and competitive players.

After successfully marketing this product to teams and individuals, they plan to extend their expertise
beyond basketball to create similar products for athletes playing different sports.
The Shot Coach Bri gham Young Uni versi ty
theshotcoach. com
Company Descriptions
15


The Problem. Due to its complex structure and function, the knee is the most commonly injured joint in the
human body. In fact, knee injuries and osteoarthritis are the leading causes of life-changing lower-extremity
disabilities. However, assisting leg muscle strength can be used to help prevent, rehabilitate, and alleviate
the symptoms of common knee injuries and osteoarthritis. Assisting leg muscle strength also offers the
opportunity to enhance performance for healthy individuals, such as athletes, manual laborers, and foot
soldiers.

Our Solution. At Spring Loaded, we are developing new knee bracing technology that can effectively enhance
the strength and power of the leg muscles when used. By increasing leg strength, our technology can be
used in a wide range of applications including: mobility assistance, injury prevention, injury rehabilitation,
and performance enhancement.

Our proprietary device is the first compact, spring-loaded hinge mechanism that can be retrofit with (or
integrated to) existing knee brace technology, and which can assist the leg muscles during knee extension
(e.g. the motion that occurs while standing up from a seated position). Our plan is to launch our technology
into the alpine sports market initially, then grow into the broader athletics and movement disability markets.
The Husband Store, an extension of The Boyfriend Store, is an online retailer providing gift suggestions for
common occasions, such as birthdays and anniversaries, to husbands and boyfriends who are uncertain of
what to buy their partners. Girlfriends/wives have the opportunity to offer feedback and/or suggestions,
enabling men to choose gifts and eliminating the need for time consuming online or in store search. We are
currently expanding our website in order to allow customizable profiles and the ability to pre-purchase gifts
in advance of important events.
The Husband Store Uni versi ty of Wi sconsi n, Whi tewater
the-husband-store. com
Spri ng Loaded Technol ogy Dal housi e Uni versi ty
spri ngl oadedtechnol ogy. com
Soletics creates athletic outerwear to conquer the elements. Using sustainable green energy, our clothing
line is not only sleek and stylish, but eco-friendly. According to our extensive market research, Winter ath-
letes have no problem heating their core. In fact, they tend to sweat quite a bit. The real problem lies in
keeping their hands and fingers warm. In response Soletics created its first product: a solar powered jacket
that works to cool your core while also heating your extremities. Temperature levels will be controllable via
user interface on the forearm of the jacket. We will soon have a full compatible line including snow pants,
hats, etc.
Sol eti cs Grand Val l ey State Uni versi ty
facebook. com/Sol eti cs
International Business Model Competition
16


Tauros Engineering was formed in 2013 to commercialize a revolutionary technology for the detection of
bridge scour. Across the US, nearly 24% of our nations 610,000 registered bridges are deemed struc-
turally deficient or functionally obsolete and, with scour as the leading cause of bridge failure, there is a
significant need for our product. There are currently no solutions that have the necessary capabilities to
properly detect scour 24/7, accurately, and reliably. The current solutions fail to detect scour on time,
and therefore a low cost repair turns into, potentially, a million dollar bridge replacement. Our product
will save our customers money while improving public safety.
Tripeese is an interactive travel website that helps users to easily plan and book trips with their friends at
discounted group rates. Today, organizing group trips is an incredibly time consuming and a painful pro-
cess: group travelers spend endless hours discussing options, visiting dozens of websites, exchanging e-
mails, messages and phone calls and creating spreadsheets to coordinate trips with friends. Organizers
feel overwhelmed and other travelers in the group dont feel like their opinions count. Even when they
reach consensus about the itinerary, travelers have to book individually or the organizer has to front the
expenses on his/her credit card and chase people for payment.

Our product will enable groups to collaboratively design and book travel itineraries. Organizers will pre-
select flights, hotels or vacation houses, cars, and tours and then invite friends to vote and comment on
options before deciding on final details. The process of inviting friends will substantially lower our custom-
er acquisition cost. We will source inventory data from direct partners or from aggregators (GDSs or
OTAs). Later, we plan to include features that allow users to split payments while booking trips and to rec-
ord and share their past itineraries and travel experiences (photos, expenses, etc.) with other friends. This
will increase engagement and make visits to our platform more frequent.
Tri peese Harvard, Wharton School , and MI T
tri peese. com
Tauros Engi neeri ng Harvard Busi ness School
Vacation Races produces running events in major vacation destinations. The companys initial focus is half
marathons at major national parks. The annualraces that the company organizes create value by combin-
ing a running event with a high value destination. This value creation can been observed at other leading
destination races, including events produced by RunDisney and Wine Country Half Marathons among oth-
ers.

