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CrossGrips by Jayflex are the Swiss Army knife of exercise equipment. A compact multigym built for home and travel. Jayflex raised $178,583 from 1,505 backers on Kickstarter. Photo courtesy of Jayflex, cover photo by Jaren Wilkey (BYU Photo)
BYU ROLLINS CENTER 2018 A N N UA L R E P O RT EXECUTIVE DIRECTOR
Scott R. Petersen
ACADEMIC DIRECTOR
Stephen W. Liddle
ASSOCIATE DIRECTOR OPERATIONS
Jeffrey D. Brown
ASSOCIATE ACADEMIC DIRECTOR
Michael G. Hendron
PROJECT MANAGER
Meeshell Jewell
WRITERS
Janet Barton Michelle Kaiser M’Leah Manuele Mike Hendron Katelyn Stiles
EDITOR GRAPHIC DESIGNERS PRINTING
CONTACT THE CENTER
PHONE EMAIL ONLINE
Kellene Adams Anna Dansie Courtney Hurley BYU Print and Mail
Rollins Center 470 Tanner Building Brigham Young University Provo, UT 84602 801.422.7437 rollinscenter@byu.edu rollinscenter.byu.edu
THE ROLLINS CENTER ANNUAL REPORT IS PUBLISHED BY THE ROLLINS CENTER FOR ENTREPRENEURSHIP & TECHNOLOGY IN BRIGHAM YOUNG UNIVERSITY’S MARRIOTT SCHOOL OF BUSINESS IN PROVO, UTAH. COPYRIGHT 2018 BY BRIGHAM YOUNG UNIVERSITY. ALL RIGHTS RESERVED.
ANNUAL REPORT | 2018
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Contents
04 Building Entrepreneurs of Faith and Character
12 Women in Entrepreneurship
08 Unique Perspectives 2
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Alumni Spotlights Alumni Updates The Foundation of our Success
Director's Message
Photo by Sam Hart Rollins Center directors (left to right) Mike Hendron, Steve Liddle, Scott Petersen, and Jeff Brown.
Dear Friends, BYU’s well-documented and highly recognized entrepreneurship program has taught tens of thousands of students a proven pathway to starting successful enterprises. The result has been literally thousands of student startups, hundreds of wildly successful companies, and more than a dozen unicorns. Yet financial success is not enough. In a world of fading values and increasing division, the Rollins Center is dedicated to its vision: We lead in developing responsible entrepreneurs of faith and character. This has been a remarkable year of academic entrepreneurial learning and reaching new levels of excellence in our program execution, including experiential events, world-class competitions, and a significant uptick in team mentoring. Our summer Launchpad program rivaled Y Combinator or Techstars, and student enthusiasm was at fever pitch. Notwithstanding, our greatest achievement may have been inculcating faith, values, and character into the DNA of our program. It is for these traits we hope to be remembered. Many thanks to our incredible stakeholders, donors, mentors, and role models, without whom none of our success would be possible.
Sincerely, Scott Petersen
ANNUAL REPORT | 2018
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Building Entrepreneurs of Faith and Character by Janet Barton
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Photo by Jaren Wilkey (BYU Photo)
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ast year, BYU Marriott’s Rollins Center for Entrepreneurship & Technology adjusted its vision to read: we lead in developing responsible entrepreneurs of faith and character. After one year of implementing that vision, the results are evident. This change has impacted every aspect of the Rollins Center, including the mentors, the curriculum, and especially the students. “We do not exist primarily to help students become wealthy,” says executive director Scott Petersen. “We want students to become successful but not at the sacrifice of personal, moral, or family values and responsibility. We changed our vision statement for that very reason.” The leadership team at the Rollins Center approached the change wholeheartedly. “We looked at every class and every lecture in the major,” Petersen says. “It was front and center in our opening social and with every speaker in our summer Launchpad program. Every session relates back to faith and values first.” In addition to providing a perennial topranked program, the Rollins Center leadership wanted to be sure to instill in students a strong dedication to principles of faith and character, including humility, service, morality and ethics, and accountability and personal responsibility while developing the entrepreneurial and creative gifts they’ve been given. “We wanted to teach students they are never too busy to build up the kingdom of God,” Petersen says. “True success comes from finding that harmony where we’re able to be successful parents, spouses, and Church and community leaders.” A crucial part of implementing the Rollins Center’s vision has been the mentorship program. Through this program, students can arrange to meet with successful entrepreneur
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mentors in face-to-face meetings, as well as through video and other methods. Mentors are selected who exemplify the values-based approach to entrepreneurship, leadership, and business. “The goal of mentorship at the Rollins Center is to produce successful businesses run by people with values,” says Craig Earnshaw, entrepreneur-in-residence and mentor coordinator at the Rollins Center. “This is something that differentiates BYU from other schools: we care about values. We try to teach our students good business ethics along with business principles.” Earnshaw, a founder of a software company in 1978, has been teaching and mentoring at BYU since 2006. He enjoys helping students at any stage in the startup process. He says the mentorship program attracts individuals who want to help support the center so they can impart those values of service and giving back. “They are givers already,” Earnshaw says. “These businessmen and businesswomen are already successful, and they want to help others follow their path.” Jonathan DePeri, a mechanical engineering student, sought out the services offered by the Rollins Center to help with turning his product idea into a business. “The Rollins Center has been the key for providing all the mentorship I needed,” DePeri notes. “It’s great to learn the business side of things and to have help with progressing professional goals, but even more, I’ve appreciated the spiritual aspects of training and mentorship there.” DePeri started the company MyoStorm a few years ago with his friends Jake Kissel and Shaquille Walker. They created a vibration and heat therapy device used for muscular recovery in athletes. The product is expected to roll out later this year.
