Shark Tank brings cutting edge ideas

Photo+Credit%3A+Ann+Henning

Photo Credit: Ann Henning

Anna Henning

On Friday, December 1, Fort Collins High School hosted Shark Tank. In this event, students from Collins and Fossil Ridge High School were given the opportunity to present their innovative ideas to the “sharks” for judging.

This competition was inspired by the TV show Shark Tank, where future entrepreneurs can win funding to start their business. Five “sharks”, all of whom are big-name investors, listen to presenters show off their product and explain where their business is going. This is a great opportunity for them to win funding to grow their business, if they can earn the approval of the sharks. In the same way, in Collins’ Shark Tank, students were able to present their idea to three local sharks, to compete for a grand prize of 1,000 dollars.

The process began on October 14, when applications for Shark Tank were due. From these applications, five students were chosen to present their ideas, two of which were from Fossil.

Since the selection, these people got to work developing their idea, researching the topic, and creating a presentation. They focused on one of three categories, including creative innovation, entrepreneurship business plan, and a spin on an everyday item. Each project had to propose an idea, and explain its function. Along with the inventive side of the presentation, they had to include a business plan. This involved how the product would be produced, retail costs, and where the product could be sold and used.

A unique way to get feedback on these projects was through a mentorship. Each Shark Tank participant was required to meet with a mentor before the event. Each mentor, a business expert in the project that was created, helped add insight to the business aspect of the proposal. They reviewed the student’s presentation, gave feedback, and were able to teach the students ways to make their product sound even more appealing and innovative.

On presentation day, participants brought their ideas, from safer football helmets to generating electricity for people in third world countries. Preston Henning, who had won the competition last year, was excited to return with a new project, designed a prosthetic leg for outdoors and youth. James Folkestad, the other student from Fossil, found a way to innovate learning. Both students represented Fossil well, and Preston Henning won second place.

The three sharks at this year’s competition included James Schrack, Pat McKeon, and Eric Wendt. All three hold high leaderships in Fort Collins- based companies. Along with judging the competition, they offered feedback at the end of each presentation to give advice on how to improve their product.

Overall, Shark Tank was a major learning experience for all of the participants, learning what it takes to run a business, using new tools, and developing future products. Win or lose, every person gained valuable experience to use in their future.