BMC

GMENTS

SHIPS

SITIONS

ELATION
TOMER R

ER SE
CUSTOM

CUS

ROPO
VALUE P

T
THE FIRS ST
GE
AND LAR
AL
N
O
I
T
A
N
INTER
DEL
O
M
S
S
E
BUSIN
ION
T
I
T
E
P
M
CO
LS

CHANNE

2015

STATISTICS
3,832 TEAMS
276 SCHOOLS
15 COUNTRIES
2,418 TEAMS

$644,500 AWARDED

209 SCHOOLS
19 COUNTRIES
$755,600 AWARDED

1,383 TEAMS
143 SCHOOLS
10 COUNTRIES
$357,000 AWARDED

59 TEAMS
45 TEAMS

7 SCHOOLS

6 SCHOOLS

1 COUNTRY

2 COUNTRIES
ENGLAND, USA

USA

2011

2012

BANGLADESH,
CAMBODIA,
CANADA, CHILE,
CHINA, ENGLAND,
CAMBODIA,
FINLAND, FRANCE,
CANADA, CHILE,
BANGLADESH,
INDONESIA, JAPAN,
CHINA, COLUMBIA,
CAMBODIA, CANADA,
JAMAICA, LAOS,
ENGLAND, INDIA,
CHILE, ENGLAND,
MEXICO, MYANMAR,
JAMAICA, JAPAN,
LAOS, MYANMAR,
SWITZERLAND,
LAOS, MEXICO,
THAILAND, USA,
TANZANIA, THAILAND, MYANMAR, THAILAND,
VIETNAM
USA, VIETNAM
USA, VIETNAM

2013

2014

2015

IF YOU HAVE ANY QUESTION REGARDING THE

COMPETITION, PLEASE CONTACT ONE OF THE
FOLLOWING IBMC ADMINISTRATORS.

Jeff Brown
Managing Director
jeff.brown@byu.edu
801.367.3936
Pavel Yurevich
Student Director
pavel.yurevich1@gmail.com
801.505.0724
Brock Neilson
Assistant Student Director
bmneilson@gmail.com
952.500.2172

FOUNDERS MESSAGE

s the International Business Model

Competition reaches its fifth anniversary,
we are crossing many important thresholds.
We have grown from a small handful of teams in
the us to thousands of teams around the world
joining the competition. We now include dozens of
countries, universities from almost every continent,
and entrepreneurs of every type.
As we grow we face a challenge that all startups facehow to scale. In the process of growing it becomes
easier and easier to forget the original purpose of the competition: to put a stake in the ground about
a different way of being an entrepreneur. As opposed to the old business plan competitions in the
past that rewarded grandiose claims and slick sales pitches, the ibmc rewards the process of discovering and testing your assumptions. The ibmc values hard work in applying lean startup, design
thinking, agile software, and business model generation techniques to learn as quickly and openly as
possible about the real entrepreneurial opportunity.
Therefore as we grow we all need to work together, students, judges, and faculty to remember that
we are recognizing the lessons learned. Often lessons learned result in traction, which we welcome, but we want to be wary of morphing into a generic business plan competition that rewards
the unsupported claims and overlooks the process of testing and validating assumptions. I know
that together, as we uphold the principles of a business model competition, we can continue to
change the world of entrepreneurship.

Nathan
Furr
Co-founder, International Business Model Competition

CONTENTS

Contents
SCHEDULE p.4
MAPS p.6
SPEAKERS p.9
PRIZES p.11
COMPETING TEAMS p.12
JUDGING p.27
SUCCESS STORIES p.30
HELPFUL HINTS p.32

2015 IBMC | 3

SCHEDULE

Friday, May 1, 2015

MARRIOTT SCHOOL OF MANAGEMENTTANNER BUILDING, BYU CAMPUS
7:30-8:30 AM Transportation from Marriott Hotel to Brigham Young University

A shuttle service will transport teams from the Marriott Hotel to byu Marriott School of
Management, the location for the first day.

8:30-9:15 AM Check-In/Continental Breakfast/Networking

1st Floor Atrium Teams will receive name badges, competition booklets, and a packet of pertinent competition

information. Teams will also be able to enjoy a complimentary continental breakfast and time
networking with other attendees from around the world.

9:15-10:00 AM Welcome Orientation & Past Winner Panel

Room 151 Teams will be oriented on the competition and the rest of the days activities. Past winners will present about their experience and share valuable insights about what teams should be focusing on. A
short Q&A will follow their presentations.

10:00-1:00 PM Quarterfinal Preparation & Mentoring Sessions

Various Rooms Teams will be assigned a room to work on their presentations. During the three hour block, at least

two different mentors will visit each team to provide valuable feedback on the teams presentation. It
is our hope that teams will use the time between and after mentors to digest the feedback and incorporate any applicable changes.

1:15-2:15 PM Lunch (on your own) & Quarterfinal Round Judge Orientation
Room W352 Teams will eat lunch on their own (there are a number of restaurants on campus and within short
walking distance of the business school) while the quarterfinal round judges receive orientation.

2:30-5:30 PM Quarterfinal Round

Various Rooms Teams will be divided into 4 rooms and will present for 10 minutes to a panel of judges with up to 3
minutes of Q&A. Teams will be able to watch each others presentations.

6:00-7:30 PM Dinner/Keynote Speaker/Quarterfinal Results

Room W408/410 Teams will have the opportunity to network, listen to our keynote speaker, and be oriented on the
next days activities. The results of the quarterfinal round will also be announced.

7:30-8:30 PM Transportation from Brigham Young University to Marriott Hotel

A shuttle service will transport teams from byu campus back to the Marriott Hotel.