We wanted to teach students they are never too busy to build up the kingdom of God. —Scott Petersen
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Photo courtesy of MyoStorm Myostorm team members (left to right) Zarrius Walker, Shaquille Walker, and Jake Kissell.
DePeri says that because of the guidance they’ve received at the Rollins Center, their team keeps a scripture on the wall in their office: But before ye seek for riches, seek ye for the kingdom of God (Jacob 2:18). “All the mentors have been vigorous in teaching us that we need to make money for the right reasons—to give back, to serve, to bless other people’s lives,” DePeri says. “They were not only examples to follow professionally but also spiritually.” Laricia Morris, student director of the Rollins Center’s summer accelerator Founders LaunchPad, helps organize events, including workshops, trainings, and a speaker lecture series. She also helps with weekly progress meetings where students report on the previous two weeks and discuss obstacles they are facing and how they are overcoming those obstacles. This year, as part of the new vision for the center, students have been asked: “How have you kept harmony in your life, church calling, relationship with your family, and school?” That addition allowed students the opportunity to set goals to maintain harmony in all aspects of their lives. Morris says she’s seen real changes in students’ lives as a result of this addition. “For the students who set goals to keep their lives in harmony, I saw an increase
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in their commitment to those goals and an improvement in their spiritual lives from beginning to end of the Launchpad,” Morris says. One student influenced by this was Parker Gentry, founder of Skill Struck, a company that is described as a “piano class for coding.” Gentry and his wife were called as church service missionaries in the Provo Utah mission when he was busy growing his business. Their missionary service has been to teach English classes to immigrants and visit those immigrants in their homes, which is a significant time commitment. Gentry wanted to fulfill his calling but also continue to develop his business. During the check-ins as part of the Launchpad program, Gentry received
Photo courtesy of Skill Struck Skill Struck leadership team
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I’m trying to grow my company but also trying to grow as an individual and as a child of God. —Parker Gentry Photo courtesy of Skill Struck Students and their parents at a Skill Struck training.
motivation and guidance. “You wouldn’t assume that business school is a natural place to talk about balancing different aspects of your life, but it felt like a very natural place to talk about it,” Gentry says. “I’m trying to grow my company but also trying to grow as an individual and as a child of God.” Gentry says the examples set by the Launchpad speakers, and the tone of building faith and character have helped him more carefully consider priorities in his life. “I realized I needed to have an attitude to always be willing to learn,” Gentry says. “In business it can be easy to think you know everything, but you have to be willing to admit you don’t and there are people who can help you.” Petersen hopes that students can continue to develop faith and character by using the lessons they’ve learned through the Rollins Center well into their careers and future entrepreneurial endeavors. “To change things for the better, including us as individuals,” Petersen says. “That’s the real power of innovation.”
Photo by Nate Edwards (BYU Photo)
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Featured Founders
E By Michelle Kaiser
ntrepreneurs come from all backgrounds and belief systems. Rollins Center Founders represent nearly every industry imaginable, and each bring their unique perspectives about business and life. But they all have one thing in common—they are entrepreneurs of faith and character. Throughout their careers and lives, these Founders have faced ups and downs that have tried their faith and solidified their character. And now they use their unique viewpoints to help build the next generation of BYU entrepreneurs.
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Photo by Nate Edwards (BYU Photo)
Featured Founders
Erik Bleyl
Exercising Faith and Sharing Talents
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rik Bleyl caught the entrepreneurship bug when he started a lawn care business in high school. Instead of scooping ice cream or serving hamburgers after school like his friends, Bleyl saw how his work directly impacted his company. He was hooked by the freedom to set his own path. Entrepreneurship became a part of who he is. After graduating from BYU and getting a master’s degree in computer science from the University of Virginia to make his mom happy (an advanced degree was practically a requirement for the Bleyl family), Bleyl became a founding member of wireless data company LocusOne. The year was 1996, and most people didn’t have email, let alone wireless data. The company was a pioneer in the field as it extended mobile data to its clients’ field workers. It was during the founding of LocusOne that Bleyl learned a lesson that has stuck with him throughout his career. “If we commit and show our faith, the rewards follow,” Bleyl says. Bleyl chose to give up a lucrative consulting career and take a two-thirds pay cut to co-found LocusOne. It was a scary proposition as the father of a young family, but an opportunity that likely wouldn’t come again and a move Bleyl felt was right. When he sold the company four years later, Bleyl realized he had been extremely blessed for following his heart. He had put his life on a trajectory far greater than it would have been before taking the leap of faith. Now Bleyl is president and CEO of EnterBridge Technologies, a company he founded in 2002. He lives by his dad’s old saying:
if you can find something you’re passionate about, work will never be work. That guiding principle is something Bleyl hopes to instill in others. More important than money and prestige are family relationships and experiences with others. Bleyl has been a member of the Rollins Center’s Entrepreneur Founders Organization since 2010 and spends countless hours giving back to the community and mentoring students and entrepreneurs to pay forward the help he received early in his career. “Find opportunities where you can apply your talents and be of value,” he advises.
