Article by Mayako Kruger
Photos by Manapo Ishikawa
On Wednesday, February 15th, the 11th grade students of Business Management at ISM presented their work in the form of the annual Entrepreneur Competition, held in the Little Theatre and the Fine Arts Theatre. Students showcased their learning through business models, as each group pitched an idea for a new business and argued why their company should receive the generous sponsor funding on offer.
Each three to four person group made presentation on their product, profit, break even graph , and financial needs, much like the television show Shark Tank. Favourite products went through to the final. Dramatically, some of the presentations went above the time limit resulting in flashing stage lights during the finals in the FAT. Some of the top entrepreneurs and industrialists of The Philippines were there to judge including the founder of Alaska Milk, Mr. Uytengsu.
One of the companies presented in the finals included Recipeas, an app that scans different foods in your fridge and finds recipes to make with what you have. It is appealing to many college students since it’s recipes only take 30 minutes or less to make. Interestingly, the three students had the technology and coding required to actually make a prototype of the app. After much back and forth bargaining with a panel of judges, wherein the group pitched their detailed business plan, including startup costs, variable costs, recovery plan, and return on investment in order to convince them to invest in their company for startup capital, the deal was finally sealed.
The second group in the final with an interesting product that captivated the audience was Vortex, a water dispenser which accelerated the speed at which the water was dispensed by mimicking a whirlpool. Vortex creates a tornado inside the dispenser which pushes out the water faster. The tornado is created by someone spinning a paddle attached to the dispenser which the prototype easily demonstrated. Once again, after a harsh negotiation with the panel of judges and potential investors, the contract was sealed.
Another finalist was Kambing Keso, a goat cheese company using local goats milk to create delicious cheese. When asked how his group came up with this idea, Junior Hyrum L said, “Due to an opportunity I had to go to GK Enchanted Farms with my family we decided to look at starting a project there. During the tour I was able to look at many entrepreneurs companies and see different products, one product that caught my attention was carabao cheese as it tasted fantastic and had many health benefits.” Of course every business has its struggles when starting out, Hyrum revealed, “Struggles that my team faced were aspects such as finding a supplier for the milk and finding people who would be interested in our product.”
The judges were so fixated on Recipeas’ technology that they came up in first place. Congrats to Maia, Mackenzie, and Max!