Students from Mercer University Eugene W. Stetson School of Business & Economics recently competed in Clayton State University’s second annual Elevator Pitch Contest. Two MBA students and an undergraduate from Stetson took three of the top four places in the competition.
The competition brought together 18 competitors from Mercer, Clayton Sate, Savannah State University and Georgian College & State University .
“Mercer can be very proud of its winning tradition in this contest. Last year, one student, Candace Eldridge, competed and won second place. This year, our student entrepreneurs once again performed at a high level and learned invaluable lessons,” said Dr. Bob Perkins, associate professor of management, who coached the students. “All of them earned a measure of confidence that will help them pursue their entrepreneurial dreams.”
An MBA student and professional bicycle racer, Charles Weaving III, won first place for Aeroquick, an affordable aerodynamic bike wheel. Another MBA student, Fatimata Aw, finished fourth for her anti-aging skincare cosmetic compounded from the fruit of the Baobab tree. And finally, Janice McFadden, an undergraduate, finished second for her new diaper brand that is marketed towards low-income mothers, Perfeck Pak.
According to the website for the event, this is the criteria for the competition:
- Identification of problem
- Solution: benefits, why better than existing products or services, innovativeness
- Market: target market, size of market and competitors
- Financial information: costs, time to break-even and to profit
- Presentation effectiveness (clarity, enthusiasm)
- Call to action: What is the purpose of the pitch, what you want from the judges?
- Presenter(s) responses to judges’ questions
- The maximum time allowed for the elevator pitch is 2 minutes; An individual or a team can make the pitch. After the pitch, judges will then be given the opportunity to ask the “pitchers” questions during a short question and answer period.