Tag: business model

Winners Announced: 2022 Bob Mark Business Model Pitch Competition

Published February 1, 2022

Social Impact Award Winner – Bayle Golden with STEMPOWER

Congratulations and thank you to Husky Innovate’s Bob Mark Business Model Pitch Competition contestants and winners! On January 27th, 16 Michigan Tech students, representing diverse majors, participated in the competition either virtually over Zoom or in-person, and pitched their business models to a panel of judges and to a live audience. Each contestant was provided 4 minutes to pitch key components of their business models, including the value proposition and customer segment.

A highlight of Michigan Tech’s Innovation Week, this legacy event celebrates entrepreneurship and is a tribute to the late College of Business Professor of Practice Bob Mark. There were three categories of prizes: business model, social impact, and breakout innovation. The business model category looked at how well the solution addresses the customers’ needs, the path to revenue, and the overall presentation. The social impact category examined the significance of the social problem and how well the solution addressed it. The breakout innovation award considered the solution’s novelty, ease of implementation, and time to implementation.

Congrats to all the contestants who took a big step forward with their entrepreneurship goals when they pitched their business models. Special congratulations to our award winners:

Business Model Category

Presented by College of Business, thank you to sponsors Rick and Jo Berquist, and Dan and Jane Green for sponsoring the Audience Favorite award.

First prize – Akhil Kurup with Sense ($2,000)
Second prize – Maggie Zimmermann with Famealia ($1,000)
Third prize – Jakob Christiansen with ProBoard ($500)
Honorable Mention – Nick Peterson with NOMAD ($250)
Audience Favorite – Maggie Zimmermann with Famealia ($250)

Social Impact Award Category

Sponsored and presented by Dr. Elham Asgari, Gates Professor College of Business, with a $1,000 matching contribution from Arick Davis and Jake Northey of Creative Mines.

Bayle Golden with STEMPOWER ($2,000)

Breakout Innovation Award

Presented by Patrick Visser, Chief Commercial Officer, MTEC SmartZone, sponsored by the MTEC SmartZone and the Michigan Economic Development Corporation.

Akhil Kurup with Sense ($1,000)

First Place and Breakout Innovation Award – Akhil Kurup with Sense

Second Place and Audience Favorite – Maggie Zimmermann with Famealia

Third Place – Jakob Christiansen with ProBoard

Honorable Mention – Nick Peterson with NOMAD

Social Impact Award – Bayle Golden with STEMPOWE

Husky Innovate extends a special thanks to those who provided their time and resources to make the competition a success.

Our Sponsors

Dean Johnson, Dean, College of Business
Elham Asgari, Gates Professor, College of Business
Rick and Jo Berquist
Dan and Jane Green
Arick Davis and Jake Northey, Creative Mines
MTEC SmartZone and the MEDC

Our Judges

Jim Baker, Associate VP Research Administration, Co-Director Husky Innovate
Michelle Jarvie-Eggart, Assistant Professor Engineering Fundamentals
Eric Roberts, Executive Director 20Fathoms
David Shull, Senior Director Skills Partnerships, Handshake
Elham Asgari, Gates Professor, College of Business
Dan Green, Entrepreneur, and Principal at BlackFin Group, MTU Alumnus
Arick Davis, Entrepreneur, Co-founder Last Mile Cafe, Creative Mines, MTU Alumnus

Our Emcee

Gary Tropp, Computer Network and System Administration, Pavlis Honors College Student, University Innovation Fellow, and Husky Innovate Pitch winner ‘18, ‘19.

Our Marketing Team

Vienna Leonarduzzi, Marketing and Communications Director, Pavlis Honors College, and Laura Vidal Chiesa, Michigan Tech Ph.D. Student, College of Sciences and Arts and Husky Innovate Intern.

Our Production Team

Special thanks to Stefan Hurthibise and the Michigan Tech IT team, Sound and Lighting Services’ James Langsford, Elijah Nation, Luke Schloemp, and the rest of the team, and Photo Services provided by Alok Shelar of University Marketing and Communications, and Dining and Catering Services for their support.

A special thank you to the Office of Advancement and Alumni Engagement for inviting all Bob Mark pitch contestants to watch the January 29th Michigan Tech Hockey game from the Presidential Skybox.

Thanks to all who attended! We look forward to next year’s event!

Learn More About Husky Innovate

Contact Husky Innovate

Bob Mark Business Model Competition is December 5

Published November 16, 2018

Pitch Competition

The Innovation Center for Entrepreneurship is hosting the 2018 Bob Mark Business Model Competition on Wednesday, December 5 from 7-9 p.m. in the Opie Library. Students can apply to compete here.

