BYU Student Company FiberFix Wins No. 1 at Utah Student 25

PROVO, Utah – May 23, 2014 – After receiving funding through ABC’s “Shark Tank” and selling out of product on QVC, FiberFix is making headlines closer to home. Co-founded by Brigham Young University student Spencer Quinn, FiberFix recently took the top spot at the Utah Student 25 — the premier recognition program for student entrepreneurs in Utah.

“Winning the Utah Student 25 validated our business model and helped us make some great connections with retailers and investors,” says Quinn, a genetics and biotechnology major from Chandler, Ariz. “We started the company just before last year’s competition, so we are proud to have come this far so quickly.”

Along with FiberFix, BYU student-run companies accounted for 15 of the 25 awards given to teams from colleges and universities across Utah. Applicants were required to own a significant percentage of the company, be in a management position within the company, be a full-time student and have the company’s financials up-to-date. Winners were selected based on business revenue and profit and awarded at a black-tie invited awards gala event in the VIP Room of the EnergySolutions Arena in Salt Lake City.

Other BYU student companies awarded at the gala include the following:

• No. 4 — Dark Energy
• No. 5 — Sales Rabbit, Inc.
• No. 6 — H.M. Cole
• No. 7 — Cowboy Donuts
• No. 8 — AppRaptors
• No. 9 — Discovery Simulations
• No. 10 — Hampson Health
• No. 11 — Audaz BDC
• No. 12 — Dig it! Volleyball Club
• No. 16 — Saints Sports, LLC
• No. 19 — Splash Marketing
• No. 22 — Nature’s Fusions
• No. 23 — Utah Announcements
• No. 25 — Sabek Outerwear

Prior to applying, the entrants from BYU received mentoring through the Marriott School’s Rollins Center for Entrepreneurship and Technology. The mentors — faculty, alumni and other experienced entrepreneurs — used their real-life experience to help the contestants grow and scale their businesses.

“Our faculty and mentors start very early in the year teaching lean startup and business model canvas principles,” says Jeff Howlett, director of venture mentoring services at the Rollins Center. “Our focus on the importance of early customer validation, pivots and presentation preparation helps our students launch successful companies.”

Quinn, who expects to graduate later this year, says he can’t think of a better time than college to start a business.

“The education I’ve received at BYU has served as a catalyst to help FiberFix launch,” Quinn says. “My professors have proven to be the best mentors to help me navigate the complexities of scaling our business.”

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.