TOWSON — Seven student entrepreneurs from Towson University competed for $10,000 toward their own start-up Tuesday evening.
It's similar to the show Shark Tank, except everyone gets to go home with a little money to invest toward making their creative dreams a reality.
It's part of a program called College Cup, where students from across different academic backgrounds at Towson University stand in front of a panel of judges, who are TU alumni, pitching their business ideas in hopes of being the one to win $10,000.
“Students throughout the university can apply their venture, then once they apply they have to go through a bootcamp then they have to submit an executive summary and if they do that they practice their pitch and then we announce the seven finalist,” said Patrick McQuown, who is the Executive Director of Entrepreneurship at Towson University
Business pitches range from a nail salon to nonprofits that provide mental health awareness.
“What I’m pitching today is my idea for a nonprofit organization called “Healed by Creation” where I’m going to share with underserved populations how they can benefit their mental health through creating art,” said Towson University Junior Gabrielle Baker.
When the students take the spotlight, they have five minutes to present to four judges what is problem they’re solving, what is the solution they have come up with and how big is the opportunity that they are trying to address.
Then judges are allowed one question after each presentation.
This year’s winner is “Everybody Eats.” It's a food service that has a low cost menu to tackle food insecurity on campus and in the community. Then donates part of the proceeds back to the community.
“We’re pretty new into this but we’ve put in a lot of work already, raising over $700 in revenue and we’re just excited to keep going,” said Towson University Senior Jared Hamlin, who is one of the creators of “Everybody Eats.”
Currently, Hamlin says he and his business partners operate out of their dorm; with the $10,000, he says they will buy a food truck and are looking to expand to other areas.
“We already have a good social media following, and we plan to bring the business to Prince George’s County, Washington DC, and the Baltimore area,” said Hamlin.
The winners have automatic submission into a program called Summer Accelerator, where they get experience with other big-time entrepreneurs this summer. The remaining six contestants get $1,000 in cash toward their businesses.
