This is the follow-up to the Speed Pitch competition that Brad won in November. Keep in mind when you read the article at the end of this post, that Brad's business idea was first called Token Text (mentioned in the speed pitch post) , but because ideas are always evolving it is now called Kalood. This competition was on Monday, January 24, in Provo, Utah.
Each team had 10 minutes to present their business model to the judges. These are some of the businesses that Brad has signed up so far.
He did a great job on his presentation! So comfortable on his feet, unlike his mom.
Pam and Orlan, Mark's sister and his brother, came to the competition and Laurel zipped down from Taylorsville after teaching to join us. Of course Michelle was there, but Neal stayed home so he wouldn't miss any school.
Professor Nathan Furr and Steve Blank with Brad. They were two of the three judges.
Before announcing the winners, there was an audience participation vote. Each team had their own text number so you could text for your favorite, just like American Idol or Dancing with the Stars. It was pretty cool. Brad won with 40% of the votes and won a whopping $1000. Brad might not have won first place in the competition, but his idea was the favorite in the people's choice.
Brad told me that the day after the competition, students in Professor Furr's class "had a word with their teacher" and a heated discussion followed with the teacher defending his decision. We all look at the "good idea" end of it, and the judges were judging him on his model. We all think Brad is the big winner here and he really does have a great idea and I will post it on Wednesday.
International Business Model Competition Focuses on Progress
By Stacey Wallace - Sun, 01/23/2011 - 22:15
A new competition has hit BYU, one focusing not only on end results, but the change occurring along the way.
Today BYU hosts its first international Business Model Competition at the Varsity Theater.
Business models have a different function than the more familiar business plan, according to Jeff Brown, the assistant director in the Rollins Center for Entrepreneurship and Technology.
“A business plan is putting on paper what your business is all about. Your business model is basically how you are going to make money. It’s how you’re going to interact with your customers and your suppliers; it’s kind of your secret sauce,” Brown said. “No business plan is complete without first having a business model.”
Although most competitions feature finished products, today’s targets evolution within the business models, said Todd Kirk, a senior from Beaumont, Texas, and the student director over the Business Model Competition.
“There’s never really a point where you arrive with a business model,” Kirk said. “It’s something that is always changing and they want to see that you are continually progressing.”
Entrepreneur Steve Blank heads a panel of judges who will evaluate each team’s creativity and awareness of customer needs, according to the Marriott School news release.
More than 45 teams entered the Business Model Competition, according to a Marriott School news release, of which four teams are the finalists competing today.
The finalists are Gamegnat, from American University in Washington, D.C., and Kalood, MealDrop and TextWaiter from BYU.
Judges will award the winning team $15,000 cash and $10,000 in-kind services. Audience members can be part of the action and enter a raffle to win a 42-inch HDTV.
We didn't win the TV, the hat, the jacket, the headphones or the ipod Nano. Laurel was close though. It was a very quick trip to Utah, but so worth it.