After months of testing the company opened registration for the Zion Half Marathon in September of 2012.
After a very successful race at Zion this past March, the company is looking forward to races at Rocky
Mountain NP, Grand Canyon NP, Great Smoky Mountain NP and the Hawaii Volcanoes NP.
Vacati on Races Bri gham Young Uni versi ty
vacati onraces. com
Company Descriptions
17


International Business Model Competition
18



201 3 I nternati onal Busi ness Model Competi ti on


Section Contents
Judging Criteria
Final Judges
Semi-Final Judges
Judging


Judgi ng Cri teri a
International Business Model Competition
20
(Scorecard Scale: 1 = very poor, 2 = poor, 3 = fair, 4 = adequate, 5 = good, 6 = very good, 7 = excellent)

Did the team use the Business Model Canvas or similar tool to identify and track assumptions?
1 2 3 4 5 6 7
Did the team clearly state their assumptions / hypotheses?
1 2 3 4 5 6 7
Did the team identify the most crucial assumptions to test first (the ones that will kill their business)?
1 2 3 4 5 6 7
Did the team design low cost, rapid, but reliable tests of these hypotheses?
1 2 3 4 5 6 7
Did the team conduct the tests in a reliable manner?
Number of tests - # should be adjusted for industry, product type (web vs physical product), and busi-
ness type (B2B vs B2c)
Quality of tests - interviews are high quality, surveys & focus groups are much lower quality (you dont
know which questions to ask) unless interviews have been conducted first
1 2 3 4 5 6 7
Did the team clearly state what they learned and how that learning informed a pivot?
1 2 3 4 5 6 7
Was a pivot the team made supported by evidence or did they fail to pivot when the evidence clearly stated it?
1 2 3 4 5 6 7
Has the team developed a prototype or minimum viable product (we want to reward prototypes over full products
unless the product is the result of many prototypes tested with customersin other words, we want to re-
ward working from prototypes up to products, we do not want to reward just building products from the
start)?
1 2 3 4 5 6 7
Is the team solving a significant problem (defined in terms of money or impact)?*
1 2 3 4 5 6 7
Does the team have significant evidence that the solution is validated (includes letters of intent, purchase con-
tracts, sales, and partners)?*
1 2 3 4 5 6 7
* these two criteria serve as tie breakers

NOTE: Because web-based businesses are easier to test, these companies can often pivot faster. We tend to treat
physical products, services, and web/software as slightly different categories in the judging, then pick the best of
these categories to compete.
2013 International Business Model Competition
Judges Scorecard


Company: _________________________________________


Dr. Alexander Osterwalder works as an independent author, speaker and advisor with a particular focus on
business model innovation, strategic management and management innovation.

Besides his independent activities he is partner at Arvetica, a consulting boutique focusing on the private
banking and wealth management industry. His role includes business development and the management of
a peer knowledge exchange platform for senior executives in private banking
(www.privatebankinginnovation.com).

Before that Dr. Osterwalder founded and ran BusinessModelDesign.com, a consulting boutique active in
strategy consulting with a focus on business model innovation.

Dr. Osterwalder has a Ph.D. in Management Information Systems (MIS) from the University of Lausanne,
Switzerland, where he worked as a teaching and research assistant and published extensively. He also
developed and taught a seminar on Information and Communication Technologies for Development (ICT4D).
After 21 years in 8 high technology companies, Steven Blank retired in 1999. His last company, E.piphany,
was co-founded in his living room in 1996. Blank also founded two semiconductor compa-
nies (Zilog and MIPS Computers), a workstation company (Convergent Technologies), a consulting stint for
a graphics hardware/software spinout (Pixar), a supercomputer firm (Ardent), a computer peripheral
supplier (SuperMac), a military intelligence systems supplier (ESL), and a video game company (Rocket
Science Games).

In retirement, Blank wrote Four Steps to the Epiphany, a book about building early stage companies. His
latest book, The Startup Owners Manual integrates 10 years of new knowledge.

