Many of you have probably seen some tweets floating around about a $100k business competition called Project Vesto. It’s a great project being managed by NIREC and funded by the State of Nevada and other private sponsors. Many might look at this as a business plan competition, but Project Vesto has made a concerted effort to format the competition in a way that’s much different than a business plan competition. Most investors won’t read the business plan anyway, so Project Vesto focuses on what investors really care about.
With this in mind, Project Vesto requires a company to put together a Business Model Canvas. I think this is a genius approach since the business model canvas has been getting a lot of traction lately. Plus, it’s a simple way to show all the functioning elements of a successful business without the fluff of a business plan. You can find out more details about the Business Model Canvas on the Project Vesto website.
Another interesting twist to Project Vesto is that they’re starting the business filtering process with the pitch to judges (mostly VCs and private investors) up front. Then, they’re taking the best companies selected by the judges and letting the final winner of the $100k be determined by online vote.
Here’s the important dates and details to get started:
December 31, 2012 – Business Model Canvas Deadline
January 11, 14, 2013 – 5 minute pitches (in Las Vegas, Reno & Elko)
February 1-28, 2013 – Online Voting
I’m looking to see the companies that participate in Vesto. I hope that Vegas Tech has a great showing and comes home with the $100k.