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Have a vision of where you want to go, and work hard so you can get there.
Photos courtesy of Bleyl family
—Erik Bleyl
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Featured Founders
Kristen Lamb Trusting in the Lord
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hroughout her career, Kristen Lamb has had two stalwart business partners: her husband, Rob, and her Heavenly Father. “There wasn’t a business decision we made that we didn’t take to the Lord,” she says. “As entrepreneurs, we don’t know where our business journey will end, but we trust the Lord and include Him in the beginning, middle, and detours of that journey.” Trusting in the Lord has led Kristen on an incredible entrepreneurial journey and put her in positions to help and serve others. Kristen and Rob became entrepreneurs when they had the opportunity to buy a custom deckbuilding company from Kristen’s brother. Although she was eight months pregnant and the company didn’t have any customers on the
books, Rob and Kristen both felt it was the right thing to do. Their baby was born the day after they officially bought the company, and within two weeks, the jobs started coming in and never stopped. They soon expanded the business to include hot tubs, fish tanks, and game tables. When they both felt it was time to exit the company, Kristen took the lead on the next venture: a business she ran out of their basement that helped homebuyers design new custom homes. While the husbands drank milkshakes and the kids played outside, Kristen worked with the wives to create their dream homes. “The Lord puts us in the right place to learn and to bless others,” Kristen says. “You may think you’re designing a home, but you’re really there to help and strengthen the people who come through the door.” After Rob passed away in a plane
Photos courtesy of Lamb family 10
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accident, Kristen all but retired. She eventually started creating statues for grief and loss as a labor of love, with no intention of turning it into a business. But word got out, and soon the orders were coming in for custom statues. It was the push she needed to move past her grief and start working again. Today, Kristen is back in the executive world as CEO of Ecovap, a wastewater disposal company that services the oil, mining, and remediation industries. However, her greatest love will always be her five kids and the humanitarian work they do together. She is involved in numerous community and global service organizations and also serves on the board of the Rollins Center’s Entrepreneur Founders Organization. “I’ve learned the Lord pays good dividends,” she says. “The unseen blessings of involving him in life and business are just as important as the blessings we can easily see.”
Featured Founders
Case Lawrence
Building Relationships in Difficult Times
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ase Lawrence’s career has been a roller coaster journey. The ups and downs have taught him the importance of having faith and focusing on what matters most: relationships. “Success comes and goes, but the bonds we build with our family and friends are what really stick around,” he says, noting that his family members were the ones who helped him through his hardest times. Lawrence calls himself the poster child of a commercial real estate developer during the recession of the late 2000s. When his projects got wiped out almost instantly, he was forced to re-evaluate. He spent two years finding ways to keep his family out of bankruptcy, despite having more than $20 million in commercial loans. He still considers it the greatest accomplishment of his career. In 2011, Lawrence and his sons were on a trip to San Francisco and stopped by one of the world’s first trampoline parks. Lawrence was hooked. He used that inspiration to create CircusTrix, which is now the largest developer, operator, and franchisor of trampoline parks in the world.
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Rebuilding from nearly rock bottom helped Lawrence realize where his priorities needed to be. Now he feels a responsibility to help others and take care of his more than three thousand employees. He appreciates the difficulty of building a business and is sensitive to people’s jobs and livelihoods. "I don’t measure the success of our business by number of locations or by EBITDA,” Lawrence says. “Instead, I consider how many families' livelihoods are tethered to our company. I consider that the most sacred aspect of CircusTrix." That success has come as Lawrence sticks to his values. When Lawrence launched his first CircusTrix location in California, it was an easy decision to stay closed on Sundays. After he had made the decision once, other locations followed with the same schedule as the company grew. The decision seemed suicidal on paper, especially in the consumer entertainment industry, which thrives on weekend customers. But Lawrence says it's an important part of the company’s history and didn’t hold back the company’s growth. Today, CircusTrix has more than three hundred locations and is the fastest-growing company in Utah.
Photo courtesy of CircusTrix One of CircusTrix’s many trampoline parks.
