(Lamar, CO) -- Think of it as a mini–Shark Tank, with students from Southeast Colorado competing with their entrepreneur businesses for cash from investors.
Recently, Southeast Colorado Power Association and its wholly owned subsidiary, sister company SECOM, invested in the GrowSECO E-fair Youth projects. The E-fair occurred in Lamar and drew students from all over Southeast Colorado.
Southeast Colorado Power Association Chief Financial Officer Aaron Johnson commented that collaboration allowed SECPA and SECOM, SECPA’s wholly owned subsidiary, to give more abundantly to the entrepreneurship projects.
“SECOM was able to obtain an in-kind match from CoBank's Sharing Success program. CoBank makes the Sharing Success program available to its member owners like SECOM as a way to share in the support of communities CoBank's members call home. Through programs like Sharing Success, SECOM and CoBank are working together to make life better in rural communities across the country,” SECPA/SECOM Chief Financial Officer Aaron Johnson explained.
On the event day, students across Southeast Colorado submitted business plans and brought table displays. Local investors, such as SECPA and SECOM, traveled between the tables to talk to the students about their businesses.
SECOM Chief Business Development Officer Jon Saunders participated in investor interviews, judging, and selection.
“The GrowSECO fair was an inspiring event. The participants’ plans are impressive, and several are currently implementing them successfully, needing capital to grow. It’s encouraging to see the resourcefulness and energy these students put into their plans,” Saunders added.
“It is such a great opportunity for kids to see how the process of creating a business works. It is a lesson in life that will stick with them always. The world needs more entrepreneurs especially in our area!” said Walsh third-grade teacher Janet Chenoweth who also helped judge the projects.
Middle-schooler Charlie Pelon was in it to win it with his company, Bee Boy. He detailed his marketing plan in his business plan, which is shared here.
I created a logo for my business that represents the bee version of me. The bee
in my logo wears glasses, a baseball hat, and a big smile. The logo reflects my fun
personality.
I have not completed any surveys for market research, but I do know there is a
market due to my sales and other local beekeepers.
This is a retail business. My target market is friends and family, as well as people
who want local honey, and people who shop locally.
One advantage other businesses have over me is funds to advertise and a larger
volume of honey and beeswax products to sell. This is my second year beekeeping and
I have two hives, while many others have more than ten hives.
The student projects and business plans were first judged on their submitted materials. This included articulating they understood their business in areas such as opportunity, marketing, products and services, financial projections, financial assumptions, business networking, strategies, and more. Some students had a logo, photos, and a resume.
Some honorable mentions that didn’t win investment money included Vilas eighth-grader Christian Bear who brought a Lemonade Stand business. When asked on his business plan, “Who is your market and why would they want to buy your product or use your service?” His reply, “Probably anybody in JH and HS who wants some because they might be thirsty.” Fair enough. Getting to know these young entrepreneurs was quite a fun experience.
Ogallala Commons organized and sponsored the GrowSECO Youth E-Fair and hosts one annually in Southeast Colorado. Ogallala Commons, Inc., is a 501(c)3 nonprofit education and leadership organization that reinvigorates the commonwealth to build vibrant Great Plains communities.
Executive Director John Wittler emphasized the importance of nurturing entrepreneurial skills in young people from small communities. He said teaching these skills through these fairs is important because starting a business is hard enough.
“Because many of them won’t, start their own businesses, but they need in today’s world, you have to have those skills, the resilience, the creativity, the thinking skills in order to be successful, whether you’re in a corporate job, leadership in a community or leading a business.”
A panel of three community investors judged the projects and had to meet to narrow the field to give away $2,500 to the winning projects. The students were free to invest the money won back into their businesses however they wanted.
The winning projects were as follows.
Jesse Vallejos, 8th grade, Vilas, Slice and Dice Lawn Care, $800
Charlie Pelon, Longmont, Bee Boy Honey, $500
Abigail Anderson, Campo, Holy Threads Christian Clothing, $400
Neila Yanes, 8th grade, Vilas, Neila’s Moda Clothing Designs, $400
Zoey Miller, 11th grade, Picture Perfect, Photography & More, $400
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Anne Boswell, anneb@secpa.com