A University of Mary Washington experience offered a sweet deal for business students in a Shark Tank-like event with real business professionals last week.
Teams from the 400-level Strategic Management course came together to analyze a business scenario involving a four-way merger that produced Canadian ice cream company Top Glaciers. They presented their findings, including proposals for how to increase profits, last week at the annual Endowed Live Case Competition. The Shark Tank-like event, held in Woodard Hall on UMW campus, features real business professionals as judges, real cash prizes for winners and scoops of real-world experience.
“An event like this simulates real-world scenarios and allows students to apply what they’ve learned in the classroom throughout their academic careers,” UMW College of Business Dean Filiz Tabak said. “It helps them develop practical skills such as presenting in front of experienced judges, problem-solving, critical thinking, leadership and team building. These are invaluable skills for career success in the business world.”
Sprinkled on top, the winners, seniors Jenna Diehl and Brian Gaydos, who put forth a partnership and co-packaging plan, walked away with prize money of $3,500. Second place received $1,000 and third place took home $500.
“The winning team really knocked our socks off,” said Andrew Blate, a 2004 graduate of UMW, who sponsors the competition along with business partner Craig Schneibolk of the D.C.-area remodeling company Beautiful Home Services. “They gave a very well-thought-out presentation, in a professional and detailed manner, and answered our questions thoroughly.”
Each year, UMW business professors select a scenario and ask students to research the case, identify potential problems, come up with possible solutions and share their findings via video. Last year’s business scenario was a California-based street-sweeping company. Top performers become finalists should they choose to compete in front of a panel of judges, with 15 minutes to deliver their projects and five minutes for questions and answers.
UMW is at 1301 College Ave. near downtown Fredericksburg.
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Rebecca Barnabi
