ABSTRACT
Entrepreneurs' business model – how they will make money – eventually will need to be put on a new path, whether nudged gently or yanked violently. Changing their business model is not at all uncommon. Organizations may change their model in fundamental ways, such as changing their legal status. They may decide to license their product rather than being responsible for end-to-end manufacturing and distribution. They may target a new market segment and possibly vary their offering to better meet their requirements. Some, certainly not all, business plan competitions pay winners a king’s ransom. Each year, the prestigious Echoing Green competition, as an example, awards more than 50 fellowships of $80,000–$90,000 each, plus stipends for health insurance and for professional development. The most insidious aspects of living off prize winnings are viewing them as validation that entrepreneurs' business model is working, and, more troubling, parlaying their status as a winner to win other competitions.
