Frequently Asked Questions

The Utah Student 25 recognizes the most dynamic student businesses in Utah. Making the Utah Student 25 distinguishes your business from the rest of the pack. You will gain access to an exclusive community of other fast-growing businesses as well as be invited to attend the exclusive Utah Student 25 Awards Gala on Thursday, November 5th at the Grand America Hotel in Salt Lake City, UT. All of the 25 businesses will be profiled in Utah CEO Magazine and Siliconslopes.com, get covered in local and national media, and will receive attention and recognition from customers, partners, and investors. The top business will have a billboard along I-15 with their name and picture as the winner of the Utah Student 25.

The Utah Student 25 is an awards program that recognizes top student-founded businesses in the state of Utah. The goal of the Utah Student 25 is to encourage growth and entrepreneurial activities in the state. We help student entrepreneurs get the recognition they need to thrive, as well as provide them with resources to contribute to Utah’s economy and their communities. We create synergy between student business owners and Utah’s renowned entrepreneurial community.

BYU, LDS Business College, Salt Lake Community College, University of Utah, Utah State University, Utah Valley University, Weber State, and Westminster College. You can still apply if your college/university is not listed as long as it is an accredited institution of higher education in the state of Utah.

No, but the Utah Student 25 will take into account profitability.

All student entrepreneurs are encouraged to submit their for-profit businesses. However, the organizers of the Utah Student 25 reserve the right to reject any business for any reason.

As long as you and it meet all the eligibility criteria, businesses started in high school are fine.

If you started your business as a sole proprietorship then the date you opened a bank account under the entity’s name constitutes its founding date. If your business was organized under any other business entity (e.g. - partnership, LLP, LLC, Corp, etc.) then the date that the state accepted your organizing documents would constitute the founding date.

To be eligible for the Utah Student 25, you and your business must be able to answer yes to the following questions:

1. Did you graduate in 2009 or are you and any other student co-founders currently full-time, undergraduate or graduate students at a college/university in Utah?
2. Were you and any other student co-founders enrolled at either a (1) high school anywhere or (2) college/university in Utah when the business was founded?
3. Did you and any other student co-founders play a major role in conceiving the business, hold a current management role and own collectively at least 25% of the equity of the business?
4. Is your business for-profit, headquartered in Utah and no more than five (5) years old?
5. Was your business founded on or before December 31, 2008?

For a more comprehensive list of the eligibility criteria click here.

If you are part of a student-founded business, we strongly urge you to apply.

The Utah Student 25 rankings are based on a formula that weights the growth rate of the revenue and profits of each business. The administration of the ranking is overseen by Grant Thornton LLC, the official accounting firm sponsor of the Utah Student 25.

Having accurate financial statements will help the process and ensure that your application is accepted in a timely manner.

No. Franchisors should only report the fees that come to the parent business, plus total sales from any stores owned by the parent business.
Generally speaking, businesses should submit the figures that total to the number they enter in box 1c of their corporate income tax forms, and the figures should conform to Generally Accepted Accounting Principles.

No. You should only submit the fees and/or commissions that came to your business as revenue.

No. The Utah Student 25 requires that all sales and revenue figures (for all months) be converted to accrual accounting. To convert cash to accrual, start with cash receipts, subtract the beginning accounts receivable, and add ending accounts receivable.

All applications for the Utah Student 25 will be securely submitted through this site. The easiest way to understand this process is to begin your application on the site here.

Yes, the organizers of the Utah Student 25 reserve the right to ask for supporting documentation.

The deadline for submitting is 5:00pm (MST) Monday, October 12, 2009.

You are eligible. Your business can be structured however you want, as long as it is currently independent and meets the other criteria.

You are not eligible.

You are eligible as long as your business is privately held and independent as of October 12, 2009.

Public businesses are not eligible for the Utah Student 25.

No.

If you have further questions, please send us a message on our contact page.

The Collegiate Entrepreneurs' Organization (c-e-o.org) chapter at BYU (ceo.byu.edu) has run a BYU-only event called the Student Entrepreneur of the Year Competition for many years, which recognizes outstanding achievements by student entrepreneurs. John Richards, a BYU professor and angel investor, thought of the idea to expand the competition beyond BYU because of the success and impact it has on the entrepreneurial community. Josh James, CEO of Omniture Inc., served as President of the CEO club while he was a student at BYU. Omniture Inc. has been a long supporter of the CEO club and entrepreneurship in the state of Utah and agreed to be the cornerstone sponsor for this year’s event.

BYU is the host University for the event this year (2009-2010). Other universities may host in the future.

We only require that you disclose a brief description of your business, its location, month and year founded, and an accounting of quarterly revenues and profits. Given the positive attention that comes with a Utah Student 25 listing, you'll be much more likely to gain ground versus your competition.