Wednesday, January 26, 2011

Speed Pitch

Bradley is on fire! He is LOVING his entrepreneurship class.

Here is an excerpt from Marriot School web page. This event took place last semester.

Bradley Cahoon, left, a senior entrepreneurship student from Newbury Park, Calif. pitches his winning idea for TokenText.

Fast-talking student entrepreneurs win in Speed Pitch Competition

Although a successful business can take years to build, a great idea shouldn’t take more than a few minutes to pitch. Finalists in the Speed Pitch Competition rapidly presented their business ideas before a group of local entrepreneurs and venture capitalists as part of the Business Plan Competition at Brigham Young University.

Chosen from ten finalists, Bradley Cahoon, a senior entrepreneurship major from Newbury Park, Calif., took first place and won $300 with the idea for TokenText.

“I plan on being an entrepreneur the rest of my life, so I wanted the experience of pitching and getting my ideas across,” Cahoon says. “This event has been a huge confidence builder but has also helped me see areas of my idea that need improvement.”

TokenText is similar to Groupon in purpose, but it is designed to offer targeted discounts on items users show interest in rather than a generic daily deal. The company’s website tracks how many people are watching items at participating retail stores to know when they go on sale. When a large enough group is watching an item and willing to buy at a discount, the company is notified to reduce their price. Once the reduction has been made, users receive an alert that the desired price point is available.

In addition to prize money, Cahoon won a seat at a local FundingUniverse luncheon, an event bringing together more than 20 investors to network and share business ideas. FundingUniverse, which hosted the Speed Pitch Competition, was established to help angel investing and small business financing become more efficient by rapidly matching lenders with entrepreneurs at events held throughout the country.

Finalists were given three minutes to pitch their ideas before judges, followed immediately by a two minute question-and-answer session. Contestants then rotated between tables of judges until each team presented ten times during the course of the event. Finalists were chosen from written entries submitted a week prior to the event and invited to pitch their ideas live before judges and spectators.


Marilou said...

Very, very impressive Bradley! It's the most simple things/ideas that make the biggest difference in just about everything! Such a smart idea!

Kaylynn said...

I actually found this story on the BYU website the other morning when I tried to look up the results of his contest on Tuesday. He did awesome. Bummer that he didn't win, but 2nd place and $8100 (am I right?) along the way is pretty darn good.

Kari said...

Cool! I didn't even know they did these kinds of competitions. Congratulations to Brad!

Dixie Dee said...

Way to go Brad! It's cool to think about what the next 10 - 20 yrs will bring, Brad will do some neat stuff no doubt about it!!