One of the perks of Case’s job is that he gets to involve his family. His kids regularly travel with him on work trips, test attractions, and review parks. Lawrence has integrated his family into his business so he can focus on the things he truly loves. And he continues to build relationships with his own family and in the community. Lawrence joined the Founders Organization last year and was recently appointed to the Founders board of directors.
Success comes and goes, but the bonds we build with our family and friends are what really stick around. —Case Lawrence
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THE MOVEMENT:
Women Entrepreneurs Making Presence Felt by Michelle Kaiser
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Photo courtesy of Emily Kelly Emily Kelly, co-founder of Mentionables
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n a world long dominated by men, women entrepreneurs are bringing insight, experience, and dedication to boardrooms and businesses in every industry. Women are seizing opportunities, creating companies, and experiencing success in growing numbers as they join the movement of women entrepreneurs. That movement is being seen at BYU Marriott and in the halls of the Tanner Building as more women than ever pursue business and entrepreneurship education and degrees. “Women have intangible attributes that showcase everything that’s important to entrepreneurship,” says Taunya Brown, Rollins Center events manager. “They were born to create and to be leaders and successful business owners.” Part of this growth is due to a concerted effort by BYU and the center, including a recent push to invite more women to speak, mentor students, and join advisory boards. These seasoned entrepreneurs are eager and willing to share their experience and knowledge with students. “Our goal is to inspire, empower, and support female entrepreneurs,” Brown says.
the desire to make it happen. It’s about helping them understand the opportunities available to them through entrepreneurship.” Women student entrepreneurs aren’t alone. They are part of a network of female BYU alumnae taking the business world by storm. These women are at varying stages of their careers, but regardless of where they are, they aim to lift each other. “There’s something empowering when other women see the good in your company and catch the vision,” says Emily Kelly, co-founder of Mentionables. “When other females support you and have your back, something bigger is created.” Kelly’s business is relatively young but has already shown what can happen with the unique touch of a woman founder. The 2013 marketing graduate co-founded the model-less lingerie company in early 2017 with 2018 MBA graduate Emily Smith. The goal was to create a new lingerie shopping experience that left women feeling inspired, beautiful, and empowered. Kelly’s experience at BYU Marriott helped her build connections and gain the skills
to run the growing business. Another contributor to the band of women entrepreneurs is Cydni Tetro, who has more than two decades of business and entrepreneurial experience she is eager to share with the rising generation. Tetro knows what it’s like to be the only woman in the room. She was one of just three women in her graduating class in computer science. Now she’s leading the charge to create more opportunities for women in technology. After earning her MBA from BYU Marriott in 1998, Tetro worked with companies ranging from Fortune 500 powerhouses to smaller startups. But her greatest work is the Women Tech Council, a group she founded eleven years ago that now has more than ten thousand members. “I saw a need to create and accelerate opportunities for women,” Tetro says. “Women are coming together to change an entire industry and make a difference in the future.” Tetro realized early in her career that she was able to bring a different perspective to business, not just because of her gender but because of her skill set and tenacity. She
now shares her experience as a woman in technology with the Women Tech Council and helps members make connections and develop skills to further their careers. The movement of women entrepreneurs is growing and succeeding not because of their gender but because they naturally have the
skills and grit to take on the challenges that come with entrepreneurship. Regardless of whether it’s their first semester in a business class or their thirtieth year in the boardroom, women are showing that the face and future of business and entrepreneurship is changing—and for the better.
Photo courtesy of Cydni Tetro Cydni Tetro, founder of Women Tech Council
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Alumni Spotlight
Chatbooks
By Michelle Kaiser
Building Connections and Making Memories
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Photos courtesy of Quigley family
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ou see them everywhere: on coffee tables, bookshelves, and mantels. Perhaps you even have a collection yourself. Since its founding in 2014, Chatbooks has become synonymous with high-quality, easy-to-make photo books. In the first eighteen months, Chatbooks sold more than 1.5 million photo books—and that number keeps growing. But for Chatbook’s founders Nate and Vanessa Quigley, it’s about more than just numbers. Their goal is to help customers make connections with the people they love, and it’s evident in their brand, company, and family culture. The Chatbooks concept is simple: instead of spending lots of time and money scrapbooking or putting together detailed photo books, customers can easily print pictures from their Instagram accounts or phone photos. It takes less than five minutes to put together a high-quality photo keepsake. The Chatbooks team is now more than one hundred people, but Nate and Vanessa make it a priority to maintain their startup mentality by working in small teams and maintaining constant communication with customers. That also includes reflecting customers’ needs within the company. Ninety-five percent of Chatbooks’ customers are women, and Nate and Vanessa realized early on the importance of having women on their team. Half of Chatbooks’ executive team and seventy-five percent of its employees are female. Flexibility and being family friendly are a huge part of Chatbooks’ culture. Family also comes first at the Quigley home. In the office, Vanessa is the “chatbooker in chief” and takes the lead on products and telling the company’s story, while Nate works on operations, sales, and finances (“the boring stuff,” he says). Nate and Vanessa aim for work-life integration and include their seven kids, ages ten to twenty-three, in their business activities. Just as the Quigleys focus on their family, they also want to help their customers connect with family and loved ones. Chatbooks recently rolled out holiday cards that customers can quickly personalize with photos straight from their phones. “We want to help people live happy, and we do that by helping them build connections,” Quigley says.