7:30-9:30 PM Semifinal Preparation & Mentoring Sessions

Various Rooms Mentors will meet with the semifinalist teams to help them prepare for the semifinal round.
9:30-10:00PM Transportation from Brigham Young University to Marriott Hotel
4

SCHEDULE

Saturday, May 2, 2015

UTAH VALLEY CONVENTION CENTER, FLOORS 2 & 3
8:00-9:00 AM Breakfast (on your own) & Semifinal Round Judge Orientation
Board Room Teams will eat breakfast on their own (the hotel DOES NOT offer breakfast) while the semifinal
3rd Floor round judges receive orientation.
9:00-11:00 AM Semifinal Round
Cascade Rooms Semifinal teams will be divided into 4 rooms and will present for 10 minutes to a panel of judges
3rd Floor with up to 5 minutes of Q&A. Teams will be able to watch each others presentations.
11:00-12:00 PM Networking Break & Judge Deliberation
Board Room Teams are invited to network while the Judges deliberate in the board room.
12:00-1:00 PM Lunch/Guest Speaker/Semifinal Results
Ballroom B Teams will have the opportunity to network, listen to a special guest speaker, and hear the results of
2nd Floor the semifinal round judging.
1:30-3:00 PM Pivot Pitch Competition
Cascade Rooms This event will be open to all teams. This is a brand new event for the ibmc and will invite interested
3rd Floor teams to give a 2-minute pitch about the most significant pivot their team/company has made.
3:00-4:30 PM Special Speaker Sessions
Cascade Rooms Teams will be able to learn valuable lessons and insights from three special guest speakers.
3rd Floor
5:00-6:30 PM Final Event & Awards Ceremony
Ballroom C The finalists will compete for the title of Global Champion and the winner will take home the ibmc
2nd Floor traveling trophy as well as the top cash prize. Teams will present for 10 minutes (up to 8 minutes
Q&A) to our all-star judging panel including Steve Blank, Alex Osterwalder, Nathan Furr, Paul
Ahlstrom, and Gavin Christensen.

6:30-8:00 PM Networking Dinner

Pre-Function Area
2nd Floor

2015 IBMC | 5

MAPSPROVO CITY

Brigham Young University

Tanner Building

Marriott Hotel

MAPSBYU TANNER BUILDING

1st floor

2nd floor

3rd floor

4th floor
2015 IBMC | 7

MAPSUTAH VALLEY CONVENTION CENTER

1st Floor

2nd Floor

3rd Floor

SPEAKERS

Guest Speakers
Josh James (Keynote)
Josh founded Domo in 2010 to help ceos and other leaders change the way they do business and
obtain value from the tens of billions of dollars spent on traditional business intelligence systems.
Before founding Domo, Josh was the ceo of Omniture, which he co-founded in 1996 and took public
in 2006; and from 2006-2009, he was the youngest ceo of a publicly traded company.
Omniture was the number one returning venture investment out of 1,008 venture capital investments in 2004, as well as the number two performing technology ipo of 2006. Omniture was also the
fastest or second fastest-growing public company for three consecutive years. In 2009, Josh facilitated
Omnitures $1.8 billion sale to Adobe.
Josh serves on the board of Rakuten, a publicly traded, five billion dollar revenue company that
is the leading e-commerce company in Japan. Josh also serves as a member of the World Economic
Forums Young Global Leaders, a worldwide community of individuals committed to, and recognized
for, their proven leadership and potential in shaping the future.
In 2012, the Utah Tech Council inducted him into its Hall of Fame and Mountain West Capital Network named Josh its Entrepreneur of the Year. In 2011, Fortune Magazine recognized him as one of its 40 Under 40: Ones to Watch and, in 2009, as one of its 40
Under 40 top business executives. He was named the 2006 Ernst & Young Entrepreneur of the Year and Brigham Young Universitys
Technology Entrepreneur of the Decade.
Josh is the founder of CEO.com, a resource to help founders and ceos stay up to date with whats happening at the executive level
across top industries, as well as stay armed with the latest leadership strategies and best practices. He also founded Silicon Slopes, a
non-profit initiative designed to promote the interests of Utahs high-tech industry.

Scott Petersen
Scott Petersen is the managing director for the Rollins Center for Entrepreneurship and Technology
at Brigham Young University, where he has served since 2010. Under his leadership, the
entrepreneurship program at byu has been ranked in the top 10 nationally for each of the past five
years. Scott is a long-time entrepreneur having co-founded or partnered in building 7 companies
(harvesting 4). He is also currently co-founder, chairman, and ceo, of Omadi Mobile Managment,
a SaaS software company serving the field services vehicle industries. Additionally, he serves on
several business and private foundation boards. Scott is an active angel investor, with expertise
in entrepreneurship and the start-up process, sales, sales management, marketing, executive
management, and small business consulting.

John Richards
John Richards is an entrepreneur, venture investor, executive manager, and educator. His activities have
included founding, running, selling, and investing in several enterprises. He mentors entrepreneurs
frequently. John served as head of operations for Google FiberProvo, Utah, working on one of the
worlds great intrapreneurial ventures. Previously, he spent over a decade teaching entrepreneurship
at Brigham Young University in Provo, Utah, where he also helped bring the Rollins Center for
Entrepreneurship & Technology to global prominence. He was managing partner of UtahAngels, a
venture investing group. He co-founded BoomStartup, a tech accelerator in Utah, and also founded the
Utah Student 25. Previously, he was president of a publishing company in Seattle, Washington and later
started a company that led to an initial public offering and a multi-billion dollar valuation (InfoSpace).
John is a frequent speaker at conferences and other events, and currently serves as Presidential
Executive in Residence for Entrepreneurship at Utah Valley University.
2015 IBMC | 9

SPEAKERS

Paul Ahlstrom
Paul is a serial entrepreneur. He has founded several high-tech startups and understands the process
of success. He is managing director and co-founder of Alta Ventures Mexico, a venture capital fund
focused in Mexico. He is a regular keynote speaker and an avid supporter of Utahs entrepreneurial community, and a member of the Utah Angels. In 2000, he co-founded vSpring Capital, Utahs
leading venture capital fund. In 2007, he co-founded Alta Growth Capital, based in Mexico City and
Kickstart Seed Fund based in Salt Lake City.