Blank now teaches entrepreneurship to both undergraduate and graduate students at U.C. Berkeley, Stan-
ford University and the Columbia University/Berkeley Joint Executive MBA program.
Steven Bl ank
Al ex Osterwal der
Judges
Nathan Furr earned his Ph.D. at Stanford University in the Stanford Technology Ventures Program and is
currently an assistant professor of entrepreneurship at Brigham Young University. Nathans research
focuses on market development and early stage entrepreneurial processes. In particular, Nathan has been
working on ideas around Customer Development, Lean Startup, and the Nail It then Scale It methodologies
which propose processes that entrepreneurs can use to dramatically transform their business models. In
addition, Nathans other research examines issues of change, innovation, cognition and strategy in entre-
preneurial and dynamic environments.

Professionally, Nathan has acted as the founder or advisor to startups in web 2.0, clean technology, retail,
professional service, and financial services industries. In addition, Nathan is currently on the investment
board of the Kickstart Seed Fund, an innovative early-stage fund. Nathan was also a consultant at Monitor
Group, a premiere international strategy consulting firm, working with senior executives on a range of
strategic and market discovery initiatives including strategy development, organizational change, technol-
ogy commercialization, communication processes, strategic planning, competitive analysis, and marketing.
In addition to his doctoral studies, Nathan has a BA, MA, and an MBA.
Nathan Furr
Fi nal Judges
21


Thomas R. Eisenmann is the Howard H. Stevenson Professor of Business Administration in
the Entrepreneurial Management Unit at the Harvard Business School. He studies lean startups and manage-
ment challenges in platform-based businesses that exploit network effects. Professor Eisenmann is Chair
of Harvard's MBA Elective Curriculum. He teaches Launching Technology Ventures in the MBA Elective Curric-
ulum, is course head of The Entrepreneurial Manager in the MBA Required Curriculum, and faculty co-leader
of the Harvard Innovation Lab-sponsored Silicon Valley Immersion Program.

Professor Eisenmann received his DBA ('98), MBA ('83), and BA ('79) from Harvard University. Prior to enter-
ing the HBS Doctoral Program, Eisenmann spent eleven years as a management consultant at McKinsey &
Company. As co-head of McKinsey's Media and Entertainment Practice during the early 1990s, he directed
teams addressing strategic, organizational, and operational issues for clients engaged in network broadcast-
ing; cable programming; newspaper, magazine, and book publishing; and motion picture production.

Professor Eisenmann is a member of the Strategic Management Journal editorial board. He is the editor
ofInternet Business Models: Text and Cases, (McGraw-Hill/Irwin, 2002).

Eisenmann is a director on the boards of Harvard Business Publishing; Harvard Student Agencies, the world's
largest student-run corporation; and Brilliant Film Fund LLC, a UK-based motion picture production fund.
Paulina Hill Polaris Ventures Senior Associate
Romney Evans True Fit Corporation Co-Founder
Michael Kenworthy Revolution Growth Director
Jamie Coughlin abi Innovation Hub CEO
John Prendergrast Blueleaf Co-Founder & CEO
Mike Rothenberg Rothenberg Ventures Angel Investor
TK Kreuger Wasabi Ventures General Partner
Alex Lazar Latham & Watkins Associate

Semi -Fi nal Judges
Thomas R. Ei senmann
International Business Model Competition
22


201 3 I nternati onal Busi ness Model Competi ti on


Rules
Section Contents
Competition Overview
Eligibility Criteria
Eligibility Checklist


The International Business Model Competition focuses on identifying and precisely defining the assump-
tions of the new venture, testing those assumptions in the field, and then changing (pivoting) based on
lessons learned. The IBMC requires a focus on testing assumptions rather than the typical approach of
gathering secondary data, developing validated learning rather than writing a business plan, getting out-
side the building rather than researching inside the building, applying lean development rather than relying
on product development, and reinventing or changing course rather than executing on the plan.

Fit with Other Competitions
Students participating in the IBMC may participate in other types of competitions, including business plan
competitions. However, it is important to clarify the fit with a business plan competition. Participation in
the International Business Model Competition should occur before writing a business plan.

It is the strong belief of the competition founders that most businesses and business plans fail because
entrepreneurs act on untested assumptions. However, entrepreneurs who first identify, test, and validate
their business model assumptions in the field with customers are much more likely to develop businesses
that succeed and are well positioned to dominate business plan competitions because they have facts, not
guesses.
The organizers of the International Business Model Competition (IBMC) have compiled the following set of
eligibility criteria to ensure compliance with the spirit of the competition. All participating teams must
comply with these rules. However, the organizers of the IBMC recognize that no set of rules can apply to
every circumstance and therefore reserve the right to determine eligibility or to disqualify any team that
they determine at their sole discretion to be in violation of the spirit of the competition.

