Business model transitions
About the Retail Innovation Challenge
The Bensadoun School of Retail Management at McGill University invites university students across Canada to participate in the Fall 2024 Retail Innovation Challenge (RIC). This challenge presents a unique experiential learning opportunity to mobilize the knowledge and creativity of university students and embolden them to generate actionable solutions to help local SMEs succeed in the new realities of retail.
What to expect
Phase 1 —
Ideation
October 15-20
Oct. 15 – 6PM (EST)
Launch of the competition and Ideation Phase; Student teams receive their respective business cases & instructions
Oct. 20 – 9:00AM (EST)
All teams are required to submit their Ideation Phase presentations.
Phase 2 —
Implementation
October 21-27
Oct. 21 – Afternoon
Semi-finalist teams are announced; Implementation Phase instructions sent to teams
Oct. 22 – 4PM (EST)
Problem solving workshop hosted by a globally recognized management consulting firm (60 min)
Oct. 26 – 6PM (EST)
Submission deadline for Implementation Plan
Oct. 27 – 10AM-4PM (EST)
All semi-finalist teams (4 per case study) to present online in front of a separate jury per company (representatives from the company & case writing team)
Phase 3 —
Business Plan
Oct. 28-Nov. 2
Oct. 28 - Morning
Finalist teams are announced (2 per case study); Business Phase instructions sent to teams
Oct. 29 to Nov. 1 - TBD
Mentoring from counsulting firm (30-min session per finalist team)
Oct. 31 evening & Nov. 1 morning (EST)
Activities for in person teams & participants (TBD)
Nov. 2 – 10AM (EST)
Submission deadline for finalist presentations
Nov. 2 – 1-4PM (EST)
Finalists' presentations in front of independent jury & announcement of winners
Nov. 2 – 4:30-5PM (EST)
Closing ceremony & prize presentations
Nov. 2 - 5PM-6:30PM (EST)
Closing cocktail for those present in person
Final presentation format
Phase 1 and 2 will be held virtually. The third and final phase will be held in person at McGill University campus with an option to present virtually for those unable to attend. Activities for finalist teams will be organized from October 31st (evening) to November 2nd. Private breakout rooms for each finalist team are reserved and food catering for breakfast and lunch is provided.
The finalists, 2 teams per case study, will present in front of a live panel of judges including: business case owner, consulting firm associates, McGill professors and a senior level representative from the SAQ, our title sponsor.
Prize money
Each finalist team will win prize money. For each case study, first place team wins $2,500 while second place team wins $1,000. The overall Grand Prize-winning team receives $10,000 powered by the SAQ.
Virtual and in-person presentations will be done in front of a panels of judges who will evaluate your proposals by its impact on:
Viability of
Ideas, Solutions & Financials
Use of
Supporting Data
Quality, Clarity
& Creativity
Impact on
Business
Impact on
Stakeholders
This edition’s theme is Business model transitions
The Bensadoun School of Retail Management is excited to welcome you to the fifth edition of the Retail Innovation Challenge (RIC). This competition will take place in a hybrid format from October 15th to November 2nd 2024 with a focus on managing business model transitions within Quebec SMEs in various forms such as new business and technological offering to answer the needs in underserved markets, managing succession from one generation to another, and management buyout.
Why Participate?
Get real-world experience working on real business cases
Potential for senior-level mentorship to further develop your ideas
Make an impact on the future of retail during these unprecedented times
Win prizes such as Grand Prize of $10,000!
The student teams will benefit from town halls with leading experts from our partner organizations. The finalist teams (Phase 3) will benefit from personalized coaching from a globally recognized consulting firm.
We are delighted to announce the SAQ (Société des alcools du Québec/Quebec liquor board), as the title sponsor of the RIC 2024. With their support, we will be able to reward the top teams with monetary prizes, including the grand prize of $10,000!
Other sponsors and partners include the Quebec Ministry of the Economy, Innovation and Energy (MEIE), a globally recognized consulting firm and the Quebec Retail Council (CQCD).
If you have any questions, please contact us directly at bsrm.mgmt [at] mcgill.ca.
Title Sponsor
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Other Sponsors & Partners
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