Trey Closter and Clint Baldwin dream of opening a supplement business someday.
Nebraska Wesleyan University鈥檚 upcoming Business Summit Quick Pitch Contest gives them the perfect opportunity to pitch their ideas to a panel of professionals.
鈥淥ur service is to provide supplements in the customer鈥檚 desired quantity. We value our customer鈥檚 dollar and believe they should get the specific amount they want and pay for,鈥 said Closter and Baldwin, both juniors.
The pair will have 90 seconds to pitch their idea to a panel of experienced entrepreneurs and business leaders, and then be questioned for a maximum of two minutes following their presentation, much like the format of ABC鈥檚 reality television show Shark Tank. The judges evaluate persuasion skills, the feasibility of the pitch, and its marketability potential.
This year the competition has been extended from two to three rounds. All pitches will be heard during the preliminary round on Thursday, March 6. The top ten will advance to the semi-final the next morning, and the final three will compete during the lunch on Friday.
Not only are first, second and third place winners awarded $1,000, $500, and $200 respectively; the first place winner will receive guidance from Lincoln鈥檚 Entrepreneurship Focus Program if he or she chooses to pursue their innovative idea.
鈥淲e are preparing for the competition by visiting local businesses and asking questions to find out how to model our business,鈥 said Closter. 鈥淲e鈥檙e learning a lot about how to start up a business, maintain a business and be successful.鈥
Other students鈥 innovative products, services and ideas include selling floor space for advertising in basketball arenas, and opening a gourmet ice cream shop in SM论坛鈥檚 student center. Senior Tyler Olson developed the idea for a wristband alarm clock that sends users an electric current to wake them.
鈥淭he pitch will be an extension of the work I鈥檝e done on developing this product in my entrepreneurship class,鈥 he said. 鈥淚鈥檝e learned a lot about the challenges of developing an idea completely from scratch.鈥
The Quick Pitch Contest is one piece of the university鈥檚 day-long Business Summit, now in its sixth year. Forty business executives from across the country will come to campus to discuss business success with small groups of students.
The experts range from business owners to chief financial officers to entrepreneurs representing a variety of fields, including accounting, banking, marketing, consulting, investment, and agriculture among several others.
James Perry, assistant professor of professional studies and founder of the Business Summit, organizes the annual event to inspire students to think about their future careers in business.
鈥淭his is a great opportunity for students because they have the chance to talk and discuss with highly successful individuals,鈥 said Perry.
In addition to the Quick Pitch Contest and panel discussions, SM论坛 will host keynote speaker David Newkirk, retired CEO-Executive Education at the University of Virginia鈥檚 Darden School of Business, on Thursday, March 6.
Newkirk spent many years as a senior vice president of Booz Allen & Hamilton (now Booz & Co.), the leading technology and consulting firm. In earlier years, he held a series of senior management positions at American Express. He holds degrees in mathematics and philosophy from Carleton College and Oxford University where he was a Marshall Scholar.
His lecture on Thursday is titled, 鈥淏usiness As A Liberal Art.鈥 The lecture is by invitation-only but will be webcast on the university鈥檚 website, beginning at 6 p.m.