Alumni Spotlight
Divvy
Thinking Big and Changing the World By Michelle Kaiser
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igital business payment company Divvy is on a mission to do big things. “We want to think big and take on the world,” says Divvy co-founder and CRO Alex Bean. And he means that literally. Divvy’s goal is to get into every single business in the world—a daunting task, but one Bean and his team feel ready to handle. Divvy grew out of an idea from Bean and his cofounder Blake Murray (a University of Utah grad) in February 2016. What started as a digital credit line to easily share money with family members transformed into a digital, dynamic enterprise payment system for companies of all sizes. Divvy is a secure financial platform for businesses to manage payments and subscriptions and build strategic budgets. Like Venmo but for business, Divvy allows companies to easily send money, make payments, and track expenses in real time. Instead of old-school expense reports and wasteful spending, Divvy helps companies manage money securely and smartly. By August 2016, with a solid concept and a few deals under their belts, Bean and Murray quit their jobs to build their product and team. Divvy officially launched in January 2018 and is already gaining the attention of some of the biggest players in banking and fintech. Bean says some of his proudest moments have been sitting in meetings with senior executives from the world’s largest banks and seeing the looks on their faces as they realize Divvy’s power to innovate long-standing practices in their industry. He says it’s exhilarating and fun as people who have spent decades in banking see Divvy’s potential. Today, the Divvy team has 110 employees with plans of being one of the biggest startups to ever come out of Utah. “Building a startup is a roller coaster,” Bean says. “But if you trust your partners and your team, the challenges can be incredibly rewarding.”
(top to bottom) Blake Murray and Alex Bean
Photos courtesy of Blake Murray and Alex Bean ANNUAL REPORT | 2018
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PODIUM
Year Founded: 2014 Founders: Eric Rea, Dennis Steele The leading communication platform for businesses to interact with customers on a local level. Raised just under $100 million in funding to date, with $60 million raised in 2018 at a $430 million valuation. Nearly twenty thousand businesses drive over 4 million customer interactions per month.
DIVVY
Year Founded: 2016 Founders: Blake Murray, Alex Bean The world’s first free, fully automated platform that manages company payments and subscriptions, builds strategic budgets, and eliminates expense reports and wasteful spending. Raised $57 million in funding to date, with over $45 million raised in 2018. Tripled its valuation in less than three months.
OWLET BABY CARE
Year Founded: 2013 Founders: Kurt Workman, Zack Bomsta, Jordan Monroe, Jacob Colvin Proactive health monitoring products (and platform) that empower parents with the right information at the right time so they can experience more joy and less worry during the newborn phase. Raised over $50 million in funding to date, with $24 million raised in 2018. Estimated $36 million in 2018 revenue. Currently one of three finalists in the Extreme Tech Challenge, the world’s largest startup competition.
WEAVE
Year Founded: 2008 Founders: Brandon Rodman, Clint Berry A powerful, unique platform that improves scheduling, customer response, online reputation, team workflow, and revenue generation. Raised almost $40 million in funding to date. Services thousands of customers around the world. 16
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JIVE
Year Founded: 2006 Founders: John Pope, Mike Sharp, Matt Peterson, Andrew Skeen, Brent Thomson, Steve Todd An affordable, innovative, and secure Unified Communication (UC) solution for businesses around the world. Acquired for $357 million by LogMeIn in 2018. Twenty thousand customers around the world.
DEVMOUNTAIN
Year Founded: 2013 Founders: Cahlan Sharp, Tyler Richards, Colt Henrie The most accessible and impactful code school in the country that brings affordability to the highest quality, hands-on education in the software coding industry. Acquired for $20 million by Capella Education Company in 2016. Three corporate offices in Provo, Salt Lake City, and Dallas.
FIBERFIX
Year Founded: 2013 Founders: Spencer Quinn, Derek Rowley, Reed Quinn A leading provider of household and professional repair products, including the FiberFix Repair Wrap, Heat Wrap, Rigid Patch, and more. Acquired by J-B Weld in 2018. Products sold in over thirty thousand retail locations around the world, made a deal on Shark Tank.
