Richmond, Kentucky — Pitch your business idea in two minutes and win $5,000 to start your business: That’s the concept behind EKU’s annual Scholars Tank event, where students pitch their business ideas to a panel of business owners and experts.
The business idea selected by the judges will receive a $5,000 prize to bring their idea to fruition. Students have 120 seconds to explain the basics of their idea, including their target market, price breakdown and how they plan to use the prize money for their business.
“Scholars Tank is a perfect example of the unique way experiential learning happens across EKU’s campus,” said EKU President David McFaddin. “Showcasing knowledge, creativity and innovation leads to life-changing transformation, as evidenced by this incredible opportunity for students to pursue entrepreneurship.”
This year’s event featured six companies with unique and innovative business plans, including a campus parking app, a vintage clothing store and snow salt that doesn’t destroy roads.
After deliberations by the judges, Tariq Smith, a sophomore risk management and insurance major from Richmond, was selected as the Scholars Tank winner for his ATM business. With his Scholars Tank prize, Smith will purchase a new ATM machine from the manufacturer and refill it with the remaining funds he won in the competition. He will earn a fee on each transaction and use that money to refill the ATM machine, expand his business, and purchase more ATM machines.
Smith’s business idea came about out of nowhere.
“About a year ago, I started working in a hotel, and there are things in the hotel that you can only pay with cash, like vending machines,” Smith says. He recognized a problem that needed to be solved. “I thought, we need ATMs in hotels, because about once a week people ask if we have an ATM.”
Smith had been pondering and planning his idea for a while before joining Scholars Tank. He shared his plan with friends, family and peers and received their full support. So when he heard about Scholars Tank, he applied right away.
State Farm Insurance agent and agency owner Ashley Williams was the first judge for Scholars Tank. Williams said Smith’s idea stood out in her eyes because it was presented with such passion and attention to detail.
“He had very specific spending habits – how much he was spending on ATMs, insurance, maintenance. I thought that was really cool because it showed how much time he puts into this business,” Williams said.
Williams noted that Smith had already set up a limited liability company for his business and had done extensive research.
“He thought of everything, every little detail,” Williams said.
This year’s panel of judges for Scholars Tank included Williams, Debbie Alexander, owner of CPR in Richmond, Kentucky, Stephanie Ashley, owner of Ashley’s Appliance Repair, Dr. Jonathan Gore, psychology professor and co-founder of Scholars Tank, Kelly Gore, founder and president of iBloom, Steve Roberts, owner of R2 Property Inspections, and Miranda Stewart, owner of Sass in the Bluegrass and chief marketing officer of The Vendor Social.
One piece of advice Williams would give to Smith about starting a new business is to keep trying.
The students who advanced to the final round of Scholars Tank are:
- Chaz Burks, Parking App
- Sam Jones, Recycled Clothing – Runner-up
- Kennedy Lee, Safe Ice Melting
- Wesley Rice, AI Business Chatbot
- Tariq Smith, ATM Sales Services – Winner
“Scholars Tank is a great way for students to practice public speaking, develop business ideas and receive feedback from professionals in the workplace who have entrepreneurial experience and success in their fields,” said Dr. James Blair, assistant professor of marketing at EKU. “We are so grateful to Dr. John Gore and Dean Tom Martin for creating this opportunity for students to hone their entrepreneurial skills and become the next generation of leaders in our community.”
Students in any major at EKU can add a minor in Innovation and Entrepreneurship Thinking, which will give them the skills and experience to help them put together a business plan and move their idea forward. As a school of opportunity, EKU fosters and encourages innovative and creative thinking through academic programs and events such as Scholars Tank, held each April at Scholars Showcase.
by Taylor Davis, EKU News
