Education

Four student business plans funded after "Shark Tank" presentation

By Herald-Whig
Posted: Mar. 14, 2019 10:20 am

QUINCY -- Heading into the "shark tank" proved profitable for business plans prepared by four teams of Quincy High School students.

Six teams of students in Justin Sievert's economics class outlined their plans March 1 in a "Shark Tank"-styled presentation with the hope of winning up to $250 in startup funds from Peoples Prosperity Bank.

The bank this week presented $250 to Jacob Carder for a mobile oil change business and $100 to three other businesses -- cake pops by Mia Rost and Trinity Lawrence, commissioned artwork by Ava Miller and Addy Penn, and spirit magnets by Olivia Clayton, Isabella Trinh and Madelyn Frericks.

"We hope the funding provided to the students will help jump start their student businesses and help get them additional equipment and/or marketing support in most cases to broaden their target markets," said Jana Hattey, community bank president at Peoples Prosperity. "The students can either cash their check at Peoples Prosperity or their own bank, or we will open a no-fee checking account for their business."

Sievert added developing business plans as a hands-on activity last semester for students in his economics classes. Working with the bank provided more mentorship and real-life application, and they added the "Shark Tank" experience for this semester.

The sharks -- Quincy City Treasurer Linda Moore, John Wood Community College Dean of Business Services and Institutional Effectiveness Josh Welker, Quincy Chamber of Commerce Board Chairman and president of WC Restaurants Will Duryea and Peoples Prosperity Bank Vice President of Commercial Lending Nick Smith -- urged students to think about profit, sales volume and ways to expand beyond the walls of QHS.

Sievert made paying back the "loan" from the bank by the end of the semester part of the student grades.

Hattey said, "Although not a bank requirement, when the student repays the loan, we will utilize these payments as part of a revolving loan fund for future student businesses."