Students Win Big at BYU’s Business Model Competition

PROVO, Utah – Feb 21, 2014 – Brigham Young University’s student entrepreneur team Genius Security took home first place and a cash prize of $3,000 at this year’s Business Model Competition hosted by the Marriott School of Management’s Rollins Center for Entrepreneurship and Technology.

“The teams get better and better each year,” says Jeff Brown, assistant director at the Rollins Center. “It’s great to see them take advantage of this new approach to entrepreneurship.”

Genius Security’s team of five bested the top eight BYU teams out of more than 50 applicants with their portable home security system company that allows renters to have more convenient and affordable protection. Second place went to Broad Analytics with $2,500, and Cowboy Kolaches took home $1,500 and third place.

“We are grateful to the Rollins Center for organizing this event,” says AJ Hamner, a business strategy junior from Greenwood, Ind., and member of the Genius Security team. “It gives students real-life experience, learning from the best mentors.”

The Business Model Competition brings in experienced judges to rate student teams on three critical phases of their startup. The assumption phase includes the development of the idea and the initial business approach. The next two phases look at how business assumptions were tested and how teams adapted their approach to reflect test findings.

Everything including wearable technology and bakeries competed for this year’s top spot. Not including all the ground work that takes place, teams still spent more than 25 hours preparing for the event, according to Derek Johnson, an MBA student from Rock Springs, Wyo.

“Our time on this competition has really reinforced the process of learning from mistakes,” says Johnson, the owner of Cowboy Kolaches which took home the competition's crowd favorite designation. “I have an idea, test it and then make changes to get better. The BMC is all about going through that process as quickly and effectively as possible.”

Those who succeed in the Business Model Competition have a chance to move on to the International Business Model Competition during the first week of May to compete with student entrepreneurs from across the globe for a $25,000 cash prize.

“Our BMC experience was not confined only to the finals,” Hamner says. “It has been a continual process of innovating, validating and reiterating. The skills and experience that we have gained through the BMC will continue to guide our company strategy and culture as we try to stay close to our customers.” 

The Marriott School is located at Brigham Young University, the largest privately owned, church-sponsored university in the United States. The school has nationally recognized programs in accounting, business management, public management, information systems, and entrepreneurship. The school’s mission is to prepare men and women of faith, character and professional ability for positions of leadership throughout the world. Approximately 3,000 students are enrolled in the Marriott School’s graduate and undergraduate programs.