Students Pitch Business Ideas during Innovation Challenge
The Principia College Center for Entrepreneurship and Innovation sponsored a Shark Tank-style innovation challenge in April with 10 teams presenting two-minute pitches to a panel of judges and a lively audience in Wanamaker Hall. Projects ranged from a web platform for culturally enriching travel experiences to stylish jeans with built-in warmth technology.
This year’s jury consisted of individuals with experience launching new ventures—Jori Clarke, a five-time entrepreneur with financial experience; Tom Nickell (C’82), an entrepreneurial CEO who has helped founders start enterprises in both U.S. and global markets; and Tracy Switzer (C’86), founder of Shelter Works, which produces prefabricated shelters for the utilities industry. Following each pitch, jurors provided immediate feedback on economies of scale, attracting venture capital, and potential competition, among other considerations. Ultimately, they awarded three prizes: Most Disruptive Idea, Most Complete Idea, and Best Entrepreneurial Spirit.
Earlier in the semester, students from a variety of majors formed teams to develop ideas for products and services. “They utilized what’s known in industry as ‘design thinking’ to help customers have a better experience, moving from the problem space to the idea space,” says Business Professor Lucia De Paz (US’96, C’00), who taught this semester’s New Venture Creation class. As they developed their ideas, students made lists and created drawings on the Innovation Center’s IdeaPaint walls. And later a series of workshops helped them consider branding, product development, and legal protection for new ventures.
Junior business major Will Adler (pictured on the left) enjoyed collaborating with teammates to develop “Sub Zero Pants,” a product aimed at 20- to 40-year-olds who might pay a premium for the warmth and comfort of pants made with PrimaLoft and Lycra. “Our team worked to make sure the idea was easy to follow so the jurors and audience would understand our business concept,” Will says. “The event was a great experience for further developing my presentation skills and growing as a business person. We are currently prototyping our first pair of jeans and hope to have a working model by the end of the semester." The team earned recognition for Best Entrepreneurial Spirit.
Innovation Challenge Trivia
The high-energy audience participated by answering challenge trivia questions while the jurors deliberated on prizes. How well can you do?
- What successful entrepreneur started their company at age 19?
- How much money did Ben & Jerry´s founders spend to learn how to make ice cream?
- Which famous entrepreneur said, “If you aren´t embarrassed by the first version of your product, you launched too late.”
- How much was Instagram valued at 16 months after it was founded?
Answers: 1) Mark Zuckerberg 2) $5.00 3) Reid Hoffman, Founder of LinkedIn 4) $25 million
Watch a short video about the Innovation Challenge.