It's a difficult task to pitch any business idea to a panel of executives, but trying doing it after riding a three-story Ferris wheel on top of a 11-story building. Millikin University students Estefano Martinez and Aric Hopp were asked to do just that as part of the 2016 Pure Idea Generator Challenge hosted by Saint Louis University (SLU).
The Pure Idea Generator Challenge was held on Oct. 4 at the St. Louis City Museum where 24 finalists were invited to the building's rooftop. The finalists were placed on the Ferris wheel on top of the City Museum for 30 minutes where they were given a "problem prompt" to solve.
After riding the Ferris wheel, the students had to pitch their new solutions to some of the biggest names in the St. Louis entrepreneurship ecosystem, including high profile entrepreneurs and wealthy investors.
"We were asked to find a solution for how to attract and retain graduates in St. Louis for the startup environment," Martinez said.
Hopp added, "In the beginning you're focused on the problem and you start brainstorming ideas, but 20 minutes into the ride you easily become distracted."
Hopp and Martinez came up with an idea to develop a post-graduation joint co-working/housing incubator for recent graduates. The incubator would promote community involvement, exposing the recent graduates to career opportunities.
"We've always done competitions where we're in a conference room or board room," Martinez said. "But we are literally in a moving carriage, and it takes you completely out of your comfort zone."
To be selected for the competition, Hopp, a senior entrepreneurship major from Lincoln, Ill., and Martinez, a sophomore business major from Zionsville, Ind., had to submit solutions for a problem (via Twitter using the hashtag #SLUPureIdea) posted by Saint Louis University.
The problem was as follows: Pokemon Go combined augmented reality and geolocation to create the hottest game of the summer. Combining two technologies, what would you create to make the next big thing?
"You could tweet as many ideas as you wanted," Hopp said. "We submitted 12 ideas and the judges accepted four of our ideas. One idea we had was integrating credit cards and state identifications with wearable technology – basically eliminating the wallet."
Hopp and Martinez's ideas were among the top 24 solutions selected by the challenge committee on Sept. 19, and they were invited to be part of the Ferris wheel challenge.
Following the competition, Hopp and Martinez had the opportunity to network with judges and receive feedback on their business pitch.
"One judge is in the process of getting her startup going and she really liked our idea," Hopp said.
Reflecting back on his experience, Martinez said, "This experience made me realize the importance of having a framework when going into a business pitch. Most of the ideas we heard were about creating change and making the world a better place. It was a great experience."