Michigan entrepreneur contest leverages ‘Shark Tank’ competition style

The Global Student Entrepreneur Awards, whose yearly competition has helped polish good ideas and the minds behind them, offer crucial criticism, important experience, and even the possibility of prize money to those who enter.

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    The Global Student Entrepreneur Awards celebrates some of the brightest minds of the upcoming business community
    
  • 
    Students in college get to present their business ideas to a panel of experts in hopes of feedback, experience, and even some prize money
    
  • 
    If they win, they could have an opportunity to take their idea around the world
    

• 
  The Global Student Entrepreneur Awards celebrates some of the brightest minds of the upcoming business community
  
• 
  Students in college get to present their business ideas to a panel of experts in hopes of feedback, experience, and even some prize money
  
• 
  If they win, they could have an opportunity to take their idea around the world
  

(FOX 2):The Global Student Entrepreneur Awards, whose yearly competition has helped polish good ideas and the minds behind them, offer crucial criticism, important experience, and even the possibility of prize money to those who enter.

A fantastic company idea and the perseverance to see it through to prosperity are all that are required.

Overview:

For the past seven years, the Global Student Entrepreneur Awards Ceremony has given thousands of dollars to creative college students in the hopes that it will help them launch a lucrative career.

Participants will present their company concept to a panel of judges and a global audience.

Imagine Shark Tank on a smaller scale. Although there is less money up for grabs, the consequences could have global repercussions.

According to GESA chairperson Rob Cote, in addition to having a solid idea, a student would also need a method to communicate their tale and a rationale for their strategy. The aim is that nothing will slip through the cracks with the correct approach and a solid enough concept.

“The greatest ideas in the world sometimes falter because they can’t get the traction and the business leverage to get things started,” he stated.

A group of self-made businessmen and women who support and mentor the next generation are the driving force behind the competition.

The award for first place is $2,500, and the prize for second place is $7,500.

Look more closely:

However, there are a few requirements before submitting a pitch.

According to Cote, the business concept must have been operational for six months and bring in $500 annually. They must be enrolled in college as well. A new app that textile producers may utilize is one concept that has come up.

“We’ve got a student that is doing a mobile phone application to scan body size so that they can properly fit clothing before ordering it,” he explained. “Which is a huge ROI for clothing companies because they lose a lot of money when people return clothes.”

But an idea alone isn’t enough.

“It takes that speaking preparation, presentation and of course they are going to be asked questions by the judges, and so I think the thinking on your feet is really important,” stated Carrie Schochet. “You are also getting feedback on different aspects of that business plan and idea.”

The Detroit Entrepreneurs’ Organization is chaired by Schochet.

According to her perspective, there has been a change in the kind of education available to entrepreneurs. Elementary schools are where it all begins.

“They are learning about concepts: budgeting, inventory, pricing, the idea of profit versus revenue,” explained Schochet. “I think its really exciting that this type of training is happening at a young age.”

Next steps:

The statewide champions advance to the national tournament.

The next step might be a pitch to judges from other countries. The most prosperous will have the opportunity to expand their company beyond their wildest dreams.