After what felt like the most difficult semester of their lives, the six members of Key Free Security can walk away with a sense of accomplishment, a prestigious award and most notably, $6,000.
This team of six business majors won the sixth annual COB 300 Business Plan Competition. Sponsored by JMU’s College of Business and the Executive Advisory Council, the competition provides an opportunity to win more than $25,000 in scholarships between each of the top five teams. Nearly 150 possible teams, from over three semesters, can be nominated or submit their own proposals for review.
“The head judge stalled for what seemed like forever before he announced the second place team and I looked around dazed and confused to my parents who were in attendance,” junior Amanda Halbert said.
This meant that without having to hear it, the remaining team knew they were the winners.
Key Free Security took first place winning $6,000 as a team, meaning $1,000 each. The students presented a business plan involving the sale and installation of biometric fingerprint locks for doorways in the Detroit area. Team members include juniors Shannon Cavanaugh, Amanda Halbert, Lindsay Sayre, Heather Smith, Andrew Stearns and Emily Volvo.
“People could see the value we could create for the customer,” Sayre said. “One [venture capitalist] even said he’d buy it.”
Originally the team was going to market the locks to universities and dorm buildings, but changed its focus to homes and apartments. According to Sayre, they felt the Detroit area was a good place to focus on considering its reputation as a dangerous city.
“What made [the project] special was because they would install it as well as [having] a 24-hour hotline,” Sayre said.
The factor that helped Key Free Security succeed the most was its ability and willingness to work as a team.
“I have to honestly say that I was worried about being put in a team of people I didn’t know originally, but I can tell you I was truly blessed with the group,” Halbert said.
Members are randomly selected to a group and forced to coordinate schedules and juggle opposing personalities over an entire semester. Being able to allocate jobs and compromise problems can be challenging.
Each team member had the opportunity to nominate an MVP, who received extra scholarship money. According to Sayre, their coach, who helps evaluate their progress over the semester, was impressed that her team unanimously voted her for the position. “They all were like my name all at one time,” Sayre said.
It wasn’t enough to simply know their business plan extremely well. Being organized and focused on the final product was just as significant.
“I don’t think it was so much the idea,” Cavanaugh said. “I think it was how we presented it and how we sold our idea.”
Ironically, Cavanaugh admits the team received a “C” on one of the stages in their project, but says that as a result “motivation was really high.”
JMU COB alumni and business executives share the role of evaluating the teams’ presentations and even form a relationship with participants afterward to aid in job searches and references.
“I can say they really impressed me. We can vouch for them,” said Don Rainey, EAC member and competition coordinator.
Rainey helped to set up the program, after experimental competitions were run in 1999 by organizing with other Executive Advisory Council members for both promotion and financial support. Scholarship money varies each year depending on donations received, but according to Rainey many people have asserted that they will continue to support the competition financially as long as it exists.
“They believe in the students and the faculty and they believe in what they’re doing,” Rainey said.