VOLLEYMETRICS
Year Founded: 2014 Founders: Giuseppe Vinci, Austin Hayden An industry-leading platform that provides in-depth statistics, advanced visual reporting, and assisted breakdown services to elite college and professional volleyball teams. Acquired by Hudl in 2017. Provides advanced analytics to over three hundred and fifty collegiate teams and professional organizations. ANNUAL REPORT | 2018
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News
2018
STUDENT ENTREPRENEUR OF THE YEAR
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tudent Entrepreneur of the Year (SEOY) is an annual awards and recognition gala hosted by the Rollins Center and the Entrepreneurship Club. Student entrepreneurs apply to the competition, and finalists are chosen based on their company’s revenues, profits, and growth. The 2018 Student Entrepreneur of the Year was Sam Ballard for Ballard Dental Laboratories, his successful dental restoration company. Ballard also won the 2016 SEOY for his Hopetown Dental Lab venture, which he recently sold. Ballard is currently working on creating a digital scanner to help simplify the impression and implant process. “It is an overwhelming honor to be recognized by BYU and BYU Marriott in this capacity,” Ballard says.
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It’s not an easy task to go to school and build a business at the same time. SEOY gave student entrepreneurs a moment to look back and realize what we’ve accomplished. —Sam Ballard
Photo by Sam Hart Sam Ballard receives his Student Entrepreneur of the Year certificate from (left to right) Steve Liddle and Scott Petersen.
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News
Photo by Sam Hart BEASC Technologies takes first place at the 2018 International Business Model Competition.
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IBMC
he International Business Model Competition (IBMC), founded by BYU Marriott’s Rollins Center, is the first and largest lean startup competition in the world with over six thousand teams from almost six hundred schools in nearly thirty countries participating in affiliated competitions in 2018. The competition’s primary aims are to educate and inspire smarter entrepreneurs who can then launch ventures that are more successful. BEASC Technologies, made up of students from Northern Caribbean University in Mandeville, Jamaica, took home first place and $30,000. The company aims to solve agricultural challenges in developing countries. The team’s first project helps local farmers manage beet armyworm infestations through the use of technology. “I’ve been asked a lot how it felt to win the competition, and I still can’t explain the feeling, but I would say it’s sobering,” says Lancelot Riley, a BEASC Technologies co-founder. “After all the anxiety and excitement, the sleepless nights, the frustrations of failing, and the joys of validation, it’s a sobering feeling to know that our hard work has won us an international trophy.”
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INTERNATIONAL BUSINESS MODEL COMPETITION
ANNUAL REPORT | 2018
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by Mike Hendron
Of all the activities BYU Marriott’s Rollins Center supports, teaching is one of the most critical. With an offering of eighty different courses, our entrepreneurship classes served over six thousand, three hundred graduate and undergraduate students at BYU during the 2017–18 school year. This represents an amazing impact on the lives of students in almost every major on campus. Our core curriculum builds on lean startup principles, focusing on understanding customer pains, thoroughly validating ideas and solutions with low-cost experiments, and making intelligent pivots to find a path to success. These concepts provide the basis for idea generation and business model development. Classes covering these foundational topics are available to students in our major, as well as students across campus, including the Crocker Innovation Fellows program, which brings together engineering, computer science, and entrepreneurship students to develop and validate innovative new ideas. This training is supplemented by 20
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courses providing strategic skills to build and scale a business. Topics covered include financing new ventures, managing new ventures, entrepreneurial analytics, law, sales, and real estate entrepreneurship. Finally, these are augmented with courses teaching practical skills that can immediately impact the revenue and growth of businesses, including crowdfunding approaches, digital and social media marketing strategies, and many others. A great example of BYU’s innovation in entrepreneurship education is the Build class taught by Scott Petersen. “This new class addresses a weakness in university curriculums almost always overlooked in the lean startup approach,” says Petersen. “It teaches students how to build early infrastructure in startups—and in the right sequence—avoiding costly mistakes as a result. The results from those taking the
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course over the past couple of years have been exceptional.” These classes, taught by successful entrepreneurs with the latest expertise, are some of the best accelerators for student-launched businesses. Other curriculum innovations include expansion of project-based classes where teams can practice lean startup approaches with companies that already have traction and a deep understanding of a customer marketplace. Consistent with the BYU Marriott philosophy of Learn-Do-Become, this is a new component for entrepreneurship majors starting in 2018. It is just one more example of the effort to ensure our students have a deep, actionable understanding of skills as a foundation for their future success. Our world-class team of full-time, adjunct, and affiliate faculty are committed to ongoing innovation in the curriculum to keep BYU at the forefront of entrepreneurship education.
