UPDATED: Utica University will host the Preferred Mutual Small Business Plan Shark Tank Competition on Wednesday April 22. This event will give students an opportunity to pitch business ideas in a “Shark Tank” style while competing for seed funding.
The competition was an idea created by the Utica University Investment Club after experiencing growth in its managed portfolios, which is now close to $370,000. Members proposed moving into private equity and venture capital by directly investing in small business startups.
Students are encouraged to participate and submit their small business plan proposal by Wednesday, April 15. First place will receive $2,000, second place $1,000 and third place $500.
“The main goal is to offer a taste of alternative investment opportunities for students who are interested in finance,” said Professor Zhaodan Huang, who is organizing the event. “At the same time, it provides seed capital to help students at Utica University bring their entrepreneurial and creative ideas to life.”
The club also intends to use the platform to get students in all majors involved, such as business management, data science, marketing and more. Ultimately, the club wants to establish a Small Business Incubator on campus, with guaranteed seed capital funded by the investment portfolio, which could hold a minority stake in the small businesses it supports.
This is the second year Utica University is hosting the event, as the Department of Business and Economics previously hosted the New York State regional business competition before COVID for one time, which was a huge success.
Upon hearing the idea from Interim Dean of Business and Justice Studies Pat Swann, the President of Preferred Mutual, Benedikt Sander, jumped on the opportunity and provided financial support for the event, as he helped cover all cash prizes and associated costs.
“We appreciate Preferred Mutual for showcasing their job opportunities with an exhibition table during the event,” Huang said. “Several of their employees will attend the April 22 event, either serving as judges or speaking with students who are interested in jobs or internships.”
Judges will consist of faculty members, Preferred Mutual representatives and business professionals. In addition to the judges, members of the Utica University Investment Club will have a collective group vote.
The event starts at 1:30 p.m. on April 22 in Hislop Auditorium and will open with brief remarks from Utica University President Stephanie Nesbitt, as well as a representative from Preferred Mutual. Each participant will then present their business plan in a 15-minute pitch, followed by approximately 10 minutes of Q&A. All small businesses are welcome and there is no limit to business ideas.
For more details, please visit the event’s information page: https://www.utica.edu/small-business-plan-competition Additional questions should be emailed to Dr. Jordan Huang at [email protected].
