TMCC

Entrepreneurship Club

E-Club Shark Tank Competition

2013 Shark Tank Winners:

  • First Place: Mariah Worcester  - $300.00 Food Truck
  • Second Place: Thomas George - $150 Healthy Alternatives, Gluten Free Bakery
  • Third Place: Alexandria Walls  - $75, Distillery

First Annual Shark Tank Competition Rules and Guidelines

Hosted by the TMCC Entrepreneurship Club (E-Club), the Shark Tank Competition aims to bring exciting and innovative business ideas out of the woodwork. Existing business plan competitions can be daunting: their requirements for detailed plans and executive strategies can discourage participants, and may be preventing some bright students from bringing good ideas forward. With that in mind, the Shark Tank does not require a complete business plan, financial statements, or any supporting documents. It is literally "pure pitch", with nothing but the value of the idea and the speaker's presenting skill to support it.

The Shark Tank takes place in two rounds. The first round, the Qualifying Round, will be held on Monday, Nov. 25, 2013 from 5:15-7 p.m. in RDMT room 256. Students must register online to participate in the qualifying round.

The Final Round will be held at a special reception on Wednesday, Dec. 4 from 5:15-7 p.m. in RDMT 256.

Key Events

DateTimeEventLocation
November 25 5:15 p.m. Qualifying Round RDMT 256
November 25 7:00 p.m. Finalist Selection RDMT 256
December 4 5:15 p.m. Final Round RDMT 256
December 4 7 p.m. Winners Announced RDMT 256

Prizes

  • First Prize: $300
  • Second Prize: $150
  • Third Prize: $75

Qualifying Round Rules

  • Preliminary pitches have a strict time limit of 3 minutes, after which a timer will notify the speaker that his or her time is up. Nothing said after time is called will be considered.
  • Qualifying round pitches have no minimum time, but contestants are expected to deliver five minutes' worth of content.
  • No visual aids are allowed (this includes PowerPoint presentations, etc.)
  • No question-answer session will follow the pitch.
  • Preliminary pitches will be judged on three criteria: innovative idea, proof of a market, and demonstration of competitive advantage.
  • After the end of the qualifying round, judges will chose 6 finalists.

Advising Rules

  • All six finalists have the opportunity to meet with the Shark Tank advisors between their selection as finalists on November 25 and the final round on December 4
  • The advisors will provide advice on marketing, competitive advantage, strategy, and any other information useful in crafting the business and the final pitch.
  • Advisors: Nancy O’Neal and Brandy Chadwick

Final Round Rules

  • Final-round pitches have a strict time limit of 5 minutes, after which a timer will notify the speaker that his or her time is up. Nothing said after time is called will be considered.
  • Final-round pitches have no minimum time, but contestants are expected to deliver five minutes' worth of content.
  • Visual aids are allowed in the final round.
  • Each pitch will be followed by a five-minute question-answer session with the three judges, who are free to ask for any clarification or justification they need.
  • Final-round pitches will be judged on five criteria: innovative idea, proof of a market, demonstration of competitive advantage, response to questions, and improvement since the preliminary pitch.

Judging Guidelines

Both the preliminary and final pitches are judged on three criteria:

  1. Innovative Idea: Because Shark Tank focuses on drawing out new business ideas, the core idea itself is of elevated importance. In this category, a completely new idea with compelling potential will do well, even if the proposed details of its execution seem doubtful.
  2. Proof of a Market: Even the best products or services fail as businesses if nobody in particular wants to buy them. Therefore, each pitch should identify a profitable group of people with a unique need that the business would address.
  3. Demonstration of Competitive Advantage: Once the market is identified, if it is truly viable, it will probably already have businesses competing directly or indirectly for it. Each pitch should acknowledge these competitors and explain what would set its own company apart. If there are no competitors, the pitch should explain why the market is empty and how they can viably enter it.

The final round has two extra criteria:

  1. Response to Questions: Each final pitch will be followed by a five-minute question-answer session. The finalists' ability to respond to the judges' questions will be considered here, as will the soundness of the pitches under scrutiny.
  2. Improvement: The same judges will be present at both the preliminary pitch and the final round, so they will have a chance to see how well the pitch develops both over time and with the added room for detail. This category will also consider each finalist's use of his or her advisor's suggestions.

Questions

For further clarification on any of these rules, please contact us.

Shark Tank Registration

Registration is closed until next year.

Fill out my online form.