The dynamic landscape of entrepreneurship education requires continuous innovation in pedagogical approaches. In this sense, the introduction of ChatGPT, a leading artificial intelligence (AI)-based large language model (LLM), represents a transformative shift in digital learning. This case study presents a pioneering exploration of the integration of LLMs into undergraduate entrepreneurship education, with a particular focus on business model (BM) design and business model innovation (BMI). Through a three-day interactive workshop, we explored how LLMs, in particular the third and fourth generation of ChatGPT, can help students develop new business models of well-known companies and transform existing ones. In this case study, we draw on the 'tandem' between university students and LLM that is literally driving the lineage of tomorrow's higher education. We argue that it requires the interaction of both parts – the students and the LLM - to produce valuable and efficient content. In this context, we present criteria for assessing the validity, precision and quality of AI-generated outputs. Based on our observations, we also report on what opportunities and threats arise when using generative AI in education. Finally, we discuss which competencies are crucial for students and teachers in the future when LLMs could be established in entrepreneurship education. Our case study suggests that LLMs indeed help students to prototype business models faster and more accurately. This also allows us to contradict the still widespread opinion that ChatGPT provides too superficial results. Our results have the potential to push entrepreneurship pedagogy to the next level.
