Two teams of Brigham Young University MBA students put their entrepreneurial businesses to the ultimate test as they competed against 38 of the world’s top-notch business plans during the 27th annual Global Moot Corp Competition, in Austin, Texas.
"The Moot Corp is the Super Bowl of business plan competitions,” said Jon Ward, a second-year MBA student from Logan, Utah, and member of team Xeromax Sciences. “The only way to receive an invitation is to win another prestigious competition. The fact that BYU had two teams involved is very significant. It means that BYU students have created two of the most impressive business plans in the country.”
The results of the four-day competition recognized both BYU teams — KT Tape as first runner-up in its division and Xeromax Sciences as outstanding product in its division. Novophage Therapeutics, from Harvard, Boston University and MIT, claimed the Global Champion prize. Teams from across the nation were joined by 17 international teams from Australia, Canada, China, Colombia, France, Germany, Great Britain, Norway and Thailand.
Reed Quinn, a second-year MBA student and member of KT Tape thinks the worldwide economy is fueling the entrepreneurial fire for many students.
“With the economic downturn, there are fewer jobs available, and I believe this is encouraging many more students to start entrepreneurial businesses,” said Quinn.
Moot Corp is an opportunity for students to present and refine business ideas. It was the first event of its kind and is considered the most prestigious. Patterned after moot court’s experience for law students, Moot Corp simulates the experience that entrepreneurs undergo when appealing to investors for funding.
Both BYU teams have found entrepreneurial competitions to be valuable learning experiences and have placed at other competitions across the nation. In the past year, KT Tape finished first at competitions hosted by San Diego State University, the University of Utah and the University of Oregon. Xeromax Sciences took second place at Wake Forest.
“The business plan competitions have been particularly beneficial to us not only because we won more than $150,000 but also because we have received a lot of good feedback and met a lot of good contacts,” Quinn said. “We refined our business plan and pitch after each competition. Our presentation was a lot more polished at Moot Corp than for any other competition.”
About the businesses:
KT Tape by Lumos Inc. is a brand of kinesiology therapeutic tape used for muscle pain relief, increased mobility and enhanced recovery. The company has made the tape easy to use and accessible to the public. It is officially endorsed by 2008 Olympic Gold Medalist Kerri Walsh who made kinesiology tape famous after wearing it on her shoulder during beach volleyball matches in Beijing. The KT Tape team is made up of second-year MBA students Reed Quinn, from Falmouth, Maine, and his cousin Michelle Quinn, from New Canaan, Conn. Web site: kttape.com.
Xeromax Sciences produces Hydrapel, a waterproofing solution for fibers and textiles that maintains breathability while offering durability. The technology was invented by Matthew Linford, a BYU chemistry professor, who is also an equity holder in the company. Xeromax Sciences has the exclusive rights to waterproof textiles, fabrics and zippers with Hydrapel. The team is made up of second-year MBA students Chris Bryant from Leesburg, Va., Jason Huntsman from Cedar City, Utah, and Jon Ward from Logan, Utah. Web site: hydrapel.com.
For this and other Marriott School news releases, visit the online newsroom at marriottschoool.byu.edu/news.
Writer: Christine Frandsen