Utah middle school students learn to think like Shark Tank founder

Obtaining funding from investors for a startup is a big challenge for most founders, including this sixth-grader at Draper Park Middle School in the Draper suburb of Salt Lake City, Utah. You’re learning how to turn your business into a business and market your potential. investors.

“I’m really excited because I think our company has a chance to win,” said sixth-grader Laney Aleman. She and her classmates participated in the “It’s My Business” contest sponsored by Junior Achievement of Utah and Idaho in partnership with CNBC. The Shark Tank-inspired contest was also picked up by NBC affiliate KSL-TV.

This financial education project is part of CNBC’s Successful Cities series, which examines cities that have transformed into entrepreneurial business hubs that attract capital, businesses and workers.

Alleman’s team had a business idea: Just Right Clothing Company, which would manufacture T-shirts with heating and cooling technology for maximum comfort. They competed against two other teams. One is the Wish Wash Pet Brush, which is designed as an all-in-one grooming tool, and the other is the 2 Lit 2 Sip, which is a multifunctional heating and cooling cup.

The students spent three months in the classroom brainstorming and developing business ideas. The competition, the culmination of a semester-long course, was held at JA City, an experiential learning center in Orem, Utah.

Draper Park middle school students are required to learn about entrepreneurship as part of their classes. However, there are only a few schools nationwide that incorporate financial education targeted at this age group.

Utah was the first state to require a personal finance course for high school graduation in 2004. Twenty years later, 26 states require high school students to take a semester-long independent personal finance course before graduation, according to Next Gen Personal Finance. .

“High school financial education is important, but a lot can happen before a student gets there,” said Tom, president and CEO of Jumpstart, a national nonprofit organization that advocates for improved financial literacy. CEO Laura Levine said. “By introducing financial education early, we may be able to introduce at least some important financial concepts to those who may not understand them later.”

“I dream big and am committed to reaching our full potential,” said Hallo Founder and CEO Jun Bae. He is a Korean immigrant who has developed an on-demand language learning platform, helping over 3 million students, and also working with companies to automate language learning. Language assessment.

Bae was one of three local startup founders who coached the top team of 11 and 12-year-olds to hone their presentations. The team then pitched the idea to the competition’s judges, Olympic gold medalist Ashley Caldwell, and three of Utah’s top business leaders. The animal-loving judges ultimately chose the Wish Wash Pet Brush as the winner.

Minky Couture founder Sandy Hendry, one of the competition’s judges, said she knows from experience the impact learning about entrepreneurship can have on young students. She was a 6th grade teacher for 30 years before starting her luxury blanket company in 2009.

“When I was teaching sixth grade, we always did a unit about business because I was always very interested in business formation and entrepreneurship,” she says. I did.

“I was really amazed at how inventive and creative these kids were and how able they were to put their thoughts and ideas together,” said Hendry. I think it has a very bright future.”

“Middle school is an important time to teach personal finance,” said Levine, who is also a member of the CNBC Global Financial Wellness Advisory Board. Even states with financial education graduation requirements can miss out on many students if the state or part of the state has a high dropout rate. ”

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