Time to get serious

So your ideas have been formed (either for your existing business or a new idea), you’ve reviewed the market, strategised and you are ready to make your first million. Now you want to make things happen, and this competition could be just the way to get things moving.  By entering this competition you’ll have a chance to win a cash prize and put your business on the map. 

How to enter

To enter the competition you’ll need to work on your business model canvas in the Validate platform and complete your portfolio for review by our judges panel. When you’re ready, click on the Next button at the bottom of the page.  You’ll be shown the competition rules and terms and conditions, then simply enter your details and upload your portfolio link by the submission deadline of 26 February 2021 (submissions open on 15 February 2021).

Your business model canvas

Now to expand on your ideas.  What is your value proposition? In other words, what are you providing to your customers? What do your customer segments look like? What is the cost structure of your business and what are your predicted revenue streams?  We'll want to see some realistic figures to have an idea of your potential for success. The canvas is for mapping out your ideas. In the accompanying notes you'll be able to give further details on each of the nine components. Here's an example of a business model canvas for an online shopping platform:

Download an enlarged view of this image.

Top tip: Try to keep your business model canvas simple, relevant, and intuitively understandable, while not oversimplifying the complexities of how your enterprise functions. (Osterwalder, 2010).

References and materials

To prepare a sound business model canvas we highly recommend you spend some time on these free resources that will introduce you to the topic:

Business Model Canvas

Badged Open Course on Entrepreneurship

We can keep a secret

If your idea is something that no one else has thought about yet, don’t worry.  Details of your business idea will be stored securely and only accessible by the shortlisting panel and judges.

Help is at hand

If you have any questions at all, please contact us at RES-Student-Programmes@open.ac.uk

So, if you’re ready, click the button below and let’s go…

References

Osterwalder, A, and Pigneur, Y. (2010) Business Model Generation : A Handbook for Visionaries, Game Changers, and Challengers,  Chichester, John Wiley & Sons Incorporated. Available from ProQuest Ebook Central. [13 November 2017].

If you have any questions or need alternative formats to the materials provided here, please get in touch with us at  RES-student-programmes@open.ac.uk