Constance Kell has seen students ripped to shreds in this competition.
Kell competed in this year’s Civil War Shark Tank, a competition where students present their business ventures to a panel of judges in the style of ABC’s Shark Tank. The prize: $1,000. On Friday, two teams from University of Oregon competed against students at Oregon State University in the third annual competition.
During the application process for the competition, students created an executive summary of their business plan and a one-minute-long pitch video.
Kell, a UO student, said that the competition is similar to Shark Tank the TV show in that students are criticized and must be prepared to answer any questions.
“I went last year and I thought it was awesome and I saw people get their heads bitten off by sharks,” Kell said. “If you’re not prepared with information that they’re looking for by showing that you’ve actually done your research and thought about all the different possibilities, you’re going to get chewed.”
The startup companies from the UO that were chosen to compete this year were Thrift Swap, a subscription-based service that would allow customers to swap their clothes out for other ones every month, and Smarter Marketing, a business that provides blog posts for companies and coordinates events that help companies connect with their target market.
The winner of the competition was Oregon State’s Fuse Machine, a manufacturing company that combines 3D printing and computerized machining. The student heading the business, Nathan Fuller, said that he would continue with his business even if he didn’t win Shark Tank, but winning $1,000 for his startup is helpful.
Jordan Johnson, former president of the Entrepreneurship Club, said that the biggest value in participating in the Civil War Shark Tank is getting feedback from judges. Last year, one of the judges was John Hull, former capital marketing director for Intel. The keynote speaker was Michael Crooke, former CEO of Patagonia.
“That’s some really big names and really powerful people giving straight, honest feedback to the students, so that’s a really big opportunity for them,” Johnson said.
Last year, UO students Orion Falvey and Oliver Alexander won the $1,000.
Alexander said that winning also provided them with networking opportunities and made them more well-known. After being invited to more competitions, their company, Orchid Health, eventually got funding.
Orchid Health is now a primary care clinic in Oakridge, which Oliver and Orion run full-time with 8 employees.
Alexander said the business is growing quickly, and participating in Shark Tank was an initial way of getting its name recognized in the local entrepreneurship community.
“I think innovation and entrepreneurship are the founding of business,” said Johnson. “The Civil War Shark Tank is basically one of the only opportunities here as an undergrad for students to really explore their own entrepreneurial spirit.”