{"id":54,"date":"2014-11-19T22:52:39","date_gmt":"2014-11-19T22:52:39","guid":{"rendered":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/?p=54"},"modified":"2015-11-19T22:56:00","modified_gmt":"2015-11-19T22:56:00","slug":"students-pitch-business-plans-to-investors-in-mock-shark-tank","status":"publish","type":"post","link":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/2014\/11\/19\/students-pitch-business-plans-to-investors-in-mock-shark-tank\/","title":{"rendered":"Students pitch business plans to investors in mock \u2018Shark Tank\u2019"},"content":{"rendered":"<p>Students in Start-Up Business Enterprise course met \u201cthe sharks\u201d on Tuesday, Nov. 18, 2014, as they pitched their proposals to a panel of working\u00a0professionals\u00a0posing as venture capitalists. Modeled after ABC\u2019s reality TV show \u201cShark Tank,\u201d the event put students\u2019 business acumen to the test.<span id=\"more-337\"><\/span><\/p>\n<p>\u201cIn the Start-Up Business Enterprise course, which is really a business simulation, students gain an understanding of what entrepreneurs do,\u201d said\u00a0Terri Krivosha, adjunct professor and author of\u00a0\u201cFounding a Startup: What You Need to Know.\u201d<\/p>\n<p>\u201cStudents develop group charters which serve as their \u2018rules of engagement\u2019, and they work together to develop a business model, including business plans, projections, branding, marketing, division of equity, hiring and compensating their first employee, and governance.\u201d<\/p>\n<p><iframe loading=\"lazy\" title=\"William Mitchell Meets the Tank\" src=\"\/\/player.vimeo.com\/video\/112342379?title=0&amp;amp;byline=0\" width=\"500\" height=\"281\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>During the simulation, students made their first pitches for funding.<\/p>\n<p>They presented their projects on teams, pitching business proposals for new phone apps to seven panelists who work as investors in the real world. The panelists represented financial services and securities companies, strategic consulting firms, venture capital firms, healthcare information services, and applied technologies.<\/p>\n<p>The panelists heard the business proposals, asked questions on everything from revenue projections to market exit strategies, and pointed out gaps in the students\u2019 business plans. Panelists heard nine unique proposals, and they told students whether or not they thought each proposal was a viable option.<\/p>\n<p>\u201cIt was nerve-racking, but it was interesting in the end,\u201d said second-year student Jungmin Ro, who pitched an app that would suggest food and beverage pairings with her team.<\/p>\n<p>The feedback prompted students to take a closer look at assumptions, market research, and plans for product development\u2014even legal implications for their potential businesses, such as patents and licensing.<\/p>\n<p>\u201cI actually watched an episode of \u2018Shark Tank\u2019 before I came here tonight,\u201d said Ro, who wasn\u2019t sure what to expect on stage. \u201cI\u2019m glad it wasn\u2019t quite as intense as it was on the show!\u201d<\/p>\n<p>This is the third year in a row that the Start-Up Business Enterprise course has required students to pitch their proposals to angel\u00a0investors, but it was the first time the event was held on stage in the William Mitchell Auditorium. The Center for Law and Business even opened the event up to the public, bringing in an audience to watch the budding entrepreneurs in action.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Students in Start-Up Business Enterprise course met \u201cthe sharks\u201d on Tuesday, Nov. 18, 2014, as they pitched their proposals to a panel of working\u00a0professionals\u00a0posing as venture capitalists. Modeled after ABC\u2019s reality TV show \u201cShark Tank,\u201d the event put students\u2019 business acumen to the test. \u201cIn the Start-Up Business Enterprise course, which is really a business &hellip; <\/p>\n<p><a href=\"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/2014\/11\/19\/students-pitch-business-plans-to-investors-in-mock-shark-tank\/\" class=\"more-link\">Students pitch business plans to investors in mock \u2018Shark Tank\u2019<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-54","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-news-and-events","7":"entry"},"acf":[],"_links":{"self":[{"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/posts\/54","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/comments?post=54"}],"version-history":[{"count":0,"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/posts\/54\/revisions"}],"wp:attachment":[{"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/media?parent=54"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/categories?post=54"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mitchellhamline.edu\/center-for-law-and-business\/wp-json\/wp\/v2\/tags?post=54"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}