Canada’s Business Model Competition, which aims to steer student-led startups away from failure, has opened applications for its sixth annual competition in March.

Dalhousie University, which initiated the event in 2013, is currently accepting video submissions from student-run businesses for the competition, which begins March 2.

To apply, teams no larger than five must submit an eight-minute video that concisely explains the idea, problem and solution to their business model.  Video applications are due on Jan. 28. To read more on the requirements, and to check out sample video, click here. You can click here to apply.

Last year, more than 80 applicants from 20 Canadian universities applied to the competition, with about 30 teams making the cut.

The top three winners of the 2018 competition will split $50,000 and in-kind prizes. The top winner advances to the International Business Model Competition in May at Brigham Young University in Utah.

Both the Canadian and International competitions place a particular emphasis on the use of the lean canvas model and stress the importance of fostering connections with potential customers and partners to grow a business.

The top three winners at last year’s CBMC were:

The Landmine Boys, now Demine Robotics, is a group from the University of Waterloo who built a robot that safely removes land mines.

Axem, a company from Dalhousie, created a wearable device that tracks athlete’s brain activity.

RockMass Technology from Queen’s University, collects and analyses data from different rock structures.