Team Composition
The IBMC is a competition for students enrolled at an accredited four-year institution of higher education
anywhere in the world. Teams should consist of at least two (2) and no more than five (5) undergraduate
or graduate degree-seeking students who are part-time (minimum of six [6] credit hours) or full-time and
enrolled during a semester of the given competitions academic year. Non-students may be members of
the ventures management team but the team competing and presenting in the IBMC must be made up of
only students. The following clarifying restrictions apply:
Prior IBMC Activity: Student teams who have competed and finished in the top four in a previous
years competition may not compete with the same model in a subsequent years competition.

Ownership of Venture
Student teams submitting a model must have played a significant role in the creation of the venture and
hold a significant stake in the venture. To avoid ventures formed and managed by non-students who have
given token equity to students for writing their business model, submissions should follow these criteria:
Venture Founding: The student entrants must be founders on the entitys founding documents.
Management Role: The student-entrant-founders must hold key management roles in the venture. In
general, at least one student should have a C-level or VP-level position in the venture.
Equity Ownership: The student team must own significant equity in the venture. Each student-entrant-
founder must own 5% or more of the total outstanding equity and all student-entrant-founders
in aggregate must own 20% or more of the total outstanding equity of the venture.
El i gi bi l i ty Cri teri a
Competi ti on Overvi ew
International Business Model Competition
24



Models that do not meet these criteria will be suspect and will be required to submit a petition to the
organizers of the IBMC showing evidence that they were a major contributor to the creation of the ven-
ture. Send any such petitions to BusinessModelCompetition@gmail.com.

Nature of Venture
The competition is for new, independent ventures in a seed position:
Booked Revenues: Existing companies that have booked revenue (prior to September 1, 2012) are not
eligible to enter the IBMC.
Professional Investment: Any existing company or idea that has received angel or venture capital
financing is ineligible for this competition. Funding from personal sources, including "family and
friends," is allowed for competition applicants.
Venture Type Exclusions: The following ventures are generally excluded from the competition: buy-
outs, expansions of existing companies, real estate syndications, tax shelters, franchises, li-
censing agreements for distribution in a different geographical area, and spin-outs from exist-
ing corporations.

Professional Mentor
We suggest that all teams utilize an outside professional familiar with business modeling and lean
startup principles as a mentor.

Dropping Out of the Competition
If a team withdraws, or does not compete in the competition after accepting a bid, the team and university
will be subject to disqualification from competing in the International Business Model Competition for that
year and the following yeara two year ban.
Rules
The following statements constitute the major entry eligibility guidelines for the competition:

All IBMC participants from my team hold significant management positions within the company and
are degree-seeking university students.
Each student team member has a minimum of at least six (6) credit hours, and is enrolled in a se-
mester of the competition year.
My business model is original work, done by my student team.
My IBMC team played a major role in creating the venture.
Each team member owns 5% or more of the total outstanding equity and all team members in aggre-
gate own 20% or more of the total outstanding equity of the venture.
My company has not booked revenue prior to September 1, 2012.
My company has not received angel or venture capital financing before September 1, 2012.
My company is not any of the following:
A buyout
An expansion of an existing company
A real estate syndication
A tax shelter
A franchise
A licensing agreement for distribution in a different geographical area
A spin-out from an existing corporation
El i gi bi l i ty Checkl i st
25


International Business Model Competition
26



201 3 I nternati onal Busi ness Model Competi ti on


History
Section Contents
Competition Founding
Durant School of Entrepreneurship: The New Entrepreneurship Paradigm
Past Winners
Success Stories



The Business Model Competition represents the first, international business model competition and is part
of a ground breaking approach to entrepreneurship that focuses on the process of improving the inputs
into entrepreneurship rather than the outputs. Specifically, rather than focusing on outputs like business
plans or fundraising, this new approach focuses on the key tasks of testing unexamined assumptions in the
field and developing validated business models which is usually manifest through deep customer under-
standing and traction. The IBMC is open to students all around the world.

IBMC Sponsor
The IBMC is sponsored by the Kevin and Debra Rollins Center for Entrepreneurship & Technology
in the Marriott School of Management at Brigham Young University. The Marriott School of Management's
entrepreneurship program is consistently ranked as one of the top programs in the country each year.

