Yale Venture Challenge
What is the Yale Venture Challenge?
For ten years, the Yale Entrepreneurial Society (YES) has hosted the Yale Venture Challenge (formerly the Y50K), to educate Yale students, faculty, and staff about entrepreneurship and encourage them to create new ventures.
How does the Yale Venture Challenge Work?
The competition starts with teams submitting their initial three page plans to the YVC YouNoodle competition system by December 30, 2010. Once a month thereafter, teams will submit (through YouNoodle) updates about their plans progress through a standardized form. Teams will receive feedback from judges, and we will also help match students with teams recruiting new members. This initial submission is not necessary, but it is strongly encouraged for all teams. A longer status update will be due closer to the Yale Innovation Summit. Our judges will evaluate the initial business models and track progress to determine the final five teams to compete at the Yale Innovation Summit in late April 2011.
Important Dates
Optional Pre-Entry December 31, 2010, 11:59 PM Business Model
Optional Monthly Update January 31, 2011, 11:59 PM Monthly Update
Business Model Workshop-
Maureen Burke, SOM March 23, 2011, 7:00PM LC317, Workshop
Preliminary Round March 28, 2011, 11:59 PM Business Model
Judges Return Feedback April 8, 2011, 11:59 PM Scoring
Finalists Announced April 9, 2011, 11:59 PM
Final Round Plans April 15, 2011, 11:59 PM Final Business Plan
Final Presentations April 22, 2011, schedule TBA Innovation Summit
What is a business model competition and how is it different from a business plan competition?
In traditional business plan competitions, teams are judged on plans that are built on a multitude of untested assumptions. Teams can spend months putting together plans that have little basis in reality and then launch their business ill-prepared for the real world.
A business model competition judges how well teams formulate their business model hypotheses and then test and iterate them as they learn by speaking to potential customers, partners, and distributors.
The difference between business plan and business model competitions is that the latter rewards proven execution and assumption testing. There are several advantages:
- Judging is based on the model and how the team got there, recognizing that the learning process is key to new venture success. This avoids the “beauty contest” aspect of business plans - where judges resort to choosing the best assembled plan rather than the best business or the team that has made the most progress in figuring out product-market fit.
- Teams, whether they win or lose, finish the competition significantly more prepared to launch their business in the real world. The competition includes education and networking events to help the teams identify and test the key assumptions of their business.
How Can I Join a Team?
If you have an idea or want to lend your skills in an existing team, create an account at YouNoodle.com and join the Yale Venture Challenge group. You should also email competition director Michael Adkins at [email protected] to assist matching.
