Prize money — potentially exceeding last year’s $5,000 — will be available to award to emerging entrepreneurs as Wilmington College presents Quaker Tank — its version of ABC TV’s popular Shark Tank — March 21, from 7 to 8:30 p.m., in Hugh G. Heiland Theatre.
The spirit of entrepreneurship is alive and growing at Wilmington College as the Business Dept. presents the fifth-annual Quaker Tank.
The finalists are Justin Beckner, Heritage Leather Works and Customs; Paige Teeters, EchoEwe Technologies; Kenedy Maynard, Kenedy’s Fuzzy Buddies; Ruth Beery, Scientific (Note)ation; Sam Harding, Legendary Lawns; and Mckayla Sites, Urban Dais.
The event is free of charge and open to the public. Refreshments will be served.
Quaker Tank is presented with sponsorship so far from Peoples Bank, Lebanon Citizens National Bank (LCNB), Merchants National Bank and Wilmington Savings Bank.
The competition is similar to the hit ABC-TV show but with a twist. Instead of promoting a product or invention, WC’s contestants — all students at the College — are pitching their overall business concepts. Each will have roughly three minutes to present their idea before a panel of three “Sharks” (judges).
Sharks are business leaders from the Wilmington community who have had a chance to review the contestants’ business plans and two-year financials before the event. They support entrepreneurship activities in the community and are partners with the College. After each contestant makes their opening pitch, a Q&A session ensues between the Sharks and the contestant.
Each Shark has a portion of the jackpot to spend on the contestants as they so choose. Indeed, last year $4,500 was given by the panel of sharks to the winning contestant. Additionally, the Quaker Tank production team, led by Executive Producer Hannah Schroeder, has $500 to give to their favorite contestant. The Sharks are free to split the prize money among the contestants or award it all to one.
Judging is based on three main criteria: (1) Creativity – Does the contestant display a professional level of creative thought? (2) Finances – Does the contestant show complete awareness of the financial realities of an entrepreneurial venture? and (3) Feasibility – Is their project market ready?
Contestants will be making a pitch on why the prize money could best help their company develop, launch or grow.