Matt Stapleton
In his capacity as President of Capshare, Matt is in charge of sales and customer suppor. As their
resident ASC 718 expert, hes helped build Capshares stock expense reporting tool into the highquality, audit-proof product it is today. Matt scored a 760 on the gmat (99th percentile), so hes
a pretty good guy to have around. Before joining Capshare, he worked at Scalar Analytics as an
Associate, where he played a critical role in building a large client base and growing the companys
409a valuation practice. Before that, Matt was the Equity Division Manager at Funding Universe, a
financial technology company that helps match qualified small business owners with active banks,
lenders and investors. Matt graduated from Brigham Young University where he obtained a degree
in Business Management with emphasis on Entrepreneurship.

10

PRIZES

Prizes
International Competition
1st $30,000
2nd $20,000
3rd $10,000
4th $6,000
5th $5,000
6th $3,000
7th-42nd $2,000
Intl Award $2,000
Pivot Pitch Competition
1st-3rd $1,000

ibmc Champions
Every year, the winner of the International Business Model Competition takes home the IBMC traveling
trophy. This year, the trophy comes to the competition via the University of Utah, home of last years
winner Veritas Medical. The 2015 competition is a new year and a new champion will be crowned. Bring
your best to the ibmc and you may take home more than just prize money.

2014 Veritas Medical

Nate Rhodes, Martin de la Presa, Mitch Barneck

2013 Owlet Baby Monitors

Kurt Workman, Jordan Monroe, Jacob Colvin,

Tanor Hodges, Zach Bomsta, Adam Rogers

2012 XoomPark

Ken Frei

University of Utah

Brigham Young University

Brigham Young University

2011 Gamegnat

Zachary Allaun, Jorge Espinoza

American University

2015 IBMC | 11

COMPETING TEAMS

Competing Teams
6S Medical LLC
Afri-Sea
Awake Labs
BaBa
BackTech
Bengala Media
bSteps
CollegeXChange
Course Key
D&P Bioinnovations
Disease Diagnostic Group
FotoFox
Haedrian Labs
Heads Up
Helpo
IllumiBowl
Intelligent Site Innovations
JarGro Enterprise
Kaitek Labs
Kegg Apps
KeyN Vision

12

Khapto
Khmer Social Tour
LINQ
Local Line
Penny Pledge
R.F. Madison
Realtime Adventure Data
Resumazing
RIP Funeral Agency
Saans
SafetySit LLC
SimpleCitizen
SmartFilling
SPOD
Sotrek
Talon Simulations
REEcycle
Unify
Vivid Roots
Voovo Inc
Western Wise

COMPETING TEAMS

6S Medical
LLC
University of Utah, USA
6S Medical llc was formed in 2013 with the emphasis to create
innovative solutions that are not only better for the patient,
provider, or payer, but all three. We strive to solve clinical
problems by improving outcomes, increasing safety, and
decreasing healthcare costs. 6S Medical strives to bridge the
barrier between the innovative and the applicable. Our current
product, TroClosure, provides an unprecedented solution to the
billion dollar laparoscopic device market. This solution provides
a cost-effective device that offers abdominal access for a laparoscopic cannula (port) AND sutures
the wound site (facial closure) while addressing pain points for the patient (port-site herniation),
surgeon (risk of needle stick injuries), and hospital (prolonged closure times).

Afri-Sea

Saint Marys University, Canada

Afri-Sea is a social enterprise whose mission is to positively
impact global food and water security. Our 100% natural organic
seaweed-derived biostimulant and soil amendment product, which
is specifically designed to increase both the water retention and
growth stimulation capacity of soil, will help reduce the negative
effects of global warming, drought, and chemical fertilizers,
thereby allowing farmers to grow better food, protect their crops
and water supply, and save money.

Awake Labs

University of British Columbia, Canada

Reveal by Awake Labs is a wearable technology that measures and tracks physiological indicators of
stress and anxiety in children with autism. Individuals with autism have difficulty connecting with
their own emotions which causes them to express themselves many times through meltdowns. These
meltdowns can be time-consuming, emotionally draining, and physically dangerous for both the
parent and the child. Reveal helps a parent or caregiver eliminate a meltdown before it happens
which reduces time (from 5 minutes to 12 hours), potential injuries, and parent burnout. However,
Reveal is not limited to autism, the product can also be used to help people who experience clinical
stress, anxiety, ptsd, and other mental health issues. We want to be the company that empowers
families and patients to take health care into their own hands.

2015 IBMC | 13

COMPETING TEAMS

BaBa
Quinnipiac University, USA
BaBa seeks to make life easier for parents
with infants who are bottle fed by providing a
countertop appliance that automates the entire
process. Our value proposition is to create a
programmable, mobile app-controlled countertop
appliance that can mix, pour, and heat a babys
bottle at the touch of a button.

BackTech
Kyoto University, Japan
BackTechs mission is to cure lower back pain.
People all around the world suffer from lower back
pain, and many do not know appropriate treatments for their pain. We propose a new method
to cure lower back pain via a mobile app. We can
identify appropriate treatments for each individual
with a simple questionnaire and special algorithm developed as part of a research project at Kyoto
Universitys Graduate School of Medicine. Users can consult an expert of a particular lower back
pain within just 2 clicks. The app includes a Pain Log and Pain Community to help carry on the
treatment for a prolonged length of time.

Bengala
Media
Monterrey Institute of Technology, Mexico
Founded by two students from the Monterrey Institute of Technology in Mexico, Bengala Media is
currently developing Coat, a 3 part system that will bring the shopping experience to the 21st century
through the use of iBeacons. Our app works as a personal shopper for our users, suggesting stores
based on the users age, gender, fashion styles, budget and location; it also allows them to discover
discounts as they walk around a shopping mall. For our clients, the app allows them to create said
promotions as well as to analyze behavioral analytics generated by the users as they walk around their
store. Our vision is to use big data and machine learning techniques to eventually be able to predict
what clothing items users are looking for, as well as to have a system that automatically creates promotions and discounts for specific users based on their consumer patterns and rules created by the
stores.

