BizPitch, a Shark-Tank style business competition at the University of Minnesota through the Gary S. Holmes Center for Entrepreneurship at the Carlson School of Management, is officially underway, with applications opening in early March and closing on March 19.
Anyone can apply for free, and the final eight students are chosen to pitch their idea in front of a panel of judges for the final round on April 2.
The judging panel selects competition winners in the grand prize, most innovative, biggest social impact and people’s choice award divisions. The grand prize winner will receive a prize of $2,000 and access to advisory services, courses and other competitions to formally launch their idea.
According to the BizPitch webpage, not only will students have a chance to win cash prizes, they will also have a chance to receive feedback from previous participants, who are often members of the judging panel.
Bjorn Franke, last semester’s BizPitch grand prize winner, said his idea came from the shoelaces on his running shoes.
Marathon running shoes have sharper edges that can give them a better grip and stay tied, according to Franke. Franke’s business, Gator Laces, applies that same idea to hockey laces. He said the laces he created have a sawtooth grip that makes tying skates easier, more durable and stay tied longer.
Keeping skates tied is a problem many younger hockey players have, Franke said. As he started his company, Franke targeted younger players first and hoped to branch out to high school, college and professional teams.
“It’s a product that, honestly, anybody could use,” Franke said. “I’d like to have it where all the players are using it, whether they be high school, college or youth sports.”
For Franke, getting funding as well as feedback was valuable in many ways. Winning $2,000 to kickstart his business was important to get running, he said.
As for feedback, Franke said although his business idea itself did not change, he was able to hear from judges on where to reach out to different retailers, patenting and licensing and things he did not think about when starting his business.
John Stavig, program director of the Holmes Center, said the feedback students receive on their business pitches is one benefit of participating in BizPitch.
“Most importantly, it helps them get connected with the resources to help them move forward,” Stavig said. “Whether that’s some of the programs we have where they can get mentoring and seed capital to advance their business ideas, or just connections with attorneys or investors to move their ideas forward.”
Since its inception, many of BizPitch’s winners have gone on to win larger startup competitions like the Minnesota Cup, Stavig said.
“Usually these businesses are not up and running businesses,” Stavig said. “These are early ideas for the students, but there are several, like Swannies Golf apparel or Smackin’ Sunflower Seeds, that are doing over 20 million in revenue just a few years after they floated their idea in this competition and starting with the idea forward.”
Stavig said BizPitch has had winners from all across campuses, with many different majors. Although the application period closed March 19, finalists will be notified on March 24 and the final 90-second pitches will be presented on April 2.
Franke said he thinks even those who do not win the competition can take something away from BizPitch.
“It’s a great opportunity for anyone who’s looking to get an initial startup and financing, and anybody looking for practice on just pitching their idea, regardless if you win or lose,” Franke said. “I think there were over 65 applicants, then narrowed down to eight, and I happen to be the one that won it.”
