SHARK TANK COMPETITION

 

SHARK TANK COMPETITION 

Aim

Bring exciting and innovative ideas to life using Shark Tank style presentations! Create a future-focused innovative idea, product or service that has the potential to become a profitable business venture. Shark Tank Innovation is a project-based learning challenge that incorporates the 4Cs: Critical Thinking; Creativity; Collaboration and Communication. Students will demonstrate the acquired skills while engaged in developing an innovative project. As an entrepreneur it is a necessity, beyond any iota of doubt, that using scientific methods and persuasive techniques one can facilitate business/marketing campaign for the innovative product/service. The Shark Panel will judge, review presentations and innovations presented by young entrepreneurs who are willing to foray into the realm of high-end technology.

Eligibility

● Student/team of students (maximum of 3)

● Participating Classes – Class IX to XII

Functional format of the competition

Pitching to the Sharks, Shark Tank style, is designed to reward big ideas that will push the envelope. We encourage participants to be bold enough to float innovative ideas that can be translated into reality. The panel expects participants to focus on innovation – something fresh and new, building on or evolving from previous models, solving an intricate problem, reinventing the model entirely, or taking us somewhere beyond the periphery of our imagination. This is your chance to sell your story and spread the message around so that interested entrepreneurs invest in your dream project.

These innovations will be presented live in the competition to test their functionality, viability, shark tank style, before industry judges who are indeed captains of industry. From this competition, a winner will be selected by the judges.

Criteria

Each individual/group must:

1) Work individually or in groups (maximum of 3 students in a group)

2) Create a Unique Innovation product idea (good, service, non-profit, etc.) that can be visually presented or in the form of a prototype.

Note: the group may choose to demonstrate their product through a pre-recorded video to show the “Sharks” during the competition.

3) Develop a Marketing Plan (see level of expectations for schools in the rubrics).

4) Calculate a Cost Analysis of the innovation.

5) Create an Infomercial to present to the “SHARKS” about your innovation.

6) Contribute, participate and speak during the presentation.

7) To be dressed in a professional business attire on the presentation day.

 

Develop a Marketing Plan that addresses the following:

1) Name of your innovative concept

2) Include a description of your innovation, its visual appeal/design if applicable, its relevance/importance to industry.

3) Create a visual or prototype

4) Develop a pitch, keep it succinct and simple. Show your passion for your plan. Remember that your pitch is meant to inform, engage the buyers and successfully market the product/idea.

5) Name the industry/sector that at best, represents your idea, product, or service?

6) Customer/Market Analysis: Identify your target market/potential customers and explain how your innovation customizes the needs/demands of targeted customers.

7) Competitors: competitors, substitute products, etc. Identify a company or product you believe competes with your innovation.

8) Merits: Advantages over comparable products. What sets your concept submission apart? Differentiate your innovative product/idea from similar products or services already in the marketplace.

9) Additional information that you would like to contribute that will highlight the various aspects of your submission for the judges to consider.

10) What social media platform(s) would you engage with for advertising your innovation? Explain why?

11) What market research have you conducted? What is your feedback from your targeted audience?

 

Infomercial Criteria (Optional): The Video will be played as part of your pitch to the SHARKS.

1) Video length: Video must be not more than 2 minutes.

2) Video requirements: The video must incorporate only original work and not be subject to any copyright restrictions. The video should be akin to a TV commercial, addressing the components of the Innovative rubric.

3) Video editing: video should be edited, sound quality to be checked prior to submission.

4) Video submission: Video must be submitted prior to the competition.