For all of the aspiring entrepreneurs out there, last Thursday night’s Shark Tank Competition was one for the books. Twenty-one groups of male and female Crusaders shared their ideas for potential products and businesses, competing for cash prizes and the ultimate reward, being named this year’s Shark Tank winner!
Clever Ideas, the first section of the night, consisted of a two minute verbal pitch without the aid of a powerpoint nor a question and answer session preceding it. The prizes at stake were two amounts of $250, and the pitch had to address these three main questions: What’s the product or service, what’s the value proposition, and who’s the customer? Although six groups competed, only two emerged victorious, and those were the apps Gavel, Michael Carboni ’18, and Tap and Teach, Alex Yeo ’15. Gavel focuses on addressing the lack of political expertise among United State’s citizens by simplifying the presentation and explanation of bills currently on the floor. The app will provide a list of bills per week, a short summary of the bill written at a high-school reading level, definitions of key terms and phrases, and the outcomes of each vote so users can directly see if a bill was passed or not. On the other hand, Tap and Teach is an app that wants to “redefine the world of tutoring.” Essentially, it will provide affordable, accessible tutoring and streamline the process of working with a tutor at Holy Cross. Because the app will feature the tutor’s profiles, all of whom will be Holy Cross students, the connection between the tutor and the student will be that much easier.
Directly following this was presentations for a Serious Start-Up, the main event of the night. Each group completed a five-minute pitch and a subsequent two-minute question and answer session, focusing on questions such as: What’s the product or service and how does it work, why is it necessary, what is your plan to grow your company, and what are the projected cash inflows and outflows for the first three years? All the participants in this section especially felt the pressure as first prize was $7,500 and second prize was $4,000, both amounts designed to help winners make their budding businesses concrete realities. Fifteen teams presented their ideas, ranging from Dmix, a program that provides quality, individualized song edits and mixes for dance performances and fitness classes, to RightOver, a shared-economy, freemium marketplace that matches college chefs with hungry college stomachs. Although each team’s idea was fantastically creative, Studily, Sean Donoghue ’15 & ohn Tabone ’15, and SKRA (pronounced ser-ka), Andrw Valencia ’15 & Michael Casey ’15, were the two concepts that emerged victorious. Studily, a productivity suite that allows students to plan their coursework, track their progress, and collaborate with classmates, took top prize. In addition, this app would allow for real-time, anonymous assessment of the course, an especially useful feature for professors using it to gauge student’s experiences in and reactions to the class. SKRA, which took second prize, is a newsfeed platform that enables recipients of blast emails to manage their responses to these emails. Not only does it allow students to gain control over their email inbox, for once, but it also can be used as event management software for high school student and college student involvement offices to track current and upcoming events.
Of course the judging panel had their work cut out for them, I’m sure it wasn’t easy to pick the winners. A big thank you to judging panel:
Overall, the night was truly a success, leaving its participants confident in their products and businesses and its audience inspired to work towards creating their own company as well. If you did not attend this year, all I can say is to make it a priority on your calendar next year; you will not regret it.
Thanks to Evan Grogan ’17 for this review of the annual Shark Tank Competition! View photos from the event here.
As always – check out the new COES instapage @HCPrebusiness.
Associate Director, Entrepreneurial Studies