IBMC Founders
Nathan Furr (Ph.D., Stanford; Entrepreneurship Professor, BYU)
Steven Blank (Entrepreneurship Professor, UC Berkley; Lecturer, Stanford)
John Richards (Entrepreneurship Professor, BYU)
Scott Petersen (Director, Center for Entrepreneurship & Technology, BYU)

The IBMC is currently co-hosted by Brigham Young University, Harvard University, and Stanford University.
The Business Model Competition is inspired by the stories of Alfred Sloan and Billy Durant. Although many
people know Alfred Sloan as the CEO of General Motors and the father of the modern corporation, few
people know of Billy Durant, the creative entrepreneur that founded General Motors, who grew revenues
into the hundreds of millions before being ousted by the board for being too maverick. The Durant versus
Sloan story is iconic because it mirrors the development of global economies and business schools after
the industrial revolution when large firms displaced entrepreneurial firms and education became focused
on theory and practice for managing large firms. Indeed, business schools were founded to train genera-
tions of Sloan managers who could manage the large corporations of the era. However, as entrepre-
neurship began to rebound in the 1970s, business schools slowly awakened to the need to teach entrepre-
neurship and to do so, borrowed theories that were developed for large firms, and tried to apply them in
small firm settings. Strategic planning became business planning, product development became business
development, and so forth. However, the tactics for managing large firms often focus on known problems
and solutions whereas new ventures (whether in startups or existing firms) face a different challenge:
unknown problems and unknown solutions. This means that the techniques to train Sloan managers may
not work well to train Durant entrepreneurs. Despite the value that Sloan managers add to society, the
world needs the brash innovativeness of Durant entrepreneurs tocreate the next wave of innova-
tion. Recent research has begun to investigate this new approach to entrepreneurship education, the
virtual concept known as the Durant School of Entrepreneurship.
Durant School of Entrepreneurship: The New Entrepreneurship Paradigm
Competi ti on Foundi ng
BillyDurant
International Business Model Competition
28


Over 85 percent of new businesses fail within a few years, often because they try to plan their way to
success. Whats worse, research suggests that writing a business plan has no correlation with success.
Its time to change.
The International Business Model Competition represents a radical departure from the past and the crest
of a new paradigm in entrepreneurship. The IBMC is not a business plan competition. Participants wont be
rewarded for doing lots of library research, drawing fancy graphs, or crafting the perfect sales pitch to
venture capitalists. Instead the IBMC rewards students for 1) breaking down their idea into the key busi-
ness model hypotheses, 2) getting outside the building and testing their assumptions with customers, 3)
applying Customer Development / Lean Startup principles to make sure they nail the solution, and 4)
learning to pivot (or change) until they have a customer-validated business model.
Ultimately we believe this will dramatically improve the new students chances of success. The IBMC is the
first international competition of its kind and is open to all students enrolled at an accredited four-year
institution of higher education anywhere in the world.
The International Business Model Competition is about recognizing that any new venture is just a guess at
a problem / solution and the only valid way to test whether those guesses are right is to get outside the
building and start working with customers. So what exactly is the difference between a business model
and a business plan?
Outside versus Inside the Building: Most business plans are written using library research. Successful
business models are achieved through talking to customers and making changes based on feedback from
those conversations.
Input versus Output Focus: Most business plan competitions are focused on compelling write-ups and
slide presentations that check all the right boxes. In the IBMC, sleek presentations are not going to cut it.
And the boxes that do need to be checked are completely new and impossible to fake. The goal is to identi-
fy your assumptions and turn them into facts by getting outside the building. And when a startup has done
this, the story is compelling and it is an awesome one to tell because it is based on facts. Validated learn-
ing about what customers really want is the stuff a business model is made of and music to the ears of
potential investors.
Lean Development versus Product Development: Most business plans imply a careful development
process to optimize the final outcome. Forget it. Apply Lean Startup principles to radically compress your
development cycle and take a prototype (even if it is just a picture drawn in the late hours of the night) to
jump start the learning process. Find the most creative but minimally viable product and start learning.
Change versus Fortify: Most business plans attempt to fortify/prove the core idea with evidence. Judges
of the IBMC will be looking for instances where teams learned they were wrong and made a pivot in a new
and right direction. Your application should focus on the lessons learned and pivots madethe more the
better.
Chasing Customers versus Chasing Funding: Lets face it, many business plans are written to raise
money. Unfortunately the business plan formula doesnt capture the answers VCs most want to see: real
validation you can make a product customers want. Instead of chasing the money, chase customers. Get-
ting into the field you will validate the model and raising money will be easy.
Launching versus Talking: Business plans often talk about what will happen in the future. The IBMC is about
what you learned by applying a Customer Development / Lean Startup / Nail It then Scale It process.
How does a Business Model and Business Plan Differ?
What is the International Business Model Competition?
History
29


