Arts and Sciences | Business and Industry | NewsNovember 21, 2024

UAFS Students Conquer Lion's Lair Business Competition

Written By: Ian Silvester

Nearly $2,000 was awarded to University of Arkansas – Fort Smith students Wednesday after they delivered their perfect business plan pitch.

Five teams of two students competed in the Lion’s Lair Business Plan Contest at UAFS. Teams presented to a six-person panel composed of Jim Walcott Family Enterprise Center members representing companies from around the region.

The competition began with a business plan submission on Nov. 15 and concluded on Nov. 20 with a live pitch competition and presentation of winners. Teams were given about five minutes to detail their proposed business name, startup costs, projected revenues, and reasoning for why the business had the potential to succeed.

Kendall Ross, associate vice chancellor of economic and workforce development, helped organize the Lion’s Lair event and said it was a unique way to foster students’ entrepreneurial spirit.

“The contest challenges students to come up with innovative ideas, research their market potential, and craft a compelling business plan. Students gain hands-on experience in critical business areas such as problem-solving, market research, financial forecasting, and strategy development,” Ross explained.

The panel of judges evaluated each pitch on innovation and creativity, the validity of ideas related to market potential, and the teams’ ability to deliver a compelling business plan while receiving constructive feedback.

“The Lion’s Lair competition prepares students for real-world entrepreneurial challenges, equipping them with the confidence and knowledge to turn their ideas into successful business ventures,” said Ross.

Graphic design seniors Sydney Crabtree and Hannah Aldridge won first place and a $1,000 cash prize for their business plan, Shelf.

“Shelf is a user-friendly, budget Collection Management System (CMS) that aims to fill the gap between free, low-quality software and expensive software that is out of reach for the 35,000 small museums across America. Shelf addresses the lack of intuitive, budget- and beginner-friendly CMS available to museums and institutions looking to properly catalog and care for their collections.”

Second place was awarded to business administration seniors Reyna Lamb, who studies investments, and Troy Rodriguez, who studies economics, for their business plan, TitanComfort Coaster. The pair won a $500 cash prize, plus an additional $200 for winning “Best Pitch.”

“TitanComfort Coaster addresses a critical gap in the amusement park industry: the exclusion and discomfort experienced by plus-sized, wide-set, shorter individuals and those with disabilities who often face barriers on traditional rides. TitanComfort Coaster offers a groundbreaking solution with adaptive seating technology and advanced safety features that accommodate diverse body types and abilities, creating an accessible, seamless experience for all guests.”

The team of senior finance major Joseph Koller and junior economics major Kaitlyn Cavaness for CashSwipe came in third place and was awarded a $250 cash prize.

“Existing digital payment platforms lack engaging, tactile experiences and smooth wallet interoperability. CashSwipe addresses this by offering a swipe-based app for sending digital payments that feel as natural as handling cash. CashSwipe targets Millennials, Gen Z, freelancers, and small businesses needing streamlined, engaging payment solutions.”

All winners may enter the Governor’s Cup, a state-wide business plan competition hosted by the Arkansas Capital Corporation. Nearly $145,000 in prize money will be awarded.

The other competing teams were:

• Simple Beginnings: a wedding vendor online marketplace presented by sophomore business administration majors Emily Hatley and Madelynn Scowden
• Event.io: a location-based app for events presented by senior data science majors Ronak Mistry and Christopher Monterroza

• Tags:
• Lion's Lair
• Student Showcase