Teams of Rochester Institute of Technology students will have an opportunity to turn their business start-up dreams into reality Monday night. The Simone Center for Innovation and Entrepreneurship is hosting its second annual “Shark Tank” competition at 5 p.m. Nov. 1 in RIT’s Center for Student Innovation.
The event is based on ABC’s hit reality show Shark Tank—where budding entrepreneurs compete to convince a group of five multi-millionaires to invest in their business ideas. In RIT’s version, student teams each will give three-minute pitches to a panel of business professionals who serve as judges. Their goal is to convince the judges that their idea is worthy of investment. RIT will reward the winning business proposal with seed money and access to the RIT Student Business Incubator.
“The money from RIT is to encourage students to pursue their ideas,” says Richard DeMartino, the director of the Simone Center. “The judges are there to mentor the students on where they should take their concepts to get future investments.”