2012 IBMC
Finalist
1st Place - XoomPark (BYU)
2nd Place - Excelergrade (Harvard)
3rd Place - AutoBid (BYU)
4th Place - FlexLeg (BYU)
5th Place - MPREP (UC Berkeley)
Semi-Finalist
- Forget-Me-Not Sourcing (UC Santa Barbara)
- Go Time (BYU)
- SocialMed (BYU)
- Yo Mama Packed It! (Michigan)
2011 IBMC
Finalist
1st Place - Gamegnat (American University)
2nd Place - Kalood (BYU)
3rd Place - MealDrop (BYU)
4th Place - TextWaiter (BYU)

Semi-Finalist
5th Place - Adviral (BYU)
6th Place - Eeve (University College London)
7th Place - See You At Seven (BYU)
8th Place - VuTherapy (BYU)
Past Wi nners
Still not convinced how a customer-validated business model differs from a business plan? Here is a condensed
work plan for what a team actually does to have a chance of winning the IBMC. These are not formulas for suc-
cess but illustrations of how forging ahead with a business model is different from writing a business plan.
Business Model Development (based on, Steve Blanks Customer Development process/course, Alexander Oster-
walders Business Model Generation book, Nathan Furrs Nail It then Scale It process, and Eric Ries Lean Startup.

Find a Problem
Find a big customer problem worth solving and write down all your key hypotheses about the business model to
solve this problem. We recommend that you use Alex Osterwalders Business Model Canvas as a scorecard to
track your assumptions and the changes that you make.
Nail the Pain
Get outside the building and interview customers face-to-face to understand the job customers are trying to do,
their current pain, and how they solve that pain. Pivot when you discover you are wrong.
Nail the Solution
Develop a minimum viable product prototype and get outside the building face-to-face with customers to test
your vision of the solution. Pivot when you discover you are wrong. Repeat these tests until you nail the solution.
Nail the Go-to-Market Strategy
Get outside the building to understand the end-to-end customer buying process, the market communication infra-
structure, the distribution infrastructure. Identify the leverage points. Pivot.
Nail the Business Model
Use the facts discovered to validate the revenue model for the business.
Pivot
Throughout the process learn to change course whenever you discover you are wrong.

Whichever particular method you use, the key steps are to 1) identify your assumptions, 2) get outside the building
to test those assumptions, 3) validate the facts with customers and pivot as needed, and 4) identify lessons
learned. For the competition, you will tell us about the process you went through, revealing the dead ends and
surprises that you discovered along the way.

Remember, the goal is validated learning about the business model assumptions and failing early is a success
compared to failing late. If you fail but have a compelling story, submit anywayyou may get the award!
What do winning teams do?
International Business Model Competition
30


xoompark.com

Last years winner, XoomPark, offers online parking reservations for large, downtown events. These re-
served spots are within walking distance of multiple venues such as sports arenas, theaters, restaurants
etc. Event attendees no longer need to show up hours in advance to get a decent parking space at events or
carry around extra cash to pay parking attendants. They can now simply reserve a close spot at
XoomPark.com and show up right at event time to claim their spot.

When XoomPark competed in the IBMC last year, they had around two parking garages to test and validate
their assumptions. Since then, XoomPark has over 70 parking lots in 18 cities. They have expanded their re-
served parking for a greater range of events such as NBA, NFL, and MLB. XoomPark was able to win the Grow
America competition, get featured in TechCrunch, and has been featured in newspapers across the nation.
XoomPark was accepted into the Utah-based accelerator, BoomStartup.

Ken Frei, founder of XoomPark, states that going through the business model process helps you look at the
core fundamentals of your business really quickly, and to see whether or not you are solving a critical pain.
Testing and validating is still an integral part of XoomPark as they continue to test new ways to reach out to
more customers. One pivot they have made since the IBMC was changing from cold calling parking garages
to making key channel partners who already have a large audience of parking garages.
Success Stori es XoomPark
History
excelegrade.com

Excelegrade is a platform that allows teachers to focus on the art of teaching. Excelegrade aims to give
teachers their time back with 21st century technology. Much like textbooks going digital, Excelegrade makes
K-12 classroom assessments digital by replacing paper-based tests with assessments on tablets,
smartphones, and laptops.

