It was just like “Shark Tank,” except there were no wealthy investors, no great ideas, no problems solved and no money to be made.
OK, maybe it was not exactly like the popular TV show where entrepreneurs pitch business ideas to wealthy speculators who have the means to help entrepreneurs overcome business obstacles.
On Thursday, October 23, several Northeast Community College students pitched the “Worst Business Idea,” competing for $100 in gift cards. The fun-filled event was held in Union 73, with sub sandwiches, chips and cookies provided, helping to give it a more relaxed feeling than an actual, high-stake business presentation.
Intersect, the coworking and incubator space in downtown Norfolk, sponsored the gift cards. The Northeast Future Business Leaders Association and the Northeast Student Leadership Association also were sponsors.
Ryan Ruff, project manager of Intersect, said the hope was that by sponsoring a worst business idea, it would take the pressure off and help the students to come up with ideas while gaining experience on what is needed for a business idea.
“If we can get students – or people in the community – to think about being business minded and learning innovation skills, whether you are going to be an entrepreneur or work for a company, having the skills to be a free thinker will be very, very valuable,” Ruff said.
Winner of the informal, gag competition was chosen by the applause of the audience who turned out to witness the competition.
Cameran McKirby of Oakdale won first place with his bad idea, “Senior Citizen Smackdown,” and Manesh Liphuka of Malawi was second with, “Borrow a Brush,” which involved people using others used toothbrushes.
Ruff said bad ideas often help people to think “outside the box,” which is where most good ideas or innovations are discovered. Intersect also offers a program to help people with innovation.
Ruff said a local insurance agent who recently went through the program designed an app that helps parents who become coaches for their youth sports team to get a practice plan. The app helps them become knowledgeable and coach the team, regardless of what level the players are at. The agent also advanced and got a $50,000 grant from the State of Nebraska to build the app.
Sam Gibbs of Norfolk, Jenna Rose Zierke of Norfolk, and Manash Liphuka of Malawi are Northeast students who are part of the entrepreneurial committee of FBLA, which helped to put on the competition. All three students were among eight students and a couple of adults who competed.
Contestants originally had to present an “elevator pitch,” which is designed to be about a 30- to 60-second pitch about what their business idea involves.
Next, contestants developed their ideas more, addressing:
- What is the problem being solved?
- What is the solution?
- Why are you the right person or team to get this idea to market?
- How would you make money?
Later, with the experience of this event, Northeast students will be competing in a contest to pitch their best business ideas.
Worst Business Idea
Here are the contestants who took part in the “Worst Business Idea” pitch contest, which took place Thursday, October 23, at Northeast Community College. Intersect, the coworking and incubator space in downtown Norfolk, and Northeast Future Business Leaders Association and the Northeast Student Leadership Association also were sponsors. (Northeast Community College)
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