The annual Draper Competition for Collegiate Women Entrepreneurs is designed to hone the skills that undergraduate women need to advance through the process from idea to venture creation. Through three rounds of competition, students demonstrate an understanding of a problem, why the problem requires a new venture to address it, how their idea presents the best solution to the problem, and what resources, partnerships and activities it takes to successfully launch the venture.
Fifth Annual Draper Competition for Collegiate Women Entrepreneurs
Friday, April 7, 2017, 2:30–6 p.m.
Competition Quick Links
More than $25,000 in cash and prizes are awarded each year.
1st: $10,000 cash prize + up to 3 full scholarships to Draper University
2nd: up to $7,500 cash prize
3rd: up to $5,000 cash prize
Ventures: The competition is for new, for-profit, independent ventures in the seed, start-up or early growth stages. An existing business is eligible only if, as of 11:59 p.m. on December 31, 2016, it has received less than $25,000 in funding or prize money and/or has earned less than $100,000 in gross revenue.
Team Member: The competition is open to any undergraduate student currently enrolled at Smith College or in a degree program at any college or university located in the United States.
Team Leader: Each team must have at least one eligible Team Member who is also female undergraduate. The Team Leader must have played a significant role in conceiving the venture. The Team Leader serves as the main contact for the team and as the spokesperson on Competition Day.
Faculty Advisor: Each team must provide contact information for a faculty adviser at their school. Faculty advisers are welcomed but not required to be present at Smith College on Competition Day.
The Business Model Canvas is the tool entrepreneurs use to track their progression from unproven concept to viable venture. The Draper Competition requires that students map the strategic vision for their venture using the Business Model Canvas and provide a written narrative of their canvas in a two-page executive summary.
“A business model describes the rationale of how an organization creates, delivers, and captures value.” - Alexander Osterwalder, Business Model Generation (2010)
Who are your most important customers? What do they do? What are their pains? What gains are they seeking?
What value do you create for your customers? Which pain are you solving? What need are you satisfying?
How are your value propositions delivered to your customers? What are your modes of communication, sales and distribution?
How do you interact with your customers (e.g., online, in person)? Do you interact differently with different customer segments?
How does the venture make money?
What assets are required in order for you to offer and deliver your value proposition to your customer segments?
What crucial things does the venture need to do in order to deliver on your value propositions?
With whom do you need to work so that you can focus on the key activities of the venture (i.e., to whom can you outsource non-key activities)?
What are the major cost drivers of your value proposition? How are they linked to revenue streams?
Key 2017 Competition Dates
Registration for the 2017 Draper Competition is now open. Team leaders complete the online application, upload a two-page executive summary (PDF, no school affiliation included) and a completed Business Model Canvas (PDF).
Applications and materials must be submitted by 11:59 p.m. on Wednesday, March 1, 2017.
Notification of Application Status
Team leaders are notified of their status in the competition by 11:59 p.m. on Friday, March 10. Teams moving on to the next round of competition are provided with feedback on their materials.
Participation Confirmation and Revised Materials
Team leaders must confirm their intent to attend Competition Day by 4:00 p.m. on Monday, March 20, 2017. Team leaders must also submit a final version of the executive summary.
Draper Competition for Collegiate Women Entrepreneurs
The final two rounds of competition are held at Smith College, where semi-finalist teams showcase their ventures and vie for an opportunity to deliver a 90-second pitch to the panel of judges. Judges evaluate teams as real-world start-ups soliciting funds from early stage investors.