Craig Jones and Kevin McFarland were pretty confident about their chance of success at this year’s Knapp Venture Competition at UCLA’s Anderson School of Management.

They launched SmartestK12 in Santa Monica four years ago to develop software that would help teachers save time on tasks such as grading papers. Since then, they’ve pitched the concept to potential investors more than 60 times. So they’ve had time to refine their demonstration.

“We got to the point when we knew our weaknesses,” McFarland said. “By the time we were to present at UCLA, we knew exactly what was important and how to avoid mistakes.”

Their confidence wasn’t misplaced. Late last month, the judges chose SmartestK12 as the most promising future venture project and awarded the co-founders a $15,000 check.

The Knapp Venture Competition gives Anderson students who have spent the academic year refining their business concepts a chance to present their plans to a panel of experts. The competition began with 67 entries, which were winnowed down to five finalists.

The competition is a validation for the winners but has benefits for all participants, said Angela Klein, program manager of Anderson’s Price Center for Entrepreneurial Studies, which organizes the competition.

“We give students a chance to perfect their business ideas,” she said. “It’s great practice and a networking opportunity.”

– Anna Nikonova