Since winning the International Business Model Competition, Excelgrade has finished developing the first
version of their platform and released it for public use. Teachers in 150 schools spread across 30 U.S. states
and 7 countries are using Excelegrade.

The business model process has helped Excelegrade take a structured approach to every aspect of their
business. Excelegrade states that the business model process requires the entrepreneurs to operate with an
analytical rigor. Before we spend time and resources building a new feature, we formulate a hypothesis and
then try to test it efficiently as possible.

Success Stori es Excel egrade
31


flexleg.com

FlexLeg is a patent pending revolutionary new mobility aid created to help those with temporary lower leg
injuries, such as a broken ankle. FlexLeg allows you to walk without crutches or a leg support scooter,
allowing little distribution in your everyday life.

Since the Flexleg competed in the IBMC last year, it went on to win over $50k in other competitions. Flexleg
has finished development of its product, and will be launching the product this summer. Flexleg has been
featured in publications such as Wired, Popular Science, and Gizmodo.

Michael Sanders, co-founder, states that the business model process is still an essential part of the com-
pany.

We make assumptions all the time that we then go and prove or disprove. We've changed course several
times because of new information we've discovered from talking with people from the various aspects of
our business. This concept of proving assumptions and making changes based on the new information is
what embodies the business model process from my perspective. Much like having a hypothesis about
some design aspect of a product, you have to prove it out through prototypes and gathering data on those
prototypes. It's the scientific method applied to business.
Success Stori es Fl exLeg
International Business Model Competition
estify.com

Estify provides innovative software solutions for the collision repair industry. The solutions Estify is devel-
oping increase efficiency, cut wasted labor hours, and maximize profitability for collision shops. The suite
of products is designed to work in harmony to alleviate pain points faced on an hourly basis in collision
shops.

Since Autobid competed in the IBMC, Autobid went on to win several other competitions and was accepted
into AmplifyLA, an accelerator based in Los Angeles. It has progressed through product development and is
currently in beta testing with live shops. A pilot program is underway, and it will be launching its live prod-
ucts within three to six months.

Estify states that the business model process helps them in all aspects of their business and that they
could not have nailed a compelling market pain without it. Taylor Moss, co-founder, states: We use the
business model process on all the features we develop to include in our MVP for each product. Our sole
goal is to provide a product that does exactly what our customer needs it to do to alleviate the customer
pain points.
Success Stori es Autobi d, now Esti fy
32



201 3 I nternati onal Busi ness Model Competi ti on


Additional Resources
Section Contents
Recommend Books
Article: How Plans Kill You ... So Why Do You Do It
Business Model Canvas


Nathan Furr & Paul Ahlstrom
Nail It then Scale It www.nailitthenscaleit.com

The Nail It Then Scale It process is a systematic way to add value to, and organize an individuals experience
with innovation and entrepreneurship. Each step of the process challenges the innovator to get out of the
building, to test assumptions and validate the value of these assumptions. Furr and Ahlstrom designed this
process through analyzing the innovative pursuits of successful entrepreneurial individuals, and by observ-
ing the habits employed by these entrepreneurs. Nail It Then Scale It leads hopeful entrepreneurs through
the process of nailing a pain, nailing a solution, nailing a go to market strategy, and ultimately a successful
business model.

Alex Osterwalder & Yues Pigneur
Business Model Generation www.alexosterwalder.com

The first thing a reader should understand about this book is boldly printed on its cover, Youre holding a
handbook for visionaries, game changers, and challengers striving to defy outmoded business models and
design tomorrows enterprises. Business Model Generation: A Handbook for Visionaries, Game Changers,
and Challengers is an instructional guidebook, which lays out a systematic way to thoughtfully pursue new
and innovative business models. The book is laid out in chapters detailing the authors innovative Business
Model Canvas, established business model patterns, business model design, business strategy, and business
model implementation process.

