Any business idea usually starts with an elevator pitch – a concise proposal delivered in the time it takes to ride an elevator.
University of Montana students interested in entrepreneurship had the chance to perfect their elevator pitches during Griz Pitch, a competition that gave students 60 seconds to share their ideas in front of four judges and a live audience. The event earlier this month was hosted by the College of Business and funded through a grant from the Folley Foundation, led by UM alumnus and entrepreneur Conner Folley.
Erik Guzik, a UM assistant clinical professor of management and entrepreneurship, launched Griz Pitch last year as part of the UM Innovation and Entrepreneurship Symposium, which connects students with researchers and faculty members.
Guzik sees the competition as the premiere entrepreneurial event of the fall for campus. It prepares students for the Ruffatto Startup Challenge in the spring, where they present more detailed business plans.
“Griz Pitch is meant to be much less demanding and give students an opportunity to get some feedback on their ideas and take that first step into entrepreneurship,” Guzik said. “The whole point is to create more of a culture of entrepreneurship on campus and better support our students who are interested in launching their own ideas.”
At the Griz Pitch competition, 14 students each presented their business ideas one after another. The ideas ranged from a thrifting bridal shop and 3D land mapping to apps that track health and motorsports maintenance. Each idea identified a problem, offered a solution and explained how it is different from existing businesses. The students competed for $5,000 in prize money, with $2,000 going to the winner.
Braeden Nissen, a sophomore marketing and management student from Stevenson, Washington, took home the first-place prize. She pitched her business, Little B’s, a sparkling apple juice company for children that provides simple ingredients and less sugar in 8-ounce cans.
Nissen’s parents own a beverage production facility and she’s had the idea for several years to create a healthy apple juice option for children.
“I’m so passionate about this idea,” she said. “It’s something I’ve thought about for years.”
The judges, a group of local business owners and entrepreneurs, were impressed with Nissen’s pitch and the detailed plan she shared in a short amount of time. She said condensing her thoughts down to 60 seconds was a challenge, and there was so much more she wanted to say to the judges.
“You have to stick with what you think is most important,” she said. “There’s a lot of aspects I would have loved to talk about, but you don’t have the time.”
Nissen and some of the other students felt nervous before presenting their ideas. They practiced their pitches in the hallway before the competition.
“If you hear a thudding, that’s just my heart beat,” Nissen said before starting her 60-second pitch.
Despite some nervousness, Nissen felt prepared for the competition. She and other entrepreneurial students met weekly in Guzik’s Startup Studio, a classroom space where students gather to work together on their new ventures.
Nissen appreciated getting feedback from other students and from Guzik, who helped her navigate interest from investors and strategic ways to launch her business.
“He just gives well-rounded advice,” Nissen said. “He gives really good advice on what market research to do and where I should be looking.”
Nissen will continue to work with Guzik and prepare her business plan for the Ruffatto Startup Challenge this spring, where $50,000 will be awarded to UM students.
These entrepreneurial experiences are open to students from all majors, Guzik said, and especially for students who enjoy creative thinking and coming up with new ideas and solutions to problems. Students can email Guzik at erik.guzik@umt.edu to learn more about the Startup Studio and the spring Ruffatto Startup Challenge.
“The bigger picture is to provide our students with more than their normal academic experience,” Guzik said. “We can introduce them to creative problem solving and this idea of entrepreneurship if they are interested in launching their own venture.”
By Kyle Spurr, UM News Service