This new class addresses a weakness in university curriculums almost always overlooked in the lean startup approach. —Scott Petersen
Based on The Princeton Review 2019 Rankings
ANNUAL REPORT | 2018
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By Katelyn Stiles
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he lights were dim, music was playing, and food was offered to over eight hundred excited entrepreneurs on BYU campus at one of the largest entrepreneurial networking events in Utah. For the eighth year in a row, FUSION, sponsored by BYU Marriott’s Rollins Center for Entrepreneurship & Technology (CET), promoted freeflowing conversation between students and local entrepreneurs as they made connections at the October event. “FUSION has a cool vibe and amazing atmosphere meant to encourage people to connect in meaningful ways,” says Taunya Brown, CET program and events manager. FUSION is geared toward students and locals alike. The CET advertises the event around the community, and local entrepreneurs and investors register along with student entrepreneurs. This year the event took place in the Hinckley Alumni Center, where more than 470 students and 350 community members attended, while local organizations that support entrepreneurship were on hand as booth exhibitors. Previously known as The EVENT, the activity was rebranded and renamed earlier this year to better communicate its purpose. “Because FUSION is a networking event, and the purpose is to connect people, ‘FUSION’ denotes the process or result of joining things together,” Brown says. This fusion of students and community allows the CET to be a leader and connector in the local entrepreneurial ecosystem. “Students typically meet a few key contacts who can help them in the future, companies
they can work for, or investors they can contact once they’ve started their businesses,” Brown says. “Or maybe they find fellow students who can work with them on their ideas. Community members also find students who could be key players in their startups or find investors to help them take their businesses to the next level. The connections people make are the success stories.” One of the students who made connections at FUSION this year was Benjamin Bush, a first-year BYU Marriott MBA student from Portland, Oregon, who is developing a phone-case game controller. Not only did Bush talk to designers and investors who could help him, but he also talked with other entrepreneurs who he felt he could help. “There is value in interacting with individuals in the same place as me, trying to push through the difficult beginning stages,” Bush says. “It was fun to see others in the trenches, just knowing I’m not alone and that others are supporting me. I was also surprised that I could give back to them.” For students and locals looking forward to next year’s FUSION, Brown suggests preparing beforehand by identifying what they have to offer. To get the most out of the event, be ready to get to know people and understand what they do, she says. “The most rewarding part of this event is reaching beyond students to the community to help create connections,” says Brown. “And at the same time, it helps people recognize everything the Rollins Center does for BYU and for the community.”
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BYU ENTREPRENEUR FOUNDERS: The Foundation of Our Success by M’Leah Manuele Some skyscrapers are staggering. Some are simple. But regardless of how such structures appear on the outside, they stand because they started with a solid foundation. Prosperity may look different for each entrepreneur, but every accomplished business also stands on a solid foundation. Founders of the Rollins Center understand the need for such a support system, which is why they provide the tools, plans, and insights necessary for student entrepreneurs to build their own skyscrapers of success.
START WITH GOOD SOIL Foundations are essential, but they are only as good as the soil that surrounds them. Anything less than ideal ground will ultimately cause even the strongest structure to falter and fail.
In much the same way, a business must be built in fertile soil to succeed. Fertile soil for any business consists of the helpful people and resources around it. People especially make a difference. The Founders of the Rollins Center are a key ingredient in the soil that surrounds BYU student entrepreneurs. These individuals freely give of their time and talents to help students lay firm foundations for their businesses.
ALLOW TIME TO CURE A foundation—like success—doesn’t simply set overnight. Rather, it takes time and patience to cure.
Rollins Center Founders have had, collectively, thousands of hours of experience “curing” their own businesses, and they graciously share that experience with BYU’s student entrepreneurs. With the mentorship of Founders who have been through it all before, students can take on the unpredictability of company-building with added patience and perspective while leaning on alreadysettled foundations.
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BYU ROLLINS CENTER
Illustrations by Anna Dansie
ENSURE SUFFICIENT COMPACTING As a foundation is laid, it must be compacted and pressed until the density is exact and the base is strong.
Entrepreneurs must also withstand immense pressure to build a lucrative business, and nobody understands those stresses better than those who have been through it before. “In the entrepreneurial arena, there are so many areas where things can go wrong,” says Scott Petersen, executive director of the Rollins Center. “That’s why our mentors are so important.”
Petersen believes startup ventures are rarely prosperous without such mentorship. Founders— having been tried, challenged, pressured and compacted—offer strength and solutions that fresh entrepreneurs yearn to discover. After all, these Founders know how to navigate the climate and challenges that come with uncharted entrepreneurial terrain.
SEAL AND BEGIN TO BUILD Once the foundation is set, it is ready to be sealed. The sealant not only keeps moisture and irritants out, but also readies the base to take on its role of supporting a structure.
Once students’ ventures are set in the right soil, have time to cure, and are ready to withstand the stresses that come with startups, they’re ready to seal and build. Founders play an integral part in each component of that construction. As each new business rises and develops, Founders and mentors remain invaluable—truly making it possible for student entrepreneurs to reach the pinnacle of their success. Thanks to the Rollins Center Entrepreneur Founders for helping so many BYU student teams build companies on firm foundations.
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BY THE
NUMBERS
140
Number of Founders (Donors) The mission of the Founders is to support the Rollins Center for Entrepreneurship & Technology in teaching and mentoring students; to provide research opportunities and funding for the center’s activities; and to guide students to learn, earn, and return.
182
Number of Mentors Mentors are entrepreneurs who have been successful in a venture for several years or have experience launching new ventures within an organization.
6,354
Number of Students Enrolled in Classes in 2017–18 Our world-class curriculum is designed to guide students through the process of starting new ventures from idea to launch. The curriculum is focused on lean startup principles, business model validation, and customer development.
