Do you smell the blood in the water? It’s shark-tank time again for Utah’s high school entrepreneurs and their ideas that will be taking the stage at Park City High School on Tuesday at 6:30 p.m. for the school’s Invest Nest competition.
Each year, schools throughout the state raise funds to potentially assist their students in pursuing what could turn into profitable, groundbreaking ideas. Students compete with their classmates for the school’s pot of reward money, and winners move on to the final round, where they compete with students from 35 schools. Tuesday, students from Park City will give their ideas before investors, Invest Nest judges and the public. According to the competition’s website, all three groups will have a say in the winner, who will be granted $10,000.
The winner will also go on to compete in the state competition between their schools’ winners. The winner of that finals round, which will take place April 29 in Provo, will be given $20,000, for an overall potential of $30,000.
According to Park City High student Dylan Rifkin, who helped promote the event as part of a Park City Center for Advanced Professional Studies project, Invest Nest has given away $450,000 in grants since its founding seven years ago.
“During our first round is where we have the most competitors. Anyone can sign up for that round and present what their idea is,” Rifkin said. “Our judges, which are the board of Invest Nest pick five to 10 teams or projects that they think really can be brought to life and have a chance of making it out of just an idea.”
Those five to 10 projects move onto a second round, where contestants’ ideas are criticized based on the feasibility of the idea, the ability of the contestants themselves and if they will use their potential awards to pursue their idea rather than “take the money and run.”
“The second round is more of a practice round for round three, where they work with mentors between round one and two,” Rifkin said.
At the end of round two, students repitch a more refined and filtered version of their idea. Typically, Rifkin said there aren’t many eliminations.
According to Invest Nest, several students have taken their seed money and planted something significant.
Katherine Smoot, a photographer and videographer, was able to invest her $10,000 in lenses and other camera equipment. Since winning, she has traveled with other photographers on projects and managed to double or triple her income.
Isaac Hardy, the founder of My Brother’s Pastry, won $20,000 to expand the business he started at 14 years old at a small market in Midway. He’s expanded his business and equipment to further his tasty endeavors.
The next winner’s story will start Wednesday, and Invest Nest hopes community members and other interested parties will attend to see.