Michigan entrepreneur contest leverages 'Shark Tank' competition style

Vital feedback, key experience, and even possibly prize money await those entering the annual Global Student Entrepreneur Awards, whose annual competition has helped refine good ideas and the brains behind them.

All it takes is a great business idea and the drive to pursue it all the way to profitability.

Big picture view:

The Global Student Entrepreneur Awards Ceremony has handed out thousands of dollars to innovative college students for the past seven years with the hope it will lay the groundwork for a successful career.

Those that partake will pitch their business idea to an international audience as well as a panel of judges. 

Think of the show Shark Tank, but scaled down. The money one could win isn't as big, but the implications could ripple around the world.

Besides a good idea, a student would need a way to tell their story and a thought process that explains their planning, said Rob Cote, chairperson of GESA. With the right practice and a good enough idea, the goal is nothing would fall through the cracks. 

"The greatest ideas in the world sometimes falter because they can't get the traction and the business leverage to get things started," he said.

The people behind the competition is a group of self-made business men and women who offer their support and guidance for the next generation.

Winners will get a $7,500 price, while second place gets a $2,500 prize.

Dig deeper:

There are some prerequisites to pitching one's idea however. 

Cote says the business idea has to have been in place for six months and generate $500 a year in revenue. They also need to be in college. One idea that has crossed this path is a new app that textile companies could use.

"We've got a student that is doing a mobile phone application to scan body size so that they can properly fit clothing before ordering it," he said. "Which is a huge ROI for clothing companies because they lose a lot of money when people return clothes."

But it takes more than just an idea.

"It takes that speaking preparation, presentation and of course they are going to be asked questions by the judges, and so I think the thinking on your feet is really important," said Carrie Schochet. "You are also getting feedback on different aspects of that business plan and idea."

Schochet is the chairperson of the Detroit Entrepreneurs' Organization. 

From her vantage, she has seen a shift in the education that entrepreneurs could benefit from. It starts in elementary schools.

"They are learning about concepts: budgeting, inventory, pricing, the idea of profit versus revenue," said Schochet. "I think its really exciting that this type of training is happening at a young age."

What's next:

Those that win the statewide competition move on to compete nationally. 

A potential pitch to international judges could come next. The most successful will have a chance to grow their business beyond what they could have imagined.

For more information on the contest, find more information here.

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