Why StartUp Cup is Needed
Communities are challenged to support a diverse entrepreneurial climate. Although many cities have introduced new entrepreneurship programs, they often do not provide tangible value nor can they survive long-term. Without careful research and proven methodologies, such programs can be a poor investment of time and resources for the community and its nascent entrepreneurs. Furthermore, poorly developed programs have the potential to dilute the impact of an entrepreneurial community in the long run.
By participating in a StartUp Cup business model competition, entrepreneurs, as well as their communities, benefit from years of proven success and experience. Additionally, the collaborative environment StartUp Cup inspires brings together all the players necessary to ensure entrepreneurial success, placing everyone involved on the same winning team. Through the participation of community leaders, educators, seasoned entrepreneurs and corporate supporters, a successful entrepreneurial ecosystem will be created or enhanced.
The barriers holding back an entrepreneur from starting a new company have been broken down. Companies that used to require hundreds of thousands of dollars to start can now launch with significantly less funding. Methodologies such as bootstrapping, business model development, and scenario planning, which were initially developed in the tech industry, can now be replicated and applied to any business idea by anyone who desires to start their own business. Reducing the time to launch a new company is critical to increasing the opportunity for success.
Business Model Development
StartUp Cup Difference
The way startups are being built is rapidly changing. What entrepreneurs were rewarded for in the past is not what they are rewarded for today.
Historically, entrepreneurs had the luxury of time and were expected to produce a well-written business plan with the main purpose of raising money. The business plan included detailed financials, graphs, and future projections showcasing a path to starting and growing a new company. These projections were typically based on conjecture and not rooted in the reality of the existing marketplace.
Today, entrepreneurs are rewarded for going to market, securing customers, and generating revenue as quickly as possible. The goal for an entrepreneur with a new business concept is to identify a business model, test assumptions, secure customers, and evolve their model as they grow repeatable revenue.