Campus News

Westminster MBA Students Win Best Written Business Plan and $5,000 at Utah Entrepreneur Challenge

Westminster team among top ten finalists at state competition

Contact Krista DeAngelis, (801) 832-2682
FOR IMMEDIATE RELEASE
April 15, 2011


SALT LAKE CITY – Therapeutic socks. That’s the idea that earned Westminster MBA students Jeff Bischoff and Nick Hanks the award of “Best Written Business Plan” and $5,000 for their company MASSOX at the Utah Entrepreneur Challenge (UEC) Awards Banquet on April 13, 2011. Bischoff and Hanks also took home the first place trophy for “Best Brand Identity” at the UEC.

MASSOX manufactures designer dress socks containing patent-pending therapeutic, acupressure massagers on the inside surface and are made with 95 percent bamboo fiber.

More than 130 teams from colleges and universities around the state competed in the UEC - a statewide, student-run entrepreneur competition. The field was narrowed down to a group of 30 teams, four of them from Westminster. After another round of cuts, just ten teams remained.

The winner of the UEC receives $40,000 to help start their business, and over $80,000 of cash and in-kind prizes are awarded to the runners-up. As one of the largest student entrepreneur cash prize competitions in the United States, the UEC has enjoyed much success throughout its history; jump starting the careers of many students.

A second team representing Westminster in the UEC was Wenxani, a non-profit organization that offers an online tool for tracking addiction recovery as a supplement to professional counseling. Led by Westminster MBA student, Eric Riddle, Wenxani took the “runner-up” spot for “Best Brand Identity.”

2011 UEC winners:

· Grand Prize- Event Espresso, University of Utah ($40,000 grand prize)

· Best Written Business Plan- MASSOX, Westminster College ($5,000 prize)

· Best Presentation- BlueCache, Utah State University

· Best Technology- Montius Medical, University of Utah

· Best Speed Pitch- BlueCache, Utah State University



About The Institute for New Enterprise:

The Institute for New Enterprise at Westminster College has established the Opportunity Quest business plan competition as one of its flagship programs to foster innovative ideas, and provide an experiential learning process to validate, plan and develop sustainable business models. The Institute for New Enterprise is housed under the Bill and Vieve Gore School of Business with its overall mission to help individuals create organizations that promote independence and self-sufficiency, and make significant contributions to our communities. For more information visit: www.westminstercollege.edu/ine

About Westminster:

Westminster is a nationally recognized, comprehensive liberal arts college. With a broad array of graduate and undergraduate programs, Westminster is distinguished by its unique environment for learning. Westminster prepares students for success through active and engaged learning, real world experiences and its vibrant campus community. Westminster’s unique location, adjacent to the Rocky Mountains and to the dynamic city of Salt Lake, further enriches the college experience. For more information, visit www.westminstercollege.edu or follow @WestminsterSLC on Twitter.