YOUNGSTOWN, Ohio – Nabayt Kibreab had some extra money and decided to try to make more in the stock market.
It didn’t go well, but it led the Youngstown State University junior computer science and economics major to develop Velora, a stock trading platform for those new to the stock market. That idea earned her the $2,000 grand prize in the Best Business Idea category and the John Burgan Entrepreneurship Prize on Thursday night at Penguin Shark Tank.
“So for me, Velora is next,” she said after her win. “Within six months, we’re trying to launch the beta version of the application so that people can use it.”
The experience taught her that everything takes time.
“I didn’t create the code within one day. I didn’t write the algorithm within one day,” Kibreab said. “Everything is a process of time and time and time, and then there are always new things to learn from each day.”
She was one of six YSU students to pitch their businesses or business ideas to a panel of five sharks, or judges: Stacy Howlett, CEO of Howlett Logistics, who was also the keynote speaker; Linda Barton of Sweet Memories Vintage Tees; Patrick Burgan of Burgan Real Estate; Mark Lamoncha of Humtown Products; and DeShawn Scott of The D5 Group.
After the students’ five-minute pitches, the sharks questioned them about their target audience, production costs, marketing ideas, competition and other key points.
The winner in the Best Established Business category, as well as the fan favorite, was Cadence McStowe and her business partner, Noah Bowman, for their product Tallowtalk Skincare. The top prize was $2,000. Bowman is also a nursing student and a paramedic.
Tallowtalk is a skincare product made from beef tallow that McStowe, a freshman nursing major, EMT and certified nursing assistant, developed while searching for a solution for her acne. It includes no preservatives or chemicals and is also good for skin conditions such as eczema and psoriasis, she said.
After their win, the business partners want to get more supplies and equipment.
“The big, ultimate goal is to scale there,” McStowe said. “We want to put money into advertising as well and get repeated sales, get more clients.”
The others in the Established Business category were Coastavida Jewelry by junior marketing major Hailey Bonner, which earned third place and $750. ACG Media Marketing, owned by Alexis Gaetano, earned second place and a $1,500 prize.
In the Best Business Idea category, Jan Harter, a junior business analytics and economics major, won second place and $750 to develop a new piece of rock climbing equipment. Third place and $500 went to Sai Teja Reddy Bokka, a mechanical engineering graduate student and his business partner, Jennifer Skowron, for Vigyus, a specialized platform for STEM education.
In her keynote to the aspiring entrepreneurs, Howlett urged them to start with a problem to solve for customers rather than with a product. She also advised them to invest in themselves.
“At the end of the day, your business is a reflection of you,” Howlett said. “So if you want it to grow, you have to grow first.”
Success in business isn’t just about having a great idea, the CEO said.
“It’s about having the mindset, resilience and determination to bring that idea to life,” Howlett added. “You will face challenges, setbacks and moments of doubt, but every obstacle is an opportunity to learn, grow and improve. So go forward with confidence, embrace the unknown and never stop learning.”
Penguin Shark Tank is funded in part by a grant from the Burton D. Morgan Foundation. Additional prize money includes the John D. Burgan Entrepreneurship Prize.
Pictured at top: Nabayt Kibreab, winner of the $2,000 grand prize in the Best Business Idea category.