How should business plan competitions adapt in the face of the irrelevance of full-scale business plans today?
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VCs say that they never read a company's business plan, focusing instead on the pitch deck, product prototypes, early customer feedback, etc. Most entrepreneurs say bplans are relatively worthless, except as a tool to clarify their thinking. However, universities and business schools continue to use business plan competitions as an educational tool, to help unseasoned entrepreneurs to think through all aspects of a business model. Would such competitions provide a beter educational experience by changing to be a "business model" competition (a la BYU), a "product iteration" competition, or something else entirely? Or should they stick with the business plan competition and adapt in other ways?
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Answer:
Give competitors 3 months to start a business and then present what they have done. The team that has made the most "progress" at the end of 3 months wins.
Adam Hoeksema at Quora Visit the source
Other answers
If business models are more effective than full scale business plans, how come there are no business model competitions? Venture Capitalists could make business model competitions since you claim that VCs never read a company's business plan, but why are they not making such contests? http://www.slideshare.net/sbaloans/5-crucial-steps-for-writing-an-impressive-business-plan
Sophia Anne Walker
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