The JSB Auditorium was completely filled, including the standing room, with people waiting to see three finalist teams compete in the Business Plan Competition last Friday.
“One of our biggest goals for getting so many people here is we want them to get excited about the prospect of starting their own business,” said Nile Hatch, the faculty adviser for the BPC.
Cosmo generated excitement in the auditorium for the start of the BPC, with a drawing for a Nintendo Wii.
Before the teams presented their business plans, Jonathan Coon of 1-800 Contacts, one of BPC’s sponsors, related his experience as an entrepreneur. Coon won the BPC in 1995 and has since expanded his company to become the world’s largest contact lens store since that time.
He said he believes the best time to start a business is in college.
“If you think about it, if you’re the only person there, it’s really the easiest way to get the CEO job,” Coon said.
The finalist teams were each given 10 minutes to present their plans. Following each one there was a Q&A session with the founders of the Rollins Center for Entrepreneurship & Technology, who judged them according to BPC criteria.
Xeromax was this year’s BPC winner, and the team received a check for $50,000. Xeromax is a company that waterproofs material for outdoor apparel and clothing. The company’s brand, Hydrapel, can waterproof any fabric without changing the look or the feel of the fabric. The Xeromax team will also be competing internationally because the BYU BPC winner has an automatic entry into the Moot Corp Competition.
“This is one of the most valuable opportunities that we’ve achieved,” said Jonathan Ward, a member of the Xeromax team, director of the BPC and a second-year MBA student from Logan. “For us to have that opportunity to present and compete against the world, in essence, is a huge honor and excellent opportunity.”
The KT Tape team won $30,000 as the second-place winner. KT Tape is kinesiology tape used by athletes to relieve pain and accelerate the healing process. The company has an exclusive endorsement with Kerri Walsh, the American beach volleyball player and double Olympic Gold medalist. KT Tape is made available to customers at a mass retail level. The team will be going to the international Moot Corp Competition in May because it took first place in the San Diego University Venture Challenge.
“We’re just grateful to see all the people here — the students, founders and faculty who are here to give back and support students,” said Michelle Quinn, of the KT Tape team and a second-year MBA student from New Canaan, Conn. “It’s such a wonderful experience to be able to be with them and to get to share some of our ideas and experiences and learn from them as well.”
Members of the Terra Nova Biosystems team, which provides a micro-biotic process that remediates hazardous wastes, took third place and won $20,000 for their company. Through Terra Nova’s technology, oil spills can be cleaned up in three weeks.
“I feel like this is the capstone on my MBA experience,” said Chris Johnson, a member of the Terra Nova team and a second-year MBA student from Salt Lake City. “I think BYU cranks out better startup businesses than anywhere else. It was awesome to be a part of this.”
During the event, prizes were given out to the audience. One lucky student won the drawings for not one but two grand prizes. Mike Denny, a sophomore from Vista, Calif., studying information systems, was videotaping the announcement of the TV award for the Rollins Center for Entrepreneurship & Technology when he realized he had the winning ticket for the flat-panel TV. This was in fact the second prize he won at the event. Denny kept the flat-panel TV, and his first prize of a long board was re-drawn.
Copyright Brigham Young University 5 Apr 2009
