Inaugural Miller New Venture Challenge Announces 2013 Winners

PROVO, Utah – Apr 22, 2013 – One of the biggest, university-wide business plan competitions in the nation brought Brigham Young University teams’ aspirations closer to reality on the final event on April 5.

Sponsored by the Rollins Center for Entrepreneurship and Technology, the inaugural Miller New Venture Challenge provided winning students with cash to kick start their ventures and a summer immersion program to keep the momentum going.

Named for entrepreneurs Larry and Gail Miller, the competition replaced BYU’s business plan competition, adding a fresh format and more prizes.

“The Miller New Venture Challenge launches businesses in a way few other universities do,” says John Hyde, a second-year MBA from Fallon, Nevada, and student director of the competition. “The Miller’s generous endowment makes it possible for us to provide more money to more businesses. It really sets us apart.”

With 50 entries from BYU students, the competition included two rounds of judging by several panels of experts before being narrowed to the final eight who walked away with a combined total of more than $140,000 in prize money and access to a summer Launchpad program worth up to $50,000.

The winners include: FiberFix, which produces a tape-like adhesive that hardens to fix broken household items; GearHead, which manufacturers a device that tracks mileage and other performance metrics in vehicles and alerts car owners about service needs; Intuiplan, a software service that automates paper processes and tracks employee performance; Medlock, which manufacturers combination locks for prescription pill bottles; Ori, which makes flat-folding plastic containers; Owlet Baby Monitors, which produces a baby monitor that track of a baby’s pulse and breathing; Sales Rabbit, which offers management software for door-to-door sales companies; and Shot Coach, which sells a Wii-like wristband and backboard device to tracks basketball player’s shots.

“From year to year the students in these competitions continue to improve,” says Barry Smith, CEO of Magellan Health Services and chair of the Rollins Center’s founders organization. “The high level of performance speaks to the excellence of the students and the BYU experience. The competitive environment allows students to achieve more because of the high standard. It’s phenomenal.”

Winners were chosen based on three factors: the team’s understanding of the market, proof that customers are interested in the business or product, and a clear roadmap for growing their company.

All eight winners were presented with a $15,000 cash award during the final event on Friday. In addition, Owlet Baby Monitors was awarded the $5,000 Global Management Award, a $5,000 award for being voted the crowd favorite and the $5,000 first-place Investors’ Choice Award.

Team FiberFix walked away with the $5,000 Founders Choice award in addition to $2,500 for being awarded the second-place Investors Choice Award. Sales Rabbit took the $1,000 third place Investors Choice Award.

“Participating in this competition was valuable for our company,” says Jordan Monroe, a senior studying management from Burley, Idaho, and member of the Owlet Baby Monitors’ team. “In addition to the benefits of the cash prize, the feedback from the judges was really helpful, and the buzz generated from the competition is giving us a lot of recognition. It’s exciting.”

Founded in 1993, the Business Plan Competition is sponsored by the Rollins Center for Entrepreneurship and Technology. In 2012 the competition was endowed by the Larry and Gail Miller family and the name was changed to the Miller New Venture Challenge. The annual event, open to BYU students of all majors, is run by a leadership team of MBA students and a faculty adviser, and is also recognized as one of the top-tier venture competitions in the nation in terms of prizes and participation. Winners from past BYU competitions include 1-800-CONTACTS, Property Solutions, Alianza, KT Tape, Calle and Scan.

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.