Reflecting on the Business Model Canvas at MTU
In a remarkable display of innovation and enthusiasm, the first-year students from a wide array of disciplines at MTU recently concluded the Business Model Canvas. This initiative, aimed at fostering entrepreneurial spirit and innovative business ideas, saw an impressive 55 class visits delivering Business Model Canvas workshops and an astounding 1,800 students presenting their business ideas at the Rubicon Centre in teams of 4 or 5. What’s even more noteworthy is that each of these ideas was not only creative and promising but also had a profound impact on the United Nations Sustainable Development Goals (SDGs).
The journey kicks off with an ambitious goal each year – to equip the next generation of student entrepreneurs with the tools and mindset necessary to bring their business ideas to life. The Business Model Canvas, a strategic management template for developing new or documenting existing business models, is the guiding framework for this transformative experience.
Over the course of the semester, lecturers and the Rubicon Team engaged with students from various disciplines. The students in their groups delved into the details of the Business Model Canvas, covering key aspects such as value proposition, customer segments, channels, revenue streams, and cost structures. The goal each year is not just to teach a methodology but to ignite a spark of creativity and entrepreneurial thinking in every participant.
The pitching occurred in the Seminar Room at the Rubicon Centre, where 1,800 students had the opportunity to showcase their entrepreneurial prowess. The standard was extremely high as students presented their business ideas, articulating how their ventures could not only thrive in the market but also contribute positively to society. The judges then chose 1 business idea from each class group to proceed to the final on Dec 8th to conduct an elevator pitch to be in with a chance of winning prize money for the team. The final showcase event had an electric atmosphere and saw great competition with 45 elevator pitches. There were two prizes allocated, ‘Flexiblox’ an innovation on balance blocks for gymnastics won the overall best business idea, and ‘Methane Reducing Capsules’ won the best impact on the Sustainable Development Goals.
What truly sets this initiative apart is the conscious effort to align each business idea with the United Nations Sustainable Development Goals. Students were not only encouraged to think about profitability but also about the positive impact their ventures could have on the world. From renewable energy solutions to educational software, to medical devices, each pitch demonstrated a commitment to creating businesses that contribute to a more sustainable and equitable future.
Beyond the workshops and pitches, the Business Model Canvas initiative here at MTU continues to succeed in building a vibrant community of aspiring entrepreneurs who now have knowledge of where to go to bring those ideas to life – the Rubicon Centre.
‘Flexibox’, overall Business Model Canvas winner. Photo, Emily Piggott
‘Methane Reducing Capsules’, Best Sustainable Development Goal Winner. Photo, Emily Piggott
