Putting plans in motion: SUNY holds Shark Tank competition for students

To help high school students test the waters, the State University of New York at Fredonia School of Business recently launched a new Shark Tank Business Pitch competition for High School Students. They wanted to provide a fun and exciting way to help young people think about the opportunities available to them before they enter the world of work. Modeled after the long-standing television show, SUNY Fredonia designed its Shark Tank competition to provide a unique opportunity for young potential entrepreneurs to learn about the process of starting a new business. That included how to conceptualize a new product or service, determine if their business idea made sense, and if it would be reasonable to develop, manufacture, and staff.

Around 60 aspiring entrepreneurs from six area high schools descended upon the SUNY Fredonia Williams Center to develop and pitch original business plans on Monday, March 18. The teens formed 12 groups ranging in size from two to nine students. Their first task was brainstorming together and then collaboratively selecting a product or service to develop. Teams had to consider whether similar products or services already existed. If they did, teams had to consider whether their project was needed and would be competitive enough to generate revenue.

Teams were judged on an array of considerations, including how well they thought through whether or not a market existed for their product or service and precisely who comprised their target market. They then needed to develop a marketing plan to reach that target market. They had to discuss the value proposition, highlighting their idea’s features and clear benefits. Ultimately, their business model had to make sense.

It was also crucial that the teams were strong in diverse skills and demonstrated teamwork, just as it is in the real business world. However, one of the most important aspects was enthusiasm. It’s nearly impossible to sell anything if it’s not exciting to the person selling it.

At left, “Value My Presence” (VMP) from Dunkirk pitched a clothing business already started by one of the students. Fredonia High School’s “Slip Grip” team’s reusable spray-on product designed to help prevent falls took first place.

The first thing the teams presented to their peers and the judges was their team’s name. It had to relate to their product, and their presentation had to include a physical motion representing that concept. It was their first lesson in branding. After each presentation, the room was asked what was most memorable. In almost every case, the motion was what was remembered most clearly.

After the teams hammered out the details of their propositions, they had to do market research. Teams were required to talk to at least three people in the Williams Center to test their concept. After explaining their idea, they asked random potential customers what they liked about the business idea, what they thought should be changed, and who they thought would most likely use their proposed product or service. Then, they went back to their drawing boards.

One after the other, the teams came forward and made their pitches to their peers and the panel of judges. Most elected to create posters to highlight different aspects of their proposals. During those presentations, the group learned that one local student had already successfully dipped his toes into the business world. He developed his idea for a uniquely embellished article of clothing and did a test run, producing and successfully selling a small batch of the product himself, demonstrating it’s never too soon to follow your dreams.

The Fredonia Admissions Team worked hard to organize this event, along with Dr. Kaustav Misra, Dean of the School of Business, Dr. Sue McNamara, and Dr. Lei Huang. They also provided the high school students an opportunity to hear from, meet, and talk with them and other SUNY Fredonia School of Business staff, including Dr. Reneta Barneva and Dr. Julie Fitzpatrick. Among the many vital points they made was the fact that classes in the SUNY Business Department also provide a strong foundation for many fields outside of business, including law.

In addition, Charles Cornell, Director of the Center for Innovation and Economic Development (CIED), formerly the Fredonia Technology Incubator, spoke about the opportunities available to students at that center. CIED supports startup companies. Students can work with entrepreneurs there on real-life market research, business plan development, operations and record keeping, and unique problem-solving initiatives. There, students can explore employment possibilities. They also learn firsthand what it takes to start and successfully operate a business. They can talk directly with entrepreneurs based at the center and to those the center brings in for special presentations like the recent one conducted by the founders of the Buffalo-based Crunch Factory. These highly successful entrepreneurs launched their business through the Startup New York program and took advantage of services and advice offered through CIED.

Second place went to the “Cuddle Bug” team from Fredonia High School for their better blanket proposal.

This pitch competition was judged by two community members: Vince DeJoy, the city of Dunkirk’s Director of Planning and Development; Patty Hammond, Economic Development Coordinator at the Northern Chautauqua Community Foundation; and the CIED director, Charles Cornell.

Young people hoping to make their mark in the world of business need to look no further than the State University of New York at Fredonia. There, they can build a strong foundation of knowledge, competitive world-class skills, build leadership capabilities, and gain real-world experience that will help them compete successfully in any business environment anywhere they choose.

With access to the latest technology, SUNY Fredonia students learn about business’s global and cultural components. If they desire to learn real-life skills firsthand, they can do so through their choice of local, regional, and nationwide internships.

SUNY Fredonia Business students also have the opportunity to compete to win $1,200 in the annual Student Business Competition, now in its 10th year. The fall 2023 winners recently shared their experiences and talked about the businesses they developed and are operating in a presentation open to the public in the William’s Center. One is marketing women’s streetwear online in her company, Jawnz. The other is operating C_RPhotos. His business is focused on creating headshots for actors. Young business people like them inspire us all.

SUNY Fredonia offers a wide range of business programs, including Accounting, Public Accountancy, Finance, Management, Marketing, Business Administration, Music Industry, Sport Management, and Economics.

When selecting a place to learn more about any of these fields, it’s important to note that SUNY Fredonia is consistently ranked among the best public universities in the Northeast USA and is also one of the most affordable.

Innovative events, like this Shark Tank competition for teens, highlight everything that is special about SUNY Fredonia. It doesn’t get better than making education real, relevant, and fun. SUNY Fredonia’s School of Business has that all wrapped up and tied with a bow.

The Northern Chautauqua Community Foundation’s Local Economic Development committee believes the critical thinking, communication skills, business ethics, and professionalism that business and economics students learn at SUNY Fredonia will lead to a better future not only for them but also for all of us in the region and ultimately across the world. Our future is tied to the success of these future business leaders. Successful entrepreneurs are what build our economy. They enrich us all.