The rumor is confirmed: there are sharks (of the "benevolent benefactor" breed) in Lake Zurich!
Thanks to the collaboration between Lake Zurich Community School District 95 and INCubatoredu, teams of student entrepreneurs had the opportunity to pitch their innovative business ideas to local investors “shark tank” style.
It began as a year-long entrepreneurship course with community business leaders serving as mentors and coaches. Students worked together in teams to design and develop a product or service which would hopefully win them seed money to help turn their dreams into reality. “The students in the program really absorbed what we discussed in class and had great questions on how the subject matter I taught would affect their products or service,” said Vasili Russis, a Partner at Buckley Fine Law who serves as an INCubator Mentor.
After months of hard work, the students took center stage with the long-awaited and exhilarating INCubator Final Pitch Night in the Lake Zurich High School Performing Arts Center. The student teams pitched their ideas to the sharks (judges) and the sharks took the bait, awarding the top three teams seed money ranging from $3000 to $7000.
First place was awarded to Venato, a company whose mission is to provide alternatives to the currently bulky and costly virtual reality full-body tracking systems. Second place was awarded to Knock Knock, a company whose vision is to provide products which transform any home into a smart home. Third place was awarded to On My Time, a web-based service company which matches students with jobs that fit their busy lifestyles.
Although funding was only provided to three groups, the remaining finalists proved that there are still many fish in the sea with their own promising business ideas. Multi-taskers would love Brushease, a hands-free toothbrush. On-the-go people will appreciate Releaved, a mobile app which helps locate clean, safe, and convenient public restrooms. Athletes can benefit from Rumble Athletic Network, a social network to help athletes improve their skills and enjoy their sport to the fullest.
INCubator Board of Advisors member and CFO of A.M. Woodland Outdoor Design Dan Migacz stated that the INCubator program was a great experience: “The teachers and support staff did an outstanding job, and the students exceeded my expectations.”
Now that the stage lights have faded from the Final Pitch Night contest, the winning teams have been busy taking the next steps needed to launch their businesses. Under the guidance of mentors, the students are opening business bank accounts, filing paperwork with the State to create LLCs, and are learning the requirements necessary to access their seed money, granted by the District 95 Educational Foundation.
From this point these businesses can continue to grow and develop. Before we know it, they well may be providing you and I a product or service for everyday use which was originally created from the Lake Zurich “shark tank.”
If you are a local business leader who would like to help foster the next generation of entrepreneurs in future INCubator programs, please contact Susie Wagner, Director of Innovation at Lake Zurich CUSD 95, via email at Susie.Wagner@lz95.org.