Westminster College MBAs win state business award
Sugar House Journal
Dec. 17, 2009
by Sara Weikel
Westminster’s small size was no hindrance in this year’s Utah Student 25 business competition.
Utah Student 25 is a program that recognizes the state’s 25 best college student-owned and operated businesses each year, as well as the dedication required to take on school and entrepreneurship at the same time. Three Westminster business students were named to the list and were celebrated at the competition’s award ceremony at the Grand America Hotel, Nov. 5.
“It really says something about our business school and it really is an honor for us to have these students recognized,” said Westminster Assistant Communications Director Krista DeAngelis.
Ryan Kendrick and his company, Chocolot Artisan Confections, won 8th place in the competition’s rankings. Matt Carlson with Four Pillars Fitness placed 10th and William Hoster with H&H Medical Corporation placed 12th.
Since the students had already done the hard work of starting and running their businesses, the competition itself was fairly simple. The only starting requirements were that the founders had to have been students when their business was started; and they had to own at least 25 percent of the company.
Potential participants included all their businesses’ history and revenue, growth and profit information in their initial online applications. Auditors judging the competition were able to quickly establish which businesses belonged among the top 25. They then checked on the legitimacy of each business and set the rankings based on formulas using the numbers from the applications.
The biggest benefit of the competition to the students participating was the networking opportunities they received with other top business students, banks and venture capitalists, Carlson said.
“People now know who we are,” he said.
Utah Student 25 also helped Carlson and his co-founders secure a loan by giving their business legitimacy. They were able to throw the competition name around like a Fortune 500 company, he said.
Established in Bountiful in May 2006, Four Pillars Fitness provides a mixture of the services one would expect from a large fitness chain and a personal training center. Each customer receives a detailed analysis of their fitness and personalized help to gain the fitness they want.
Chocolot Artisan Confections is a family-owned company established in 2008 that makes unique handmade chocolates, toffee and popcorn using no perservatives. Chocolot sells primarily to Utah wholesalers.
“We worked really hard to make sure Chocolot was a success,” co-founder Ryan Kendrick said in a press release. “It’s great to be recognized along with 24 of the top student-founded businesses in the state.”
Also founded in 2008, William Hoster’s company H&H Medical Corporation provides “Simple ECG” monitors, hand-held machines that detect and assess irregular heart rhythms, to physicians and individuals.