Over 85 percent of new businesses fail within a few years, often because they try to plan their way to success. What’s worse, research suggests that writing a business plan has no correlation with success. It’s time to change. Business Sprint Competition represents a radical departure from the past and the crest of a new paradigm in entrepreneurship.
The BSC is not a business plan competition. Participants won’t be rewarded for doing lots of library research, drawing fancy graphs, or crafting the perfect sales pitch to venture capitalists. Instead the BSC rewards students for
- Breaking down their idea into the key business model hypotheses,
- Getting outside the building and testing their assumptions with customers,
- Applying Customer Development / Lean Start-up principles to make sure they nail the solution, and
- Learning to pivot (or change) until they have a customer-validated business model.
Ultimately, we believe this will dramatically improve the new student’s chances of success. The BSC is open to all students enrolled at an accredited four-year institution of higher education anywhere in India.