The U has a student club that judges, critiques and teaches students how to create their own start-up businesses.
Foundry Utah is a student business review forum that is designed to accelerate business ideas. The group is student-based, but directed by Russell McBride, a post-doctoral fellow. The atmosphere at Foundry Utah is comparable to a business design think-tank and support group, where business ideas can be brainstormed and tested among a group of peers.
Thad Kelling, from marketing and public relations at the Lassonde Entrepreneur Institute, said Foundry Utah is also a great place for students to network and collaborate.
Foundry Utah does not require students to be business majors. Kelling said it is a place where students can go to start a business without changing their major.
Scott Paul, a former MBA student at the U, began his company, ArmorActive, while participating in Foundry Utah. Paul created a metal case called the Full Metal Jacket meant to secure iPads in public spaces such as stores. According to an article released by the U’s Technology Venture Development, in his first year of business Paul grossed $700,000 in sales. In his second year, ArmorActive grossed $3.3 million.
Paul said his company is bringing in $5 million to $6 million this year. He said he is thankful for the time he spent working and networking within Foundry Utah because it is a great place for students to fine-tune their business ideas.
ArmorActive is not the only successful start-up to emerge from Foundry Utah. Another student company is Power Practical, managed and created by David Toledo. Toledo developed and launched a cooking pot that generates electricity for charging phones or mp3 players while cooking. After peer reviewing, networking and launching his business model from Foundry Utah, Toledo’s power-generating stove was awarded several hundred-thousand dollars in start-up grants, said Kelling, and within his first year of business he had received over 1,000 orders. Toledo sells his stove all over the world, including major retailers such as REI.
Toledo, a U graduate who received a degree in material science engineering, said Foundry Utah is an extremely useful resource and he recommends it or programs like it to any student interested in entrepreneurship. He analogized the program as “entrepreneur anonymous,” in which entrepreneurs can attend and talk-out the problems they are experiencing with their projects and collaborate on solutions.