LITTLE ROCK, Ark. — Students in the Sam M. Walton College of Business at the University of Arkansas were rewarded for their innovative business plans for a biofuel business, a pharmaceutical brokerage business and a sustainable produce-packaging company.

Competitors in the Donald W. Reynolds Governor’s Cup, Walton College students in the graduate program took the first-place $20,000 and second-place $10,000 awards. The first-place team also won the $5,000 graduate Acxiom Graduate Innovation Award.

In addition, Walton College students took third place in undergraduate competition with a $5,000 award. Awards were announced at a luncheon held April 19 at the Statehouse Convention Center in Little Rock.

Walton College Dean Dan Worrell said: “One of our primary objectives is to help students learn how to put classroom learning into practice in the real world. We are very proud of the winners and the work they put into creating these exciting business plans.”

Carol Reeves, a Walton College associate professor of management and holder of the Cecil and Gwen Cupp Applied Professorship in Entrepreneurship, sponsored both winning graduate teams. Mark Zweig, Walton College entrepreneurship instructor, sponsored the undergraduate team.

The Governor’s Cup business plan competition, now in its seventh year, is designed to encourage students of Arkansas’ universities and colleges to act upon their ideas and talents to produce tomorrow’s businesses. A total of $104,000 was awarded in this year’s competition. Fifty-eight student teams from 13 Arkansas colleges and universities entered the competition in February. Six undergraduate and six graduate teams competed in the finals.

The event was moderated by William E. “Bill” Clark, chairman and chief executive officer of CDI Contractors. William B. Harrison Jr., former chairman and CEO of JPMorgan Chase, delivered the keynote address and assisted Clark in announcing the winners. Gov. Mike Beebe and Virgil L. Miller Jr., senior vice president of Metropolitan National Bank and president of Arkansas Capital Corp., also congratulated the winners.

The first-place graduate team, GuardINFresh, also won the Acxiom Graduate Innovation Award. GuardINFresh team is working with a local technology firm to develop innovative packing solutions containing nanoparticles for the fresh produce industry. Their products will extend shelf life, reduce spoilage and bring sustainable practices to the industry. Team members include Shantan Persaru, Paul McDowell, Keith Smithpeters and Seth Claus.

The second-place graduate team, Compello Rx, proposed a business that would be a value-added compounded pharmaceutical broker. CompelloRx would allow hospital pharmacies to overcome regulatory hurdles, staffing shortages and services as a single-source solution for all of their outsourced pharmaceutical needs. Team members include Kevin Sedlacek, Nick Belton, Elliott Chester and Adam Cogburn.

The third-place team was Dynamic Airport Systems, proposed by a team from the University of Arkansas at Little Rock.

The Walton College third-place undergraduate winner was New Horizons Biofuels. The business would focus on the sale of biodiesel and the advancement of research for alternative fuels. The company would seek to prove that sustainable businesses can be both economically and ecologically sensible.  Team members include Austin Bray, Cody Bleich, Jessica Bridges, Andy Cloud, and Stephen Parr. Teams from John Brown University took the first and second place.

During the previous four years, Walton College graduate teams have swept the top honors at the competition.

Reeves added: “These business plan competitions do a lot to promote entrepreneurship here in Arkansas. This win will be so motivating to our incoming graduate classes. The Walton College is developing many programs to encourage more entrepreneurial thinking among our students.”