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$627,345 Amount of Money Awarded to Students in 2017–18 Every year the BYU Rollins Center sponsors awards money to students who participate in competitions and apply for grants and scholarships. Students use this money to work on, validate, and ultimately launch their business ideas.
6,025
Number of Teams Participating in the IBMC in 2017–18 The International Business Model Competition (IBMC), founded by BYU Marriott’s Rollins Center, is the first and largest lean startup competition in the world. The competition’s primary aims are to educate and inspire smarter entrepreneurs who launch ventures that are more successful.
612
Number of Companies Started by BYU Alumni in the Last Five Years BYU is prolific for the number of students who start businesses during or after their time on campus. All of Utah’s Unicorns (privately held startup companies valued at over $1 billion) have at least one—if not more—BYU founders. Illustrations by Courtney Hurley ANNUAL REPORT | 2018
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F U LL- & PART-TIME STAFF Scott Petersen Steve Liddle Jeff Brown Mike Hendron Taunya Brown Maddie Hunt Meeshell Jewell Alison Bawden
Executive Director Academic Director Associate Director, Operations Associate Academic Director Program & Events Manager Office Manager Marketing & PR Manager Financial Manager
STUDENT STAFF Anna Dansie Anna Ferrell Bridger Pennington Courtney Hurley Elena Richardson Arana Elizabeth Elieson Enoch Lui Hadley Gordon Jacob Metcalf Josh Horne Kenidee Peterson Laricia Morris Mckay Gordon Morgen Glessing Nate Knudsen Preston Walston Sam Erickson Sam Hart
Graphic Designer Marketing Assistant Lecture Series TA (general) Graphic Designer Production Manager Multimedia Specialist (special projects) Social Media & Advertising Manager Assistant Office Manager Front Desk Specialist Student Adviser Front Desk Specialist Founder Liaison & ENT 101 TA Front Desk Specialist Student Adviser Student Adviser, Mentoring Coordinator Team Tracking Manager, I-Corps Coordinator Lecture Series TA (technology) Multimedia Specialist, Photographer Financial Assistant Data Analyst ENT 101 TA Student Adviser, Web Developer Events Assistant
D O N O R O R G A N I Z AT I O N BOA R D Scott Petersen Bryan Welton Case Lawrence Corbin Church Craig Earnshaw Dave Royce Derrin Hill James Clarke Jeff Burningham Jeff Danley Jeremy Andrus Kristen Lamb Mike Morgan Mike Sharp Nick Greer Ron Mika Scott Moscrip Susan Petersen
ACA D E MI C FAC U LT Y Aaron Hawkins Aaron Miller
Brian Reschke Bryan Howell Chad Carlos Chia-Chi Teng Chris Mattson Curt Anderson David Busath Derek Hansen PROFE SSIONAL FACULTY Frank Christianson Gary Rhoads Alan Boardman BD Medical Geoff Wright Brigham Dallas Dallas Media Gibb Dyer Corbin Church Church Properties Gordon Smith Craig Earnshaw LifeLink Corporation Jason Weaver Gary Williams Sterling Wentworth Corp. SunGard Jeff Dyer Gavin Christensen Kickstart Seed Fund Jeff Humpherys Kim Scoville Silvermark Services Jeff Jenkins Mike Hendron Arcwise Consulting John Salmon Ralph Little Little & Company Ken Rodham Rob Cornilles Game Face, Inc. Marc Hansen Scott Johnson Motivosity Mark Keith Scott Petersen Omadi Nile Hatch Sid Krommenhoek Peak Ventures Rick West Taylor Halverson Creativity, Innovation & Design Group Steve Liddle Todd Manwaring Unitus Taylor Nadauld Tom Peterson Trammell Crow Company Sam Larson Spencer Allgaier Stephen Jarman Tyler Jones Victoria Greenwood
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Chairman Member - Marketing & Branding Member Member - Conferences & Retreats Member - Mentoring Member Member - Mentoring Member - Fundraising Member - Fundraising Member - Donor Relations Member - Donor Relations Member - Women in Entrepreneurship Member - Conferences & Retreats Member - Founder Relations Member - Conferences & Retreats Member - Program Member - Conferences & Retreats Member - Women in Entrepreneurship
Electrical Engineering Public Management/ Social Entrepreneurship Entrepreneurship Industrial Design Entrepreneurship Technology Mechanical Engineering Law Physiology & Developmental Biology Information Technology English Marketing Technology & Engineering Strategy Law Manufacturing Engineering Strategy Mathematics Information Systems Mechanical Engineering Computer Science Physiology & Developmental Biology Information Systems Entrepreneurship Instructional Psychology & Technology Information Systems Finance
SKILL STRUCK
Skill Struck is helping parents “turn screen time into skill time” with its online one-on-one coding classes for kids and youth ten years and older.
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Photos courtesy of Skill Struck
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