News

Montana University competitors face off over business ideas at 18th Annual John Ruffatto Business Plan Competition

Wearing matching green shirts, Mickey Ogg and Jesse Hinsworth presented and then defended their idea for a new golfing product at the 18th annual John Ruffatto Business Plan Competition http://www.business.umt.edu/made/programs/biz.asp , a statewide competition hosted by the University of Montana’s Business School.

By TYLER CHRISTENSEN of the Missoulian http://www.missoulian.com

Up against three other teams in the "wild-card" round, the two started with a 15-minute outline of their idea – basically, a high-end putting green that neatly folds up into a cabinet. They called it Hide-a-Green, and estimated it would sell to middle-class amateur golfers for about $6,000 per unit. But one judge wanted to know: what’s to prevent a foreign competitor from ripping off the idea and selling it, infomercial-style, at rock-bottom prices? Another questioned whether they had provided enough room on the platform for the putter to stand. A third wondered whether they had considered offering different styles of cabinetry.

The judges bombarded them with questions and suggestions for a full 10 minutes, then released them and moved on to the next team. "These questions are easy compared to the first round," Hinsworth commented as he watched the next team present their idea for an Internet-based service tailored to personal trainers. The 32 judges involved in the competition, he added, all boast distinguished business careers and have a wealth of experience on which to base their criticisms. "They give really good input," he said, "even though it’s brutal sometimes."

For the 15 teams selected to present during Thursday’s competition, that input is priceless, said Jeffrey Shay, a professor at UM’s business school and a lead organizer of the competition. He said that, after presenting in the morning rounds, each team is paired with a judge to coach them for the next leg.

The coaches provide immediate feedback and help their team hammer out solid answers to the questions they just faced – and are likely to face again. Indeed, the Hide-a-Green team revised some of their sales figures after meeting with Steve Andersen of Artisan Doors of Montana, Hinsworth said. His team was careful to point that out during their presentation. From the judges’ perspective, it was impressive to see the level of professionalism the students brought to this year’s competition, said Steve Grover, a business development manager at the Montana Community Development Corporation, who has also been a judge for three previous competitions. Grover regularly reads real-life business plans, and said the students’ were on a par with any of those. Jess Lohse, who was tapped to help sift through more than 30 entries as a member of the selection committee, marveled at the sheer variety of business plans in evidence. It was clear, he said, these students had no interest in turning out cookie-cutter business models.

Indeed, the plans cut across a number of industries, from technology and medicine to recreation. This year’s prize money, he added, is nothing to scoff at. Organizers have pushed to grow the prize pool each year, Shay said, and brought an unprecedented total of $35,000 to the latest competition.

"You can really tell the growth that’s happened in the past couple years with the competition based on the prize money," Lohse said. Two years ago, Lohse was part of a team that placed third in the competition and took home $1,000. Their idea, he explained, was to manufacture roof trusses for residential buildings and offer them wholesale. They split the prize money evenly and went their separate ways. "It was nice to have a paycheck right after graduation," he said. "It made the summer a little bit more bearable." Then, Lohse folded the feedback he received during the competition into a new business plan and prepared to launch the company for real.

Last August, he did so. His company now employs 10 workers at its main office in Stevensville, and hopes to add another five through the summer. It recently opened a small second office inside Boyce Lumber’s building in Missoula. It is looking to invest in new automated equipment – to the tune of $350,000. An estimated 40 businesses have been launched out of the business plan competition over the course of its 18 years, Shay said. For many of those former students, the advice they received from the judges was as important as the prize money, and they feel compelled to return to the school to offer their help with the competition and support the next generation of entrepreneurs. "What they’re really doing," Shay said, "is making another investment in the future."

Business plan awards /

High Growth Potential division: *

First place – HomeTown Pharmacy. Team: Jason Glidden and David Jurenko. Prize: $10,000. *

Second place – Genre and Mode. Team: Sarah and David Greenshields. Prize:$5,000. *

Third place – R-Tribes.com. Team: Minot Maser. Prize: $3,000.

Lifestyle division: *

First place – Uptown Market. Team: Jennifer Prigge and Leo Prigge. Prize: $5,000. *

Second place – Ataraxy Consulting. Team: Katherine Black, Sabrina Burton and Catherine Claro. Prize:$1,000

Undergraduate Business Plan Awards: *

First place – Genre and Mode. Team: Sarah and David Greenshields. Prize:$1,500. *

Second place – Modern Home Market. Team: Dustin Bretz and Andrew Paffhausen. Prize: $1,000. *

Third place – Cookie Creations. Team: Kelly Benhart and Patty Smith. Prize:$500.

Best MBA Business Plan: *

HomeTown Pharmacy. Team: Jason Glidden and David Jurenko. Prize:$1,500.

People’s Choice Award: * Genre and Mode. Team: Sarah and David Greenshields. Prize:$1,000. Brandon Speth Charisma,

Passion and Poise Award: * Sarah Greenshields, $1,000.

***

2007 John Ruffatto Business Plan Competition

The School of Business Administration at the University of Montana – Missoula hosted the 18th Annual John Ruffatto Business Plan Competition on May 10, 2007 and over 250 business professionals and community leaders were on hand to watch teams compete for more than $35,000 in prizes. This event showcases the entrepreneurial aspirations of students across the state. Over the eighteen year history of the event more than forty businesses have been started by the competitors who participated in this event. At least seven businesses from the last two years alone have been launched by competitors. One of these businesses, Rocky Mountain Truss Company, will post first year sales in excess of $1.5 million.

Full Story: http://www.business.umt.edu/made/programs/bizplan/2007winners.asp

Sorry, we couldn't find any posts. Please try a different search.

Leave a Comment

You must be logged in to post a comment.