Middle and high school students from our area have been participating in the Pensacola Young Entrepreneurs Academy. The students have been developing their business ideas since October 2013. On March 12, 2014, the twelve student entrepreneurs got a chance to interact with potential investors before the evening’s “Shark Tank”-style event, which took place at the University of West Florida’s Center for Fine and Performing Arts.
The students are vying for a share of $6000 donated by the investors. One of the student entrepreneurs is Morgan Thomas, a senior at Tate High School. She designed the split-free iron sleeve, made from material similar to an ironing board.
“I actually have someone making my sleeves for me now,” Thomas said. “I have my business cards and brochures ready to be handed out now, and I also have a salon that’s going to sell and market my product for me.”
Thomas is asking the investors for $700 to produce more of her sleeves.
Another student entrepreneur is Benjamin Zimmerman. The eighth grader is founding Sports Exchange of America, a non-profit organization leases used sports equipment to children of low-income families at a low cost. Zimmerman is asking the panel for $388.
“I’m gonna need it to buy the stand that I’m going to be using, because I’m going to be mobile. Also for paying for my website and other things like that to actually get my business up and going,” Zimmerman said.
Two students formed a brother and sister partnership called “Spice Kidz”. Eve and Liam Knight are 6th and 7th graders at Gulf Breeze Middle school who intend to package Indian spices in the correct amount to make curry and Vindaloo dinners for four-to-six people. They are asking for $900, to use to purchase weighing equipment and the spices, marketing, packaging, and renting kitchen space.
The lead judge of the investor panel is Pete Novak, president of Nowak Enterprises. Nowak says each investor brought $600 to award to the students who present the best business pitches.
“This is their startup money to start their businesses, so we’re excited, and it’s also a competition that takes them to the next level, that will ultimately award the winner a $30,000 scholarship to develop their business,” Nowak said.
Much like on the ABC TV show, “Shark Tank,” the panel had the opportunity to ask the students three questions after they spoke and presented their Powerpoint presentations onstage.
Spice Kidz were successful in selling their pitch. They won the competition that evening and received $1200 toward their project. Liam Knight explains what makes their product unique.
“You can buy an individual spice at the grocery store, and you can buy a pile of different spices in little containers, and you can mix them all up from something online. Or you can buy ours in one package for $2.99. It’s not as expensive as some of those other spices combined, and ours has all of the spices mixed together already, so you literally just put it in the pot with the instructions on the back,” Knight said.
Spice Kidz will continue on to the regional Young Entrepreneurs Academy competition later this year. The remaining $4800 from the investor panel was apportioned among the other eight businesses. Each business will have the opportunity to present their product at a table during the May Gallery Night in downtown Pensacola.
Katya Ivanov, WUWF News
