UA WALTON COLLEGE STUDENTS TAKE TOP GOVERNOR’S ENTREPRENEURIAL DEVELOPMENT AWARDS THIRD YEAR IN A ROW

LITTLE ROCK, Ark. - Since the business plan competition's inception in 2001, students in the Sam M. Walton College of Business, University of Arkansas, have taken the top prizes in the Governor’s Awards for Entrepreneurial Development.

At this year’s awards luncheon, held at the Statehouse Convention Center in Little Rock on April 30, prizes were awarded two categories: graduate and undergraduate. In the 2003 graduate competition, Walton College students received the first place $20,000, second place $10,000 and third place $5,000 awards. Walton College undergraduates won the first place $20,000 and the second place $10,000 awards. Students from Harding University took the third place $5,000.

Governor Mike Huckabee opened the program by stressing that the entrepreneurial spirit is critical to the Arkansas’ economic development. KATV Channel 7 Chief Meteorologist Ned Perme announced the winners. Virgil L. Miller Jr., senior vice president, Metropolitan National Bank, and David H. Shindler, senior vice president, Pulaski Bank - both directors of The Arkansas Capital Corporation - assisted in the presentations. The keynote speaker was Howard Putnam, former CEO of Southwest and Braniff Airlines.

The business plan for WireCon, a technologically advanced manufacturing facility to solve inefficiencies in the HVAC and appliance industries, took the top graduate prize. The team included Walton College managerial (part-time) MBA students Philip Doss, BancorpSouth Inc.; Sam Austin, USA Truck Inc.; and Baykal Altiner, Rheem Air Conditioning - all of Fort Smith. Lance Sexton, director of the UA Small Business Development Center, was the faculty sponsor.

Second place graduate prize went to Logomotion Inc., a manufacturer of highly visible school mascot images for sports fans to mount on their cars or other places. MBA students Richard Hossley, Raymond Jordan, Guy Marrone, and Emily McClain - all of Fayetteville - created the business plan with faculty advisory Carol Reeves, associate professor of management.

FYM Consulting, LLG, a management consulting firm focused on helping international manufacturers market to Wal-Mart Stores, took third place for graduates. MBA students Jody Ayers, Fayetteville; Jordon Beard, Little Rock; and Martin Sutton, Fayetteville, created this business plan. Reeves was the faculty sponsor.

In the undergraduate competition, top place went to Horizon Building Systems, a company designed to meet the needs of Northwest Arkansas buildings by manufacturing pre-engineered building products. Team members included Josh Copher, a junior from Fort Smith; Aaron Lewis, a senior from Clarksville; Lamont Ngugen, a junior from Fayetteville; Joseph Rupe, a junior from Fort Smith; and James Travis, a junior from Ft. Smith. The faculty sponsor was Sexton.

Second place for undergraduates went to Pool Tek, a business that automates cleaning systems for pools. The team included Sarah Barnett, a senior from Siloam Springs; Mark Heiliger, a senior from Stillwater, Okla.; and Matt Francis, a senior engineering student from Broken Arrow, Okla. Renee Clay, coordinator of Cooperative Education and Internships in the College, was the sponsor.

Third place went to Digital Arkansas, created by students from Harding University. In addition, technology awards of $5,000, sponsored by SBC, were given to the Pool Tek team and to a team from the University of Arkansas at Little Rock.

Walton College Dean Doyle Z. Williams 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 these five teams and the business plans they have created. In addition, we want to congratulate our semi-finalist and finalist teams, as well as the 19 teams that initially represented the University of Arkansas in the competition."

The Arkansas Governor’s Awards are managed annually by the Capital Resource Corporation (CRC), an affiliate company of The Arkansas Capital Corporation Group, in association with the Arkansas Small Business Development Center, Arkansas Department of Economic Development, Arkansas Development Finance Authority, and the Arkansas Science and Technology Authority.

The Governor’s Award competition began with 82 teams from 15 four-year colleges and universities through out the state. The Walton College had five of the six finalist teams in the graduate competition. Each of these teams received $1,000. The College had four teams represented in the twelve undergraduate semi-finalists for which each team received $1,000 and three teams represented among the six finalists. In addition, the faculty advisor for each team received $1,000. The semi-finals and finals were held in Little Rock on April 25 and 26. In these rounds, the teams made presentations to a panel of judges of 42 top business people and entrepreneurs.

A total of $104,000 prizes were awarded in the competition, making it the fourth largest of its kind in the country.

In the 2002 competition, five Walton College graduate students took first and third place in the top business plans in the Governor’s Awards for Entrepreneurial Development, winning over $51,000 in prize money. A student from the University of Arkansas at Little Rock took second place.

In 2001, three Walton College students won first place for $30,000 and one student won second place for $20,000 in the competition for their business plans. In addition, five of the six 2001 finalist teams were Walton College and University of Arkansas students.

Sponsors of the 2003 event included the Winthrop Rockefeller Foundation, Acxiom Corporation, Metropolitan Bank, Stephens Inc., Arvest Bank, Ernst & Young, LLP and SBC.