Students square off in Lions' Den Elevator Pitch Competition

On Oct. 27, the Penn State Shenango Business Club, in conjunction with the eCenter@LindenPointe, held its inaugural Lions’ Den Elevator Pitch Competition (formerly the Northwest PA College Elevator Pitch Competition).

Teams from Grove City College, Penn State Shenango, Westminster College and Youngstown State University took part in the competition. Both individuals and teams were given an opportunity to present a short summary to define a product, service or organization and its value proposition.

The name "elevator pitch" reflects the idea that it should be possible to deliver the summary in the time span of an elevator ride. An elevator pitch is often used by an entrepreneur pitching an idea to a venture capitalist or angel investor to receive funding. Venture capitalists often judge the quality of an idea by the quality of its elevator pitch and will ask entrepreneurs for their elevator pitches in order to quickly weed out bad ideas and weak teams.

The Lions’ Den Elevator Pitch Competition enabled students to pitch an original business idea as if they were seeking funding. The business idea could be theoretical or a real business idea that they intend to pursue. Competitors had exactly three minutes to give their best elevator pitch to a panel of judges with investment experience.

The 2012 Lions’ Den Elevator Pitch Competition winners were:

Honorable Mention: Andrea Liguore, Youngstown State University
Honorable Mention: Ashley Roberts, Youngstown State University
Third Place: Gene Kirila, Youngstown State University
Second Place: Rebecca Tomson and Alyssa Simmons, Westminster College
First Place: Chadwyck Cobb, Erika Bastian, Liz Wilson and Paul Sanders, Grove City College

Cash awards were presented to the first place, $1,000; second place, $750; and third place, $500, winners.

The event was sponsored by Penn State Shenango, First National Bank, Quaker Steak and Lube, Penn State Shenango Alumni Society, Flynn’s Tire and Auto Services, and AVI Food Systems.

This year’s judges included Kathryn Lima from Faro Enterprises, Maggie Horne from Gannon University, Bob Jazwinski from JFS Wealth Advisors and Stephanie Gantz from First National Bank of Pennsylvania.

Also held at the Shenango campus Oct. 27 was an Entrepreneurship and Innovation Fest, which included workshops and presentations on improving one’s marketability, as well as a computer recycling event.

For more information on the competition and other Business Club events held at Penn State Shenango, contact Lisa Bertin at 724-983-2908.

 

 

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Last Updated November 07, 2012