14

COMPETING TEAMS

bSteps

University of Central Florida, USA

bSteps mission is to inspire dancers to aspire. We believe dance
to be one of the truest expressions of people and it should also
feel that way; painless, limitless, and unique. Our shoe designs
encompass an exclusive blend of comfort, style, and practicality
while empowering individuals to embrace diversity and promote
social responsibility in the community. Unlike mainstream
companies in the industry that adhere to the status quo of selling
dance heels and/or jazz shoes, bSteps is a rebel company set up to
defy the status quo by incorporating all the desired elements of dance shoes into a hybrid flat design.
Our shoes are carefully designed to address longstanding universal concerns expressed by dancers
including, but not limited to, monotonous designs, comfort, sole inconsistencies, practicality and
fashion. The company has developed original insole and outsole designs, which have been carefully engineered to incorporate health
and performance benefits as a mean to help maximize dancers experience.

CollegeXChange
Quinnipiac University, USA
CollegeXChange is a mobile application, similar to craigslist, but
strictly for the college student and the surrounding community. We
provide convenience and transparency for peer-to-peer transactions.

Course Key

San Diego State University, USA

Course Key is a higher-education, large-lecture management
software solution that solves the problems of dramatically increasing class sizes through QR/Geo-location technology. Our unique
combination of features is designed to increase attendance rates,
promote class interaction, and provide a communication platform
that fosters collaborative learning environments.

2015 IBMC | 15

COMPETING TEAMS

D&P
Bioinnovations
Tulane University, USA
D&P Bioinnovations llc is a regenerative medicine company spun out of Tulane University focused
on repairing damaged organs. We are developing a bioresorbable, implantable medical device to regenerate damaged esophaguses. Our device will prevent the thoracic surgeon from having to perform
a last resort gruesome gastric pull up surgery to reconstruct and treat a severely impaired esophagus.
This surgery involves cutting out the defective esophagus and replacing it with stomach tissue. This
causes a very low quality of life for the patient as they often have to rely on feeding tubes to stay alive
and the 5-year survival rate is less than 20%. Our device spares the stomach tissue and functionally
regenerates the damaged esophagus, thus increasing the quality of life and 5-year survival rate of the
patient by more than 80%.

Disease
Diagnostic Group
Massachusetts Institute of Technology, USA
What if we told you we could save one million lives every year
with refrigerator magnets and a laser pointer? Disease Diagnostic
Group is focused on providing low-cost diagnostic tracking and
screening solutions to the developing world. While our flagship
product is the Rapid Assessment of Malaria (ram), we are expanding our proprietary magneto-optical (magnets and lasers) platform to other diseases. Our product diagnoses or screens a patient
for a disease in less than 15 seconds with a reusable box that uses a
plastic disposable. The test is 1/10th the cost and has 1/100th of the limit of detection of competitors.
Meanwhile, it stores a patient id and quantitative infection level to create a procurement mechanism
and patient database. Overall, this platform has the potential to reach 1 billion people, restore confidence in diagnostic tests, eradicate diseases, and most importantly, save lives.

FotoFox
University of Waterloo, Canada
FotoFox is an online marketplace that connects customers to photographers. Our basic search filters
include location, price, date, ratings, and reviews. We also built a way to select and shortlist the ideal
photographers, even when customers lack photography domain expertise to articulate what they like.
On our platform, customers select whether they like or dislike a selection of photos, allowing us to
determine which style of photography they prefer. Attached to each photo are key metrics, and tracking this metadata lets us decide which photographers are most likely to impress the customers, as
well as which photos should be included in the photographers portfolio to make the best first impression. Our initial focus is weddings, but with our technology, it is easy to scale into other photography
verticals, such as events photography, family photography, and portrait photography.

16

COMPETING TEAMS

Haedrian Labs

Brigham Young University, USA

Three billion adults do not have access to a bank account, and therefore cant access loans, cant build
a business, and cant access resources to end the poverty cycle. We provide a digital wallet that acts
like a bank account in your back pocket, allowing people to send and receive capital effortlessly. We
combine community based microfinance techniques with social media data to help people in developing countries gain access to capital. By providing a way for people to store and use money through
digital currency, Haedrian Labs will create a global market where borders are irrelevant, where a
mother can send money to her child across the world, and where a San Francisco venture capitalist
can effortlessly invest in a small business owner in Ghana. We are the first company to provide user data analytics to potential investors
from developed nations. We are Haedrian, and we are here to empower the next 3 billion.

Heads Up

University of Waterloo, Canada

Heads Up is a platform that helps home service companies
improve operational efficiency and increase profitability through
intelligent field management.

Helpo

Monterrey Institute of Technology, Mexico

Helpo is aromatherapy on-the-go. Our 100% pure natural product
makes you feel good anywhere you go. It is a blend of essential oils
from India that refresh you during the day and night. We developed a complete experience, a tiny spa, in a 3ml container that
provides a smooth massage.

2015 IBMC | 17

COMPETING TEAMS

IllumiBowl
Brigham Young University, USA
The IllumiBowl is a motion-activated toilet bowl night light that fits on any toilet so that you no
longer have to turn on bright lights and wake yourself up, stumble around in the dark, or have your
children, roommates, or spouses aim in the dark and miss their mark. The IllumiBowl has already
earned $100,000 in pre-sales, is in production, and will be on the shelves worldwide this summer.

Intelligent
Site Innovations
Dalhousie University, Canada
Intelligent Site Innovations is developing automated construction signs to replace flaggers on construction sites. Each sign will consist of our modular computer system connecting a camera to a traffic light mounted to a base, wirelessly connected to a tablet. A single operator can monitor the site via
camera and control numerous signs, reducing the number of employees required to manage traffic.
This lowers overhead costs, while increasing safety, and will gather traffic data via sensors.