Steve Blank
The Startup Owners Manual www.steveblank.com

The Startup Owners Manual: The Step-by-Step Guide for Building a Great Company is not designed to be an easy
read, or a weekend self-help booklet, but it is a hard-core reference tool for the serious entrepreneur. Steve
Blank and Bob Dorf have compiled an exhaustive guide accumulating many of the latest discoveries in lean
startup practices, and agile business model development. The manual breaks up the startup process into two
large steps, Customer Discovery and Customer Validation, with several sub chapters further dividing the process
into phases, covering topics such as creating your business model, testing products and selling them, as well as
identifying advisory board members.

Rhoads, Swenson & Whitlark
BoomStart Entrepreneur www.myeducator.com

Too often great ideas never become businesses. If they do become businesses they often are lost in the
owners vision, and never become a customer necessity. Even if they do survive the startup phase, tradi-
tional marketing will inevitably bleed a startup clean of its cash. Boom Start: Super Laws of Successful
Entrepreneurs provides readers a process to discover great ideas, to validate customer needs, and most
importantly to carry out effective, efficient, and economic marketing strategies to aid a companys path to
success. The authors have given creative steps to ensure a product will alleviate a pain, and that a lean
marketing strategy will prevail over traditional marketing methods.

Eric Ries:
The Lean Startup www.startuplessonslearned.com

The Lean Startup takes an innovative look at entrepreneurship within startups as well as established firms. Eric
Ries provides in-depth observations, as well as pragmatic tools to aid individuals developing agile products and
services, by causing them to take a fresh approach at creating business development cycles. It is separated into
three main parts, with explanatory sub chapters supporting Riess three-part process: vision, steer, accelerate.
Recommend Books
International Business Model Competition
33


Forbes: The New Entrepreneur
Nathan Furr

Research has begun to suggest that planning has serious downsides in an entrepreneurial venture. Per-
haps more accurately, several recent academic studies suggest that planning has almost no correlation
with success (Kirsch, Goldfarb and Azi, 2009; Lange et al. 2007; Bowers 2009). At a more personal level, I
have come to believe that planning can actually be dangerous because it convinces us that our guesses are
right by sitting in the office and searching on Google for the answers. In fact, the only real answers come
from the marketfrom customers.

So Why Do We Plan: The Business School Fallacy
Why we plan when it leads us to failure has deep roots in human nature and in the very study of business.
In terms of business, we often recommend that entrepreneurs write business plans for a simple reason:
big businesses do it. Fifty years ago, entrepreneurship was not a topic in business schools. Management of
large businesses was the only topic and these businesses engaged in strategic planning for the future.
When entrepreneurship emerged as a topic, we just borrowed our ideas on how to manage new ventures
from traditional management. But that thinking has a fundamental flaw. Traditional management deals
primarily with solving relatively more certain problems. By contrast, new ventures solve problems with
high uncertainty and to do that they have to search, not plan.

So Why Do We Plan: The Human Fallacy
The other reason we plan has to do with uncertainty itself. When we face uncertainty and ambiguity, as
human beings, we want to plan to assure ourselves that there is a solution. The same holds true in a new
venture, the most comforting and natural thing to do is to plan. In fact, as students we are often trained to
find the one right solutioncertainly in business and engineering schoolsand then execute on those
plans. For our careers, we are told to plan and optimize. But the truth is that when we face uncertainty,
planning actually does very little. When I look back at my own career, it is so full of shocks, surprises, fail-
ures, u-turns and right turns, I could never have planned it. Being prepared always has value, doing your
best always have value. But you cant plan the unknown; instead you have to experiment your way there.

Planning Is Different than Search
At the core, while many of us cling to planning and it has value to structure our thoughts, I wonder if what
we are really trying to describe is search. Planning is different than searching. In the past, we used to
recommend that managers and entrepreneurs start by writing a business plan. A business plan takes an
initial guess, adds lots of research to that guess (mostly drawn from analyst reports only distantly relat-
ed to the topic), and then supposedly gives the entrepreneur a plan to go execute. However, I have watched
generation after generation of glossy and seemingly brilliant business plans lead students and entrepre-
neurs to waste time executing on what were really untested assumptions and guesses.

But planning is different than search and dont confuse the two. Search means getting out into the market
to try and understand what opportunities may be out there. It means carefully evaluating them, often
through experiments and observation, and then focusing your efforts on the best option while being willing
to change course if you are wrong. The difference is subtle but I think it boils down to being in your office
and outside your office. You need to get into the world to search, whereas planning is more of an armchair
activity and one that usually leads you awry. There is more to it than that, but Ill leave that to a future post.

Article: How Plans Kill You ... So Why Do You Do It
Additional Resources
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