The 2018 Bob Mark competition includes an idea pitch and a business model description. This event takes place later in the year so that contestants will have had the opportunity to develop their business model through participation in Husky Innovate workshops. Using Lean Launchpad methods and the Business Model Canvas, students will share insights from customer interviews that inform their business model.

Prizes will be awarded to the most scalable and actionable business model pitches. Using prize money, students have a chance to take their entrepreneurial idea to the next stage of development further preparing them for additional opportunities such as competing at the New Venture Competition held this April at Central Michigan University.

President Koubek will serve as a distinguished judge alongside other entrepreneurially minded faculty, staff, and community members.

Prizes for the Bob Mark Business Model Competition include:

First Prize – $2,000 + $100 services from MTEC SmartZone

Second Prize – $1,000 + $100 services from MTEC SmartZone

Third Prize – $500 + $100 services from MTEC SmartZone

Honorable Mention (2 prizes) – $250 each

Audience Favorite – $250

MTEC SmartZone prize – $1000

This event is a tribute to the late Bob Mark, professor of practice in the School of Business and Economics. Mark founded the Elevator Pitch Competition and brought the Business Plan Competition to Michigan Tech. The Bob Mark Elevator Pitch Competition and other efforts support his entrepreneurial spirit and that continues to live on in students, faculty, and staff.

Students who participated in the Idea Pitch Competition on October 17 are strongly encouraged to apply to compete in the Bob Mark Business Model Competition. Students should apply by submitting this form no later than midnight on Wednesday, November 21st (before Thanksgiving break). The top 15 applicants will be selected to participate in the Bob Mark Business Model Competition. Students who upload a business model canvas to their application will be given priority consideration. Student guidelines, scoring criteria, and a blank Business Model Canvas can be found at mtu.edu/honors/ice/husky-innovate.

Erica Austin and Kyle Schuhknecht presenting their idea, Mr. Green Tips, an eco-friendly informational application at the Idea Pitch Competition in October.

The 2018 Bob Mark Business Model Competition is part of Husky Innovate, a series of workshops and events that build on each other with the intention of guiding students through key phases of innovation or business development while emphasizing evidence-based strategies for success. Bob Mark Business Model Competition is hosted by the Innovation Center for Entrepreneurship, which is a collaboration between the Pavlis Honors College, the School of Business and Economics, and the Vice President for Research Office.

Business Model Canvas Bootcamp

Published October 30, 2018

Workshops

The Innovation Center for Entrepreneurship will be hosting Business Model Canvas Bootcamp, a two-part workshop on November 14 and 28 from 7-9 pm in Rekhi 214. Using the Business Model Canvas, students will work with members of the Michigan Tech I-Corps Site Program teaching team to develop a business model for their technology or idea.

The Business Model Canvas is a tool developed by Alexander Osterwalder & Yves Pigneur. It emphasizes the relationships of the nine components of a business model:

Customer Segments
Value Propositions
Channels
Customer Relationships
Revenue Streams
Key Resources
Key Activities
Key Partnerships and
Cost Structure.

Check out this short video for a brief overview of the Business Model Canvas. The idea is that business plans are static while a successful business model needs to be dynamic. A successful business venture requires a tool that allows one to quickly assess the impact of changes and adjust accordingly.

The I-Corps teaching team will guide students through the process of developing their unique business model. In this workshop, you will map out your canvas with specific focus on the value proposition and the customer segments. After developing a hypothesis around your the nine components, focusing on the customer segment and its “pain points”. From there you will then test your hypothesis through customer interviews or customer discovery. Does your solution create value for your customer segment? Based on the customer discovery process you will understand if you need to adjust your value proposition and pivot.

Business Model Bootcamp is part of Husky Innovate, a series of workshops and events that build on each other with the intention of guiding students through key phases of innovation or business development to help them prepare for future competitions, as well as future intrapreneurial and/or entrepreneurial business ventures. Registration for this workshop is required.

Students who participated in the Idea Pitch Competition and/or plan to compete in the upcoming Bob Mark Business Model Competition, are strongly encouraged to register for Business Model Canvas Bootcamp. There is a cap of 25 contestants for our Bob Mark Business Model Competition. Priority will be given to those who have completed the Business Model Boot Camp. Husky Innovate is hosted by the Innovation Center for Entrepreneurship, a collaboration between the School of Business & Economics, Pavlis Honors College, and the Vice President for Research Office.