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The rebranding of Wharton's Business Plan Competition
Great article on the re-branding of the Wharton Business Plan competition into the "Penn-Wharton Startup Challenge". The re-branding acknowledges that successful startups are less about formalized business plans, and more about experimentation, iteration, and advocating ideas to key stakeholders (i.e. investors, key employees) to generate buy-in. More importantly, it acknowledges that potential partners can be drawn from a variety of Penn schools (each with specialized skillsets) rather than relying solely on students at Wharton. Chicago Booth, HBS, Kellogg (through Northwestern) and other top schools host similar competitions, often with specialties (i.e. HBS includes a Social Enterprise Track) that help you benchmark to business models targeting similar problems.
Forums like this are critical resources for any aspiring entrepreneur in business school. While there, you will meet like-minded, passionate people to join your team, begin building relationships with potential funders, and get valuable feedback from various experts on the viability of your plan. While "winning" is an obvious goal, the feedback is most important; most successful business launches never win a formal competition.