The CEO of a company to which many students can attribute their summer income has been named 2013 Entrepreneur of the Year by MountainWest Capital Network.
Todd Pedersen is the co-founder and CEO of Vivint, formally known as APX Alarm, which is one of the largest home security and automation companies in North America.
“My success as an entrepreneur stems from the fact that I love what I’m doing and where we are trying to take this company,” Pedersen said. “We are really having a lot of fun.”
Vivint has over 3,200 employees and hires a couple thousand more during the summer to work as door-to-door sales representatives. Many of the summer sales representatives hired are BYU students.
Pedersen began his career leading 13 students selling pest control services. Pedersen now leads Vivint, which has experienced 825 percent customer growth rate from 2005 to 2010.
“It’s incredibly rewarding to know that Vivint has carved a path in the tech industry, offering simple, affordable home automation and solar solutions for residents across North America,” Pedersen said.
Devin Thorpe, president of MountainWest Capital Network, said it’s Pedersen’s innovation that has led to the company’s success including last year’s $2 billion acquisition by the Blackstone Group, a global investment and financial advisory firm. This was one of the largest acquisitions in Utah history.
“Todd is a forward-thinking, aggressive entrepreneur who has grown one of the largest and most successful business in Utah,” Thorpe said.
Natalie Clemens, a 1-stop representative for Vivint in Provo, said besides the solid team leading the company, the success of Vivint has to do with the great products and services it provides.
“They are always trying to stay ahead of the curve,” Clemens said. “They are always anticipating the next thing the public is going to need and want.”
Clemens, a senior studying public health, said many BYU students want to work for Vivint because there is potential to make a lot of money based on how hard they work.
“Doing summer sales gives these students the opportunity to make a lot of money in a short amount of time,” Clemens said. “Some people will sell during the summers so they don’t have to work during the school year because if you’re working year round you have to balance school with it too.”
Clemens said another reason for the success of Vivint is the team aspect of the company.
“The company is run by a solid team,” Clemens said. “But I think even the summer sales representatives enjoy working as a team. You get to be part of a team of people who are your age and who have similar goals.”
Thorpe said Pedersen’s efforts have had a progressive influence on Utah’s business community.
“Not only has he built a thriving, profitable business, he has created a great culture for his employees, who donate thousands of dollars to Vivint Gives Back, the company’s charitable arm that supports families and organizations in need,” Thorpe said.
Pedersen accepted the award Feb. 21, at the Salt Lake City Grand America Hotel.