John Lynn was surprised and delighted when he heard his name announced as the first-place winner in the graduate student division at the 2006 Donald W. Reynolds Governor's Cup Business Plan Competition, held on April 26 at Green Valley Ranch.
The statewide competition invited students from all Nevada colleges to create a business plan for a chance to win cash prizes.
Lynn was told that a team from the University of Nevada at Reno was very strong. When he heard the third- and second-place winners announced, he thought it was over for him.
"I thought I was going to get nothing. But then they called my name for first," he said.
Lynn won $20,000 for his online fundraising business concept called FantasyHigh. Patterned after March Madness-style betting games, the Web-based business would have parents and other fans of a given high school pay a fee to predict winners and scores in different sports. The participants could win prizes and the school would keep the money.
Lynn, who is working on a master's degree in information systems at UNLV while working full-time for the school, said he thought of the idea after playing similar fantasy sports games online.
"I would say ESPN was on for at least three fourths of the time I was writing this plan," the avid sports fan said.
He thought of how much influence an entire team of players could have on a community, getting them involved in a fantasy sports Web site, and how much money that could raise for schools.
Lynn said he learned quite a bit from his first business competition during his undergraduate years.
"I failed miserably, didn't even make the finals, but I learned a lot," Lynn said.
This time, he said he worked hard and asked for advice when he needed it.
Contestants are not required to create their product or program for the competition, not even a prototype. The contest is based on the quality of the business plan and how judges regard its potential to succeed. So there is no FantasyHigh -- yet.
Governor's Cup champions are not required to use their winnings to start their businesses either, but Lynn said at least some of the money will be used to continue developing his business.
David Kellen, a UNLV student who won second place in the undergraduate category, said he will spend part of his $10,000 prize on a trip to Europe he and his wife have been planning, but he, too, wants to continue to work on making his entry a real business.
Kellen wrote a business plan for Safe Ride Enterprise, which would manufacture a seat belt ignition lock that would prevent a driver from starting a vehicle unless the seat belt is fastened.
Kellen said he had the idea in the back of his mind for at least a year. Last semester, he took an entrepreneurship class with professor Janet Runge that motivated him to write the actual business plan.
Kellen said his idea was not inspired by any tragedy in his own life. But he did notice how bad he was about remembering to buckle up -- and he's always keeping his eye out for business concepts, he said.
"Owning my own business has always been a goal," Kellen said.
Contestants said they were surprised at how much they learned by creating their own detailed business plans, as opposed to simply learning about the process.
The Governor's Cup also was a great networking opportunity, Lynn said. He was able to find access to other investors as he competed.
UNLV students took home three of the top six spots in the competition. Teresa Hatch, also a UNLV student, placed second in the graduate category for her concept for Berkeley Sourcing Group, a business that would provide knowledge and resources necessary to help small businesses outsource the manufacturing of their products to China. Southern Nevada had strong representation in the contest. More than 30 of the 70 entries were from UNLV and CCSN.
This year represents the second Governor's Cup in Nevada. The statewide contest will rotate every year between Las Vegas and Reno.
Dave Archer, managing director of the Center for Entrepreneurship and Technology, the entity which organizes the event, said the program is designed to eventually become nationwide. There already are several similar programs in Arkansas and Oklahoma, he said.
Archer said he was impressed with the quality and professionalism of the entries.
"The only limit is a student's imagination," said Archer.
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