University of Montana Business School Announces John Ruffatto Business Plan Competition Winners

The University of Montana School of Business Administration and the Montana Academy of Distinguished Entrepreneurs (MADE) have announced the winners of the 24th Annual John Ruffatto Business Plan Competition, held May 16 in UM’s Gallagher Business Building.

Joseph McMahon, a UM business school undergrad and Washington state native, won the top award of $10,000 for his business plan for Magnet. Magnet is a mobile application that provides the millennial generation with a platform that makes spontaneous planning of activities involving friends simple and easy.

During the 14-hour competition, 13 student teams competed in the first round, with four teams moving on to the final round where they presented their business plans to a panel of 36 judges and an audience of close to 250. 22 student teams were originally nominated in April by faculty from higher education institutions across Montana for consideration in this event that is designed to encourage Montana students to develop their business ideas and learn about entrepreneurship from business experts. The event is judged and coached by venture capitalists, angel investors, bankers, successful entrepreneurs and corporate executives who donate their time and expertise before and during the competition.

Support from several sponsors and private donors funded the $29,000 prize purse and the students’ competition expenses. Details on the awards and winners follow.

First place – $10,000, UM, Joseph McMahon, Lake Forest Park, WA: Magnet. Magnet allows users to broadcast their availability to their friends, and view which of their friends are currently available, or will be available in the near future.

Second place -$5,000, UM, Carlos Rivera, Whitefish: Feastro. Feastro specializes in developing online and mobile solutions that bring restaurants and consumers together. Users can search, find and order food for delivery or carry-out online or from their web-enabled smartphones.

Third place -$2,000, MSU, Tim Reusch, Bozeman; Alex Crosby, Chicago, IL: Babylon Produce. Babylon Produce is a Montana-based hydroponic heirloom tomato producer providing competitive market prices with minimal environmental impact.

Fourth place -$1,000, UM, Gregory McDonnell, Lynnwood, WA; Jacob Dunn, Billings, MT; Heather Davidson, Sacramento, CA; Kyle Marshall, Coeur D’ Alene, ID; Joseph Wienke, Wolf Point, MT: WeHaula. WeHaula specializes in providing moving, storage and cleaning services to university students.

First place – Undergraduate Business Plan Award: $1,000, UM, Carlos Rivera, Whitefish, Feastro.

First place – Elevator Pitch (90-second team presentation): $1000; UM-MBA’s, Christina Henderson, Missoula; Aimee Roberts, Vancouver, WA: Zoo Bike and Brew. Zoo Bike and Brew offers rental of a 16-person party bike for two-hour tours downtown, giving locals and visitors a fun and eco-friendly way to experience our city’s popular craft brew culture. Given to the team with the highest audience score on their 90-second presentations.

The following special awards were given to teams or individuals based on specific criteria:
Brandon Speth Passion, Poise, and Charisma Award: $1000, MSU, Tim Reusch, Bozeman; Babylon Produce.

People’s Choice Award: $1000, MSU, Tim Reusch, Bozeman; Alex Crosby, Chicago, IL: Babylon Produce. Given to the team with the highest audience score on their presentation and executive summaries.

Environmental and Social Responsibility Award: $1000, MSU, Tim Reusch, Bozeman; Alex Crosby, Chicago, IL: Babylon Produce.

Most Dynamic and Scalable Award: $1000, UM, Joseph McMahon, Lake Forest Park, WA: Magnet. Recognizes the team with growth potential over the first five years of operation. Presented for the first time this year.

Most Innovative Plan Award: $1200, UM, MarkPaul Santos, Mohave Valley, AZ: Rescriptz Inc. Rescriptz is the Ebay of Pharmacy used to decrease inventory of slow turn-over products. Recognizes the team with the most potentially disruptive product, service or business model. Presented for the first time this year.

The Most Dynamic and Scalable Award and the Most Innovative Plan Award were both presented for the first time this year. Most Dynamic and Scalable award recognizes the team with growth potential over the first five years of operation and the Most Innovative Plan Award is presented to the team with the most potentially disruptive product, service or business model. This Award provided by the Hellgate Venture Network, a Missoula-based entrepreneurs network.

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MADE was founded by successful entrepreneurs with the goal of bringing their experience to students and the classroom. In addition to supporting the John Ruffatto Business Plan Competition held each spring at UM, MADE conducts an educational seminar series and also honors influential entrepreneurs who demonstrate a commitment to Montana with the Pioneer in Industry Award. For more information about MADE, go to: http://www.business.umt.edu/DegreesPrograms/MADE.aspx.

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UM’s School of Business Administration is accredited by the Association to Advance Collegiate Schools of Business International, the most rigorous accrediting body for business degree programs.

The school offers undergraduate programs in accounting, finance, international business, management, management information systems, and marketing; graduate programs in management and accounting; and certificate programs in entrepreneurship, entertainment management, and digital marketing. Experiential learning opportunities prepare students to address real world business problems and deliver value to their employers in today’s global economy. For more information, visit http://www.business.umt.edu.

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NOTE TO MEDIA: Photos of the students receiving the awards are available by contacting Larae Hackney at 406-243-4830 or [email protected].

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Contact: Larae Hackney, special program coordinator, UM School of Business Administration, 406-243-4830, [email protected].