The popularity of Emmy® award-winning reality TV show “Shark Tank” inspired College of Business Associate Professor of Management Forkan Gore to design his class for a mini-session called “Shark Tank.”
Students who enroll in MGMT 327 (Creativity, Innovation and Entrepreneurship), are excitable, rebellious and creative in finding solutions to problems. Take Caitlin Crouch, who regularly goes off-road in her Jeep® with her family but slows down when trails close or gets damaged by wear and tear. Or listen to the students in Group 3 who want to help the deaf.
Students are required to partner with others to develop a creative concept for a new product or service in which they can overtly demonstrate a benefit, reason to believe in its success, or a solution to an existing problem. The teams then complete a written plan and pitch their “Shark Tank” idea to a panel of experts, usually business school graduates and entrepreneurs. Their proposals should include an outline of the idea, opportunity, potential market, risk, distribution, pricing strategy, images or diagrams of the product or service, and finally sustainability.
“I want students to experience the full gamut of business experiences, including the highs and lows, from idea to implementation to sustainability,” Gore said.
The idea of Krush “Shark Tank” is to create a chemical treatment of the environment that allows the off-road tracks to rejuvenate. The spray product can be easily applied all over the terrain and is designed to allow plants to regrow at a very fast rate. The product also allows dirt on the tracks to remain healthy. The problem has been resolved! let’s ride!
The Group 2 project is all about personalization. ByMe’s Organic Personalized Supplement is a supplement specifically formulated for the individual. A consumer can take an online test to see what vitamins he needs for health benefits. If the consumer does not wish to take the test, there is an option that allows them to jump into the customization part to add any protein, probiotics or vitamins they wish to add.
Group 3 consists of students Grace Klonowski, of DeKalb, who studies communications with a minor in social entrepreneurship. Jesse Arens, of Crystal Lake, major in Business Administration with a minor in Innovation and Entrepreneurship; and Elise Craven, of Naperville, who studies kinesiology. Their product is a functional training program designed to educate restaurant staff on how to best work with and serve customers who use American Sign Language. They claim that this product will provide equal access under the Americans with Disabilities Act while better serving their customers and gaining a more loyal base. Throughout the class, the presentation ideas are as wild and varied as the students involved, and have included ingenious solutions and many meaningful moments.
Some, however, miss the point. “One of the presentations didn’t work for me,” said Shark Tank judge, entrepreneur and alumna Pamela Blackwell, who earned a degree in management in 1990. The students needed a prototype of the product to be able to demonstrate its effectiveness. I didn’t see the value.”
However, some took her out of the garden.
“Collection 2 — the personal vitamin product group — has done a lot of market research, including the high demand for these items. Most importantly, they are the bidders and have been excited about the offerings,” Blackwell said.
“Ultimately, it is very important that students have a safe space for trial and error. It is a place to make mistakes, ask questions, and learn from a group of individuals working at or around the same pace. Therefore, students will not feel embarrassed or embarrassed when asking basic questions,” said Judge Shark Tank, Entrepreneur, and College Alumnus Elois Joseph, MBA” 15.
Blackwell said, “Overall, the students really liked their ability to develop and present their business ideas. They were well thought out, and the students clearly had a vested interest in the opportunities they presented. Bravo to them!”
This article originally appeared on Northern Now.