JarGro
Enterprise
Northern Caribbean University, Jamaica
JarGro is an innovative company building a unique international
b2c concept based on a superior technology platform for growing
plants indoors. This platform assists with producing herbs, salad
greens, and edible flowers all year round; turning costumers into
producers and creating healthier and safer means for the consumption of natural foods which places you in the center of your
food cycle. We believe self-made and individually tailored produce
will become the new ethos of societies.

18

COMPETING TEAMS

Kaitek Labs

Pontifical Catholic University, Chile

Kaitek Labs harnesses the computing power of bacteria, turning
them into in vivo testing assays for environmental metabolites.
Through synthetic biology, Kaitek has developed metabolic
pathways that allow bacteria to identify, measure, and ultimately translate the assessed information to the user. The proof of concept for this technology is our companys first product: a red tide
detection kit known as rtdk, based on a color-changing engineered bacterial culture. rtdk will be
able to indicate by a simple color change whether or not a certain sample has been contaminated by
red tide toxins. This will be accomplished by generating a genetically engineered cell culture (known
as a biosensor) capable of measuring the amount of certain toxins present in said sample. The user
interface will be as simple as a maternity test: a color change will indicate contamination, no further
indications needed.

Kegg Apps

Drexel University, USA

Kegg is a private database for event discovery available
exclusively to over 22 million college students. Following
email verification, students gain access to all the events at colleges near them based on geographic
location. Common event types include: university-hosted events, Greek life, fundraisers, lectures,
performances, house parties, and more. In addition to posting their own events, Kegg allows users to
collaborate with one another using a real-time messaging service, which provides interaction prior
to, during, and after every event. Kegg can be downloaded for free in the iOS App Store and through
a private beta key in the Google Play Store. With over 14,000 active users, Kegg is positioning itself
to quickly scale into the premier event discovery service exclusive to college students.

KeyN
Vision
Fisk University, USA
KeyN Vision is a software company that specializes in mobile app
development with our first app being finance-based. The mission of
KeyN Vision is to provide a medium between people and real-life
problems through software applications. In other terms, as a company we aim to provide easily accessible knowledge and useful tools that will empower people to overcome everyday problems to achieve stability and accomplish their goals. As our name implies we want
to be the Key N Vision, helping people to unlock their vision through the use of our applications.

2015 IBMC | 19

COMPETING TEAMS

Khapto
Federico Santa Mara Technical University, Chile
We are a group of engineering students developing a glove measurement device for use in the health field, specifically in kinesiology
and physical therapy. The glove uses electronic sensors in tandem
with software to measure a patients performance and provides
resulting data that displays progress and improvement over time. This data creates value for patients
and medical professionals, regardless of which professional is treating a given patient. We see the glove
as a device for everyday use like a stethoscope and sphygmomanometer to measure blood pressure, but in this case to measure the physical
problems. With continued use of our glove well create a global database and standards for injury treatments and health improvement.

Khmer
Social Tour
National University of Management, Cambodia
Khmer Social Tour (kst) is a new innovative tour agency which
focuses on travel for the elderly and includes social activities
in tour packages. We target the elderly from medium and high
income families and will not only enable them to travel but to also
perform social-friendly activities, such as planting trees, making
donations, visiting cultural areas, visiting poor communities, etc.
Our customer discovery has found that one of the major issues
facing the elderly is loneliness. Our value preposition is to bring the elderly new experiences, friendship, fun, sociality, and travel to enrich their lives.

LINQ
Brigham Young University, USA
linq is a smart home automation company. The linq Smart
Vent brings room-by-room temperature control to every part of
your home, and can save you up to 30% on your energy bill. Having linq Smart Vents is like having a learning thermostat in every room for a fraction of the cost, with many learning and money
saving features. Each vent brings sensors and temperature control to every room of your home for
unmatched comfort. The Hub controls each vent for unmatched consistency throughout the day
and can be controlled from anywhere in the world from your phone while you are away. The patent
pending system works in the background to make you more comfortable based on your preferences,
schedule, and habits. Its comfort, consistency, and control. So the next time you are uncomfortable at
home, think linq.

20

COMPETING TEAMS

Local Line

Wilfrid Laurier University, Canada

Local Line is a commerce system that connects chefs with local food in their communities. The
Local Line platform provides e-commerce, communication systems, and invoicing solutions for both
chefs and farmers to easily interact. The immediate value for chefs is that they gain access to all the
local suppliers through one outlet and that our ordering process helps create efficiencies within their
weekly ordering. We find were saving chefs an average of 4-5 hours per week on their ordering time.
The value for farmers is that were able to connect them with new sales outlets and help them build
new relationships with chefs.

Penny Pledge

Brigham Young University, USA

Penny Pledge is a tool to instantly donate pennies to
online content. For creators, we provide a better way
to monetize your content. For users, we make it easy to
support those that make the internet great. Finally, by accepting pledges, content creators commit to
take down their annoying ads. The Pledge Plugin is a social icon much like the Pin, Tweet, and Like
buttons which content creators are able to insert onto their blogs, videos, and websites. The future
potential is to have the Pledge button embedded across the internet and be as well-known as the
Like.

R.F. Madison

Harvard Business School, USA

R.F. Madison is a data-driven apparel company using anthropometric body scanning data to produce a ready-to-wear line of
smart-casual menswear for athletically-built men who are 6 feet
tall and taller.

2015 IBMC | 21

COMPETING TEAMS

Realtime
Adventure Data
Boise State University, USA
Realtime Adventure Data is a capable team of outdoor enthusiasts
who have a passion for making the outdoor experience safer for
everyone through technology. We are beginning this initiative by
building a probe capable of detecting avalanche conditions for
winter sports. The use of the probe is accentuated by a free website
where users can share their probe readings, creating a true community of backcountry travelers who are committed to enjoying
the outdoor experience safely.

