Two student-run business competitions took place Thursday, June 11 at 7pm in the Joseph Fielding Smith building.
The first competition was the Student Entrepreneur of the Year Competition. This competition is held once every two years. Any BYU–I student who have started a business that has lasted at least six months can compete. The winner receives to $800. This year there were five competitors.
The second competition was the Spring Board Competition. This competition is held twice a year. The Spring Board Competition is for students who have a written a business plan that is not yet in action, or active businesses that are less than six months old. Students create a business plan and present it to the judges. The judges may award anywhere from $0 to $2,000 to the winner. The $2,000 may also be divided and awarded to select business gros. The Spring Board Competition consisted of four competitors.
The Student Entrepreneur of the Year Competition and the Spring Board Competition are two separate events with separate judges. The only connection is that they are both affiliated with the Entrepreneur Conference.
The judges for both competitions are business leaders selected from the Rexburg community. There are three judges for each competition.
Will Jenson, a professor of economics, has taught at BYU–I for two years and was asked to help out with the student business competition.
“One positive thing the students get from the business competition is the feedback from the judges,” Jenson says. “The judges are a mix of entrepreneurs, local economic personnel and small business loan officers. They give direct advice to the students.”
Business programs that are run at BYU–I are great hands-on learning models for students. Some even go beyond campus.
“In semesters past we’ve had a cole businesses; three or so that started here on campus and are now still in business in communities. Some work out, some don’t,” Jenson said.
The winners of both the Spring Board competition and the Student Entrepreneur of the Year competition will be announced at the reception after the Entrepreneur Conference Thursday, June 18 at 3:30pm in the Taylor Building room 170.