By Alex Sorrells / Jambar Contributor
The Williamson College of Business Administration is hosting its third annual Shark Tank competition, allowing students to pitch a business idea to local entrepreneurs for funding.
Jackie Ruller, director of the Excellence Training Center, said any student at Youngstown State University can apply. Potential candidates can apply in two different categories — best business idea and best-established business.
“We have sharks or judges, and the students just get up, they pitch their ideas – they’re given five minutes, and that’s all there is to it,” Ruller said. “Pretty much everybody that in the past, everybody that applied — pretty much made it into the show.”
Annabelle Himes, Master of Business Administration student, won the competition in spring 2023 with her company Heroes in Tiaras. Himes and a team of performers dress as superheroes, princesses and other popular characters for children’s parties and events.
“Don’t be afraid to take the risk and apply. Use this as an opportunity to make connections and build relationships with local entrepreneurs,” Himes said. “You never know who you may meet that could help your small business grow and succeed.”
The reward of $10,000 is funded by the Burton D. Morgan Foundation, an entrepreneurial foundation focused on supporting upcoming business owners. Patrick Burgan, owner of Burgan Real Estate — the official brokerage of YSU athletics — donated $2,400 as additional prize money.
“We’ve left it up to the sharks to kind of look at the candidates and see how they felt it was most appropriate to distribute the money,” Ruller said. “Last year, they chose to give out two — first prize in business idea and a first prize in establishment.”
Burton D. Morgan agreed to fund the first three years of the competition, leaving next year’s funding up to YSU.
“If the event is going to carry on, then we’re going to have to fund it somehow, ‘we’ meaning YSU, and like I said there’s been other people that have been willing to kick in prize money,” Ruller said. “I’m not saying the event’s going to be dead, but this, for all we know, could be the last year.”
Himes said she originally planned to use the money to make her storefront accessible, but was hindered by local regulations. Instead, Himes opted to save the money to relocate, hoping for a more convenient location.
“After the competition, I realized that since it is an old historic building, no alterations can be made,” Himes said. “The prize money is being used to save towards a storefront where families can host their own parties and events, and the studio can be more accessible and inclusive.”
The competition starts at 5:30 p.m. March 20 in the WCBA auditorium. Contestants meet with a mentor before the event with March 1 being the application deadline.