Resumazing
Rensselaer Polytechnic Institute, USA
Resumazing is a web service aimed at helping job seekers land their
dream job. It does this by showing them how to tailor their resume to
a specific job listing of their choosing. The system additionally scores
a users resume against paid listings, giving them the opportunity to
apply if and only if they score high enough. Resumazings ultimate
goal is to solve two sides of the same problem. Qualified job seekers shouldnt have to miss out on great opportunities just because they
cant effectively communicate their skill-set on a single sheet of paper. Likewise, companies shouldnt have to wade through 10,000
under-qualified resumes to find the one applicant who wasnt just applying everywhere. Resumazing passively processes thousands of
resumes and job listings to aggregate information and infer statistics used to inform its decision-making.

RIP
Funeral Agency
National University of Management, Cambodia
rip Funeral Agency provides a one-stop service for families who
are planning and carrying out funeral and memorial services for
loved ones. During a time of emotional stress and pain for families
who have lost a loved one, rip helps to facilitate all of the needed
services which are quite numerous and complex within countries
such as Cambodia, and in general Southeast Asian Societies,
where it is expected that families must conduct numerous ceremonies over a period of 100 days.

22

COMPETING TEAMS

Saans

Indian Institute of Technology, Kharagpur, India

Saans is a low-cost and easy-to-use mechanical Continuous Positive Airway Pressure (cpap) device,
which is used to maintain a constant pressure and constant air flow to keep the lungs of newborns and
infants open during troubled breathing. Saans is vital for continuous breathing support for infants with
troubled breathing during transportation to advanced care facilities and in temporary maintenance
of respiratory support in instances where electric cpap machines cannot work. The product operates
without any power and can be used by an untrained person (usually parents/relatives) without any
external supervision from a trained medical professional unlike electric cpap machines. As per World
Health Organization about a third of the worlds population still lacks adequate access to even basic
healthcare. We believe that grassroots innovations and low-cost technology, like our cpap device,
coming from third-world economies are the solution to our problems. We are an Indian-based medical
technology startup committed to developing cheap and affordable medical innovation projects for critical unmet needs.

SafetySit LLC

Michigan State University, USA

SafetySit aims to increase the quality of health
care while reducing its cost. We improve the
efficiency of health care staff by introducing
a medical device that removes the need for a second person to support a disabled patient during
therapy. This product allows therapists to work with better flexibility without depending on the
availability of additional support staff. The device is valuable to the hospitals because with the increased efficiency they can save money, see more patients, and provide better care. We plan to grow
in Michigan over the next few years and ideally, in the next five years, we are hoping to address all of
the largest and most relevant rehabilitation systems in the United States.

SimpleCitizen

Brigham Young University, USA

SimpleCitizen is an online do-it-yourself tool for immigrants
who need to file for a green card or other basic immigration
documentation. SimpleCitizen helps those filing attain confidence
and reassurance in their application without being forced to pay
the high premiums associated with legal counsel. The software
is designed to help anyone complete his or her immigration
application quickly and correctly.

2015 IBMC | 23

COMPETING TEAMS

SmartFilling
Monterrey Institute of Technology, Mexico
SmartFilling proposes a machine capable of filling, labeling, and putting the lid on your product in an automated manner. The machine
will automatically detect the capacity of the container to be filled and
will able to work with different types of materials.

SPOD
University of Wisconsin - River Falls, USA
The soap revolution is coming. Introducing the non-toxic, biodegradable SPOD, a multipurpose liquid soap pod that reduces
waste and offers a convenient personal care product alternative for
travelers around the world. A dissolvable film paired with a plantbased customizable liquid soap creates an easy, convenient way to
clean up without all the plastic. As hotels increase their sustainability standards, SPOD offers a solution for reducing their plastics waste by up to 18%. With applications in body wash, shampoo, conditioner and hand soap, the possibilities are endless with SPOD.
Ditch the plastic and feel fantastic, switch to SPOD.

Sotrek
Brigham Young University, USA
Sotrek is an innovative solution that solves the major pains
of recreational rental companies; inefficient operations,
limited visibility, and insurance. Weve validated these
pains with over 40 rental shops and 250 customers. The solution to these pains represents a market
of over $3.4 billion. We provide software that automates the daily operations of a rental shop, data
tracking and reporting tools to power growth, creation of customer-facing marketplace, and insurance integration to simplify processes. Sotrek is able to differentiate itself by focusing specifically on
the outdoor rental space, and by building products for that space. Weve validated the pain and the
solution, weve built a minimum viable product, and we are actively signing beta customers.

24

COMPETING TEAMS

Talon
Simulations
University of Central Florida, USA
Talon Simulations seeks to provide immersive and affordable
simulators to aid in changing and saving lives. Talon offers
personal entertainment and effective training devices to various industries including aviation (fixed-wing and rotary),
automotive, construction, and unmanned aerial vehicles.
This is accomplished by integrating state-of-the-art virtual reality technology with motion control
that is highly precise and a trade secret.

REEcycle

University of Houston, USA

REEcycle is the first company ever to profitably
reclaim two critical rare earth elements, neodymium
and dysprosium, from discarded electronics. REEcycles disruptive, patented process is the solution
to recycling neodymium and dysprosium. This innovative process has been long sought after
by manufacturers including Siemens, Hitachi, and Honda Motors for clean energy applications.
Neodymium and dysprosium are used to manufacture neo-magnets, which are indispensable for
personal electronics and critical for efficiencies in green technologies. Electric motors are up to 50
percent more productive when using neo-magnets, reducing electricity demand. Wind turbines
using neo-magnets are 20 percent more efficient, decreasing our dependence on coal, oil, and
natural gas used to produce electricity. By recovering the critical rare earth elements, neodymium
and dysprosium, REEcycle reduces u.s. dependence on unreliable foreign supply and creates the
infrastructure necessary for a low carbon economy.

