Johnson & Wales University’s (JWU) business program prepares students for industry-specific careers. In addition to coursework, the business school offers students opportunities to get hands-on experience outside the classroom. For instance, students interested in becoming entrepreneurs can pitch their ideas at the JWU Sharkfest. JWU’s take on Sharkfest, the show that gives entrepreneurs a chance to obtain funding from investors, veers from it in that the competition culminates in first, second, and third place cash prizes for winning finalists, seed money they can use to develop a venture they have started.
The competition has been around for about a decade and is a part of the school’s broader mission to encourage entrepreneurship and innovation. Additionally, JWU Sharkfest reflects the school’s long-standing commitment to business education since its inception in 1914. While the competition draws business majors, it is open to all majors who can enter their ideas into one of several categories, such as general business, technology, hydro/aquaponics, general innovation, well-being, culinary arts, social ventures, and consultancy startups.
Once prospective competitors submit their applications, the committee chooses five finalists. During the competition, the finalists pitch their ideas to judges and audience members for five minutes. Then, the judges have five to seven minutes to ask student competitors questions about their business. After every contestant has pitched their idea, the judges select a first and second-prize winner while the audience votes on the third-prize winners.
More than launching a business, JWU Sharkfest presents students with valuable support in getting their venture off the ground. Each finalist receives access to coaching, mentoring, making the pitch, and drafting a business plan. Students can also use coworking spaces and receive essential office support at the Larry Friedman Center for Entrepreneurship (Providence Campus) and the Innovation and Entrepreneur Center (Charlotte Campus). They also receive $250 to prepare for the competition.
Whether the student wins or not, the competition is a chance to get a taste of the ins and outs of pitching a business idea to investors. For one, launching a business is challenging in the real world, with only two in five startups turning a profit and one in three startups breaking even or losing money.
Further, entrepreneurs who need to raise funding might need more than two years to reach Series A funding. According to a January 2023 article published in the online business magazine, Embroker, the time it takes to move from seed funding to Series A is 22 months, and from Series A to Series B, it takes 24 months. Finally, it takes to get capital from Series B to Series C is 27 months. According to the same article, getting more funding takes between 15 and 20 months.
That said, the JWU competition provides students with the foundational and practical skills needed to raise funding and with some success. For example, Matt Tortora, class of 2015, pitched his What’s Good app and won. The app connects chefs with food producers and artisans to help them lower food costs and increase efficiency in the restaurant industry. That same innovative idea has burgeoned into a successful business. Ultimately, the competition is practice for the future, a benefit for contestants. On the off chance you win, it also can be a launching pad to better opportunities.
