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Student Entrepreneurs Shine in Chicago

Experience-Based Learning at Its Best

Ninety...sixty...thirty...times up!

As the stopwatch counted down, University of Pittsburgh students from business, engineering, and arts and sciences articulated their entrepreneurial endeavors at the Collegiate Entrepreneurs' Organization (CEO) Elevator Pitch Competition held in Chicago, winning cash prizes and accolades in the process.

Through a competitive process, 60 of the 1,200 students attending the October 2009 conference were selected to present their ventures to a panel of investors and seasoned business professionals. Of the 60 students presenting, five hailed from Pitt, and all five walked away with cash prizes.

Sandra Bly, a junior accounting major in the College of Business Administration (CBA), placed 6th overall with her plan to provide instant access to a wider variety of movie rentals. "The workshops that the Institute for Entrepreneurial Excellence provided leading up to the trip gave us all a chance to develop and refine our 90-second pitches in terms of content and delivery. This hands-on learning worked—I felt confident pitching my venture to an audience of over 300 listeners."

Two other winners, sophomores Amy Mack and Regis Frey, are residents of the Entrepreneurial Living Learning Community, a floor in Panther Hall that provides an immersion experience for student entrepreneurs. Resident Assistant for the floor, Fatmata Koroma, a CBA sophomore studying marketing said, "One of the most rewarding parts was seeing my residents Amy's and Regis's faces light up when their names were called to receive their prizes. Thinking back on how much they have grown since applying for the competition to actually delivering sound pitches was amazing. Their triumph is just the kind of excitement we need here at Pitt to motivate our fellow students to follow their dreams of entrepreneurship! I learned that it's not how long you pitch a business idea, but how well you do it—90 seconds can go a long way!"

Pitt's top winner was Dean Lovewell, a senior engineering student and president of the Entrepreneurs' Society, who took 3rd place overall for his venture PulpWrap, an environmentally-friendly gift wrap. "My engineering education combined with my work experience at the Institute for Entrepreneurial Excellence as a student consultant gave me an edge over the competition," said Lovewell. "I walked away from the CEO Conference realizing that all of my background work on PulpWrap now depends on my ability to sell and the elevator pitch competition moved me in the right direction."

In addition to the pitch competition, the 14 Pitt undergraduate and graduate students in attendance networked with experienced entrepreneurs, met like-minded peers, and participated in educational seminars and workshops.

"This is experience-based learning at its finest for Pitt's emerging innovators ," explained Michael Lehman, director of the institute's PantherlabWorks and student services. "The students—from business, law, engineering, and arts and sciences—on the trip represent the growing number of University students who are eager for more hands-on entrepreneurial opportunities both inside and outside the classroom."

These opportunities are made possible thanks in large part to alumni contributions. In order to share their experiences with Pitt Business graduates, the students attended the CBA Alumni Anniversary Celebration and 10 Year Reunion Brunch upon their return. Lauren McMenamin, a sophomore studying finance and one of the elevator pitch prize winners, said, "We are so thankful for the alumni who contribute financially to make our entrepreneurship program possible. The opportunity to pitch in front of hundreds of people inspired me to better communicate my business knowledge in a clear and persuasive way."

The CEO trip was just one highlight in the fall entrepreneurial calendar at Pitt. Applications are now being accepted for the Big Idea Competition, where students compete for support in moving their own startups forward.

"Student entrepreneurs are everywhere at Pitt," Koroma said. "It is time to reintroduce ourselves as the entrepreneurs of today and the innovators of tomorrow!"