Unify

Quinnipiac University, USA

unify

Unify is a full-service ticketing and communication platform

allowing companies in the service industry to streamline and consolidate their workflow. With the property management software
market inundated with services promising companies everything
under the sun, Unify takes a different approach. We do one thing,
and we do it very well. Historically, the real estate and property
management industry has been led by baby boomers. However,
as younger generations enter the industry and rise in their roles, they will be seeking the adoption
of technologies such as Unify to automate and streamline inefficient and outdated methods of doing
business. Unify has strategically positioned itself in the marketplace to be at the forefront of property
management software innovation.

2015 IBMC | 25

COMPETING TEAMS

Vivid
Roots
Boise State University, USA
Vivid Roots is a for-profit lifestyle apparel brand that is focused
on living life vividly and providing a helping hand to people
in need. Each purchase provides people in need with clean
water for life!

Voovo
Inc
Ryerson University, Canada
Voovo allows customers requiring 3d printed models to quickly
crowdsource job quotes from a community of passionate 3d printer owners. The platform also enables anyone who has a 3d printer
to become a full-service 3d printing studio that can personalize,
print, and ship models around the world.

Western
Wise
University of Iowa, USA
Western Wise is a community of patient, passionate, and dedicated
native speaking tutors committed to improving the written and
oral English communication skills of our students through fun,
interactive, one-to-one English lessons.

26

VOOVO

JUDGING

2015 Judging Criteria

Each round will be judged using the following criteria, scored from 1 (poor) to 4 (exceptional).

1.

Did the team use the Business Model Canvas or similar tool to identify and
track hypotheses?

2.

Did the team clearly state their hypotheses (assumptions)?

3.

Did the team identify the most crucial assumptions to test first (the ones that
will kill their business)?

4.

Did the team design low cost, rapid, but reliable tests of these hypotheses?

5.

Did the team conduct the tests in a reliable manner?

a. Number of tests - # should be adjusted for industry, product type (web vs physical product), and
business type (B2B vs B2C).

b. 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.

6.

Did the team clearly state what they learned, how it validated an assumption
or not, and if that informed any changes/pivots?

7.

If changes were made, was the pivot the team made supported by evidence
or did they fail to pivot when the evidence clearly stated it?

8.

If appropriate, has the team developed a prototype or minimum viable product

(mvp)? Does the team understand the assumptions they are testing with a prototype
or mvp? Is the prototype or mvp appropriate to answer those assumptions?
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 reward testing assumptions before building and
building from prototypes up to products. We do not want to reward just building products too early
based on untested assumptions.

9.
10.

Is the team solving a significant problem (defined in terms of money or impact)?*

Does the team have significant evidence that the solution is validated
(includes letters of intent, purchase contracts, sales, and partners)?*
* these two criteria serve as tie breakers

2015 IBMC | 27

JUDGING

2015 Final Judges

Steven Blank
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
companies (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,
Stanford University and the Columbia University/Berkeley Joint Executive MBA program.

Alex Osterwalder
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).
Previously 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).

Nathan Furr
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 entrepreneurial 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, an international strategy consulting firm, working
with senior executives on a range of strategic and market discovery initiatives including strategy
development, organizational change, technology commercialization, communication processes,
strategic planning, competitive analysis, and marketing.

28

JUDGING

Paul Ahlstrom
Paul is a serial entrepreneur. He has founded several high-tech startups and understands the process
of success. He is managing director and co-founder of Alta Ventures Mexico, a venture capital fund
focused in Mexico. He is a regular keynote speaker and an avid supporter of Utahs entrepreneurial community, and a member of the Utah Angels. In 2000, he co-founded vSpring Capital, Utahs
leading venture capital fund. In 2007, he co-founded Alta Growth Capital, based in Mexico City and
Kickstart Seed Fund based in Salt Lake City.

Gavin Christensen
Since founding Kickstart Seed Fund in 2008, Gavin has been responsible for all aspects of managing
the firm in addition to leading due diligence and investment decisions in conjunction with Kickstarts Investment Committee. Prior to Kickstart, Gavin was an analyst, associate and principal at
vSpring (now Signal Peak). Before vSpring Capital, Gavin also worked as a Vertical Strategy Associate for Google and as a consultant in Monitor Groups Cambridge office where he advised clients on
a range of strategic, operational, and organizational improvements. Gavin began his career at Fidelity
Investments as an investments representative.

2015 IBMC | 29

SUCCESS STORIES

2014 Success Stories

Herboo Enterprise (International Award)
Herboo Enterprise, started by three Northern Caribbean University students Javin Williams, his
sister Kamla Williams, and Kamal Smith are well on their way to success -- having taken Best
International Team award at the International Business Model competition last year. The company,
which launched its first product, Herboo, a popular anti-dandruff hair product, recently expanded its
line to include organic hair oil.
The lean startup approach has saved us countless amounts of money and time, said Williams, we still use it today as we validate additional products. Thanks to the Business Model Competition, individuals from across the globe reached out to us wanting our product.
Currently, Herboo employs eight part-time employees to carry out operations and has taken its products into the Caribbean markets
and abroad. From 90 customers locally and 400 sales last year, Herboos network has grown to over 3000 clients worldwide. Distributors
of the Herboo products include York Pharmacy, Lillys Beauty Supplies, Parkview and Three Angels Pharmacy, Fontana Pharmacy and
Central Beauty Supplies.

KiLife Tech (Finalist)

KiLife Tech is the creator of the Kiband, a child safety wristband that connects to a parents
smartphone and alerts the parent if the child wanders away. Kiband uses Bluetooth to transform
a smartphone into a mobile geo-fence that can be toggled for different situations such as a mall or
amusement park, at close proximity, or a playground, where greater freedom for the child to explore
can be afforded. It is an intuitive and kid-friendly way to keep children safe and parents worry free.
The ibmc forced us to refine our business model, said Spencer Behrend, co-founder and ceo. We were able to pivot to a powerful
niche that allows us to enter the market with a 10x improvement over the competition.
KiLife Tech took their experience at the ibmc and continued to improve, leading to a 1st place showing at the Rice Business Plan
Competition. The company walked away with over $600,000 in cash and investment prizes, the most awarded to a single team in the
competitions history.
KiLife Tech is not resting on its laurels. The company has started beta testing, and the Kiband will be available later this year.

