The show known to many as "Shark Tank" allows competitors to pitch a business idea to a panel of highly qualified and prestigious judges in hopes that one of the "sharks" will bite and help them develop, execute, and grow their idea.
Auburn University has their own version and it is known as "Tiger Cage". This annual competition allows Auburn University students with a business idea to advance it and help jumpstart their business.
The students are competing for a share of a prize pool up to $50,000. The winning team receives $25,000 and goes on to compete in the SEC competition.
The Tiger Cage semi-finals took place on March 2, 2018 at the Auburn University Hotel.
In the conference room where the competition took place, there were refreshments for the judges, competitors and audience. The screen was located up front that previewed the teams powerpoint. The audience consisted of families, friends, and intrigued students.
The eight different teams all collaborated outside the conference rooms, scattered around the waiting area. They prepared and practiced for their chance to prove to the panel of six judges, that their idea is the best.
During this pitch, each team introduced themselves and their idea. They then went into their business plan, for example their mission, market opportunities, market value, competitors, marketing strategies, target markets, profits, ect.
At the semi-finals, there were two different teams that had team members that had to stream themselves on a video camera. One participant was in California and one studying abroad in Rome.
Each team was confident in their pitches and confident with their idea. Every team member shook the judges hands afterward, thanking them for their time.
"My favorite part of the competition is definitely collaborating with my colleagues, Sarah Gascon and Dawn Michaelson," said Matthew Hanks, member of team ESCAPE Therapy. "We mesh very well together, and we are constantly feeding off each others' energy making the competition a lot of fun," Hanks said.
During the competition, audience members and judges were able to see the dedication and love each team member had for the business idea. Teams knew their concept and were able to answer every question the judges threw at them.
"Presenting in front of the judges was just like ABC's Shark Tank. I was nervous both times I presented, but after each of my presentations, I realized how much I enjoyed presenting in front of an audience that is intently listening to everything I am saying," said Connor King, creator of Birds Eye Video.
After each team went, the judges had a short period of time to fill out a sheet of paper, grading each team. While this was going on, the next team was preparing to present.
"It is very exciting to present in front of the judges. While yes, when you first walk in the nerves are quite high, having the opportunity to give your pitch to such successful business men and women is incredible," said Jackie Litschewski," member of Enki Engineering.
Each team had five minutes to present their idea, which is not a lot of time for the amount of information that is needed to get across to the judges. Each team made it right inside the time limit.
"The hardest part about the competition has been trusting my gut. While there are many templates and guides on how to create a successful business, many of the most successful are born from outside of the box ideas, whether the idea is about marketing or product design," Litschewski said.
Following the eight different pitches, the judges had to choose four teams out of the eight to move on to the finals.
The four teams moving on to the 2018 Tiger Cage Finals are: Enki Engineering, ESCAPE Therapy, Savor, and Snippety Snap.
The Tiger Cage Finals will take place at The Entrepreneurship Summit on April 6, 2018 at 9:30 a.m. where these four teams will compete to take home the $25,000 and a chance to jumpstart their business.
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