More than 250 people gathered at the University of Montana School of Business Administration on Thursday night to see the team of Nels Pearson, Camila Hoff, Erica Nottingham of Billings, Montana win the $5,000 first prize in the 16^th Annual John Ruffatto Business Plan Competition.

The award completed a business plan competition that included judges from the Montana Academy of Distinguished Entrepreneurs (MADE) and executives from the national and international business community. Thirty-five plans were submitted for the competition and twelve were invited to compete in the semifinal round held earlier this morning.  The judges then narrowed the field to four teams that were selected to compete in the finalist round.

The winners developed a plan for providing an onsite financing alternative to independent automobile dealers attending auctions.  The service will address the critical need of onsite financing in the local market and the team has plans to expand across the state.

“Our entrepreneurship course, the MADE organization, and this competition really pushed us to make this a very viable plan.  We’ll get started on implementing the plan very soon,” said Pearson (pictured left).

Dr. Jeff Shay, Associate Professor of Entrepreneurship at UM’s business school, emphasized the commitment of The University to developing entrepreneurs.  “In Montana we have a wealth of ideas and opportunities for products and services.  What we don’t have is sufficient momentum to motivate our young entrepreneurs.  The changes we’re making in The University of Montana system represent a very positive move in the right direction. Just wait, within a few years, you’ll hear of many more of the businesses presented here tonight making a difference in our economy”. 

The 16^th Annual John Ruffatto Business Plan competition was judged by 14 successful entrepreneurs from across the country.  The judges specifically looked for plans that would serve regional, national, and international markets, have the ability to create significant shareholder value demonstrate unique competitive advantages.

The second place winner was Mazdog Archery.   The plan focused on a product (patent already pending) that makes it easier for children, adults, and the physically challenged to use compound bows, cameras, and other equipment in the field.  This product has multiple applications and its market is worldwide.  The founder already has plans to join the Montana World Trade Center’s trade mission to Europe later this year. Rory Minjares was awarded $2,500.

Third prize went to Summit Manufacturing.  The plan, developed by Jesse Lohse and Michael Barnes (pictured right), addressed the rapidly growing truss manufacturing market.  With high growth projected for Montana and the greater Northwest, this plan too has great potential.

This year the Ruffatto competition introduced the Charisma, Passion, and Poise award. The award was named in memory of Brandon Speth, a student who won the competition in 2001 with his plan for Air Montana and later successfully started the business and was beginning to gain significant traction in the market.  Unfortunately, tragedy struck last fall when Brandon passed away when the plane he was flying crashed in the mountains outside of Bozeman. Joel Robinson (pictured above) won this award for his presentation of Financial Transactions Group.

To enhance the educational outcomes of the event, this year the competition added judge/coaches.  These individuals watched student presentations in the morning sessions and then provided immediate feedback for each of the teams.  Student reaction to this feedback was extremely positive.  “To get feedback from someone of that caliber is truly amazing.  They were so interested in really helping us improve our plan and had so much to offer,” said Jesse Lohse.

“This is only the beginning,” said Shay after the event. “We’re already working on ways to improve the competition for next year.  Just wait…we’ll be even better a year from now”.

2005 Business plan awards

$5,000 First Place Award Great Northern Auto Finance. Offers financing to independent automobile dealers.	Erika Nottingham and Nels Pearson receive award from Dean Gianchetta
$2,500 Second Place Award Mazdog Archery. Develops archery and outdoor equipment.	Rory Minjares receives award from Dean Gianchetta
$1,000 Third Place Award Summit Manufacturing. Wholesale and retail manufacturer of roof trusses.	Michael Barnes and Jesse Lohse receive award from Dean Gianchetta
$500 Fourth Place Award BreakFAST Cookie – Balancing Health and Life. Makes and markets wholegrain nutritional treats.
$1,000 People’s Choice Award Mazdog Archery
$1,000 Brandon Speth Charisma, Passion, and Poise Award  Joel Robinson of Financial Transaction Group.

More about the business plan competition at http://www.missoulian.com/articles/2005/05/16/business/biz01.txt