Veritas Medical (First Place)

Launched by a team of bioengineering and medical students at the University of Utah, Veritas Medical created and is continuing to develop its light line Catheter, which eliminates infection-causing
bacteria using high-intensity light. Catheter-related infections are common in hospitals in the u.s. and
throughout the world, and the students sought to find a way to eliminate the problem.
We had been involved in many competitions before, said Nate Rhodes, co-founder and ceo,
however, it wasnt until after winning the ibmc that we actually had investors calling us. In fact, we
received about five different investment opportunities in the two weeks following the competition. It is hard to put into words just how
incredible of a feeling that was.
The ibmcs 2014 global champion has been busy. In November 2014, the team was invited to Washington dc to present with seven
other teams at the Collegiate Inventors Competition, and took 2nd place. A few weeks ago, the team won 4th place and over $150,000 at
the Rice Business Plan Competition, the worlds largest and richest student startup competition.
Veritas Medical is now shifting its focus to research and development and has filed 12 provisional and utility patents. The company is
currently gearing up for its first animal trial, and Rhodes expects the fda will approve the light line Catheter in about 18 months.

30

SUCCESS STORIES

VolleyMetrics (Finalist)
After a fourth-place finish with the Italian mens team in the 2008 Beijing Olympics, assistant coach
Guiseppe Vinci was inspired by Michael Lewiss book Moneyball: The Art of Winning an Unfair
Game. He asked, Why cant we do this in volleyball? Thats how VolleyMetrics began.
Vincis company, VolleyMetrics, provides near-instant recordings of matches, video analysis, and game planning all built into a robust platform enabling coaches to spend more time with their athletes and less time worrying about the technical details of capturing game footage.
Over the past year VolleyMetrics has seen unprecedented growth. From 11 customers in 2014, the company is now on track to sign
over 100 customers at the collegiate level by the end of June, and continues to validate expansion into other markets.
The ibmc impacted us tremendously, said Vinci. The business model canvas has consistently pushed us to learn more about
ourselves and create a sustainable model. The ibmc prepared us by pushing us to understand ourselves and create goals and strategy
that matched our vision and what was needed. On top of that, the mentoring we had, the people we met, and the critiques we received
helped us move forward faster and with more preparation.
Their biggest takeaway? The only way to win is to learn faster than anyone else.

Novi Security (Semifinalist)

Novi Security hopes to solve major pains in the home security market, a space dominated by door-to-door
salesmen, overpriced contracts, and systems that are only available to a small segment of the worlds
population. The companys innovative solution makes home security available to everyone through a diy
system that integrates seamlessly with your phone and monitors your home while you are away.
After competing in the ibmc, the company launched a successful Kickstarter campaign, raising over $175,000. The company went on
to attend the inaugural Microsoft Internet of Things Accelerator, and raised over $500,000 in funding.
One of our core values is do more with less, said Wade Anderson, co-founder and ceo. We believe that too often we try to throw
money at problems and simply dont take the time to be creative in our problem-solving. The lean startup mindset has been ingrained
into our vision of successful entrepreneurship.
Thanks to an appearance on Live with Kelly and Michael, and being featured in Business Insider, Mashable, and cnet, the Novi
home security system will be launching at the end of June, ready to take the security world by storm.

2015 IBMC | 31

HELPFUL HINTS

What Winning Teams Do:

The purpose of the International Business Model Competition is to reward the process
student entrepreneurs follow to eliminate uncertainty in their businesses. We encourage
smart entrepreneurs that identify and test key business assumptions, seek input from
potential customers, and make necessary changes based on what is learned. Remember,
this is not a business plan or venture pitch competition!
Tell us your story.

If you watch any past winner present, you will see that they start by connecting to the audience
through a compelling, but truthful story about their business. In your story, describe the pain you
uncovered and how you plan to solve it.

Use the Business Model Canvas.

Start with a blank canvas and step-by-step show your assumptions, how you tested them, and the
results. Demonstrate visually which assumptions were validated and which were not. Dont throw all of
your information on the canvas at once, walk the judges through your validation in digestible portions.

Describe the validation.

Each assumption you make has to be accompanied with a test or an activity that aims to prove or
disprove your hypotheses. Zoom in close on all of your tests and explain the hard work you did.
We want you to justify your decision-making and the course of your business with real data from
credible sources.

Highlight the lessons learned.

Each test has to lead to the lessons learned and future plan of action. Show what each test taught you,
what was validated, what wasnt, and what assumptions and tests you made next.

Explain your pivots.

Most of you had to pivot or change a portion of your business in response to customer feedback. We
want you to justify your pivots with concrete data. Just saying that you made a pivot is not enough. Realizing that your assumption is inaccurate is not a weakness, but evidence that you learned something.

In conclusion, judges want to see multiple rounds of assumptions and tests. One or two
tests is not enough to show that you thoroughly researched your business idea. It is not
possible to walk through the entire canvas in 10 minutes, so focus on a few hypotheses
and tests that are crucial to your business.

32

IBMC
AROUND THE WORLD

usa

2015
2016
GLOBAL
QUALIFIER
COMPETITIONS

byu bmc
Big Idea Tournament
Connecticut bmc
Greenlight bmc
Harvard New Venture Challenge
Idaho Entrepreneur Challenge
sdsu LeanModel Competition
Stanford E-Challenge
Tulane bmc
ucf bmc
University of Iowa bmc

International
Canada bmc
Empresario, India
Epichero, Greece
Espirex, Indonesia
Finland bmc
France bmc
Jamaica National bmc
Japan bmc
JumpChile
Mekong Challenge, S.E. Asia
Mexico bmc
Peru bmc

.com
mpetition
o
lc
e
d
o
m
il.com
iness
www.bus
tion@gma
ti
e
p
m
o
lc
mode
business

ITIES

IV
KEY ACT
NERS

T
KEY PAR

URCES

O
KEY RES