Published: August 22, 2008 11:46 am         

Students become entrepreneurs for a day

Logan siblings each winners in business competition

In a crowded board room, the entrepreneurs were desperately trying to convince a panel of businessmen to invest in their brand new company. The atmosphere was intense; the entrepreneurs had to remind themselves that it was just a simulation.

Three Logansport High School students got a chance to see what their future might hold by participating in the Entrepreneurship Academy at Purdue University. The highlight of the academy was a competition in which the students developed a mock start-up company and tried to sell the idea to judges.

Siblings Zyon and Princessa Rennewanz were members of winning teams. Seventeen-year-old Zyon took home the top prize with his four-person team, while 16-year-old Princessa was part of the third place group. LHS junior R.J. Baker also participated in the contest.

Members of the top three teams took home small vouchers that can be used to pay off college tuition costs.

“It went really well,” said Zyon, a senior who was participating for the second straight year. “I felt really proud that my sister and I both won.”

The older sibling’s presentation, “Biofuel Efficiency Technology,” sought a $6 million loan for a company based on a fuel source that is as clean but more efficient than ethanol. His younger sister was seeking support for “Healright,” a medical treatment to permanently heal scars.

Although the products in the presentations were not real, they were based on real products, Princessa said. While at Purdue, the students got to see the real products on which their presentation was based, she added.

Judge Brad Addison said he was impressed with the presentations, which included a business model and financial information in a two-minute “elevator pitch.”

“The teams that did win did a very good job,” said Addison, an Indianapolis patent attorney who volunteered to be a judge. “The presentations were well-communicated and clear, so you could identify what the company was doing. It was impressive.”

The competition was the culmination of a week of activities at Purdue. After learning about their task at the beginning of the week, the students spent the rest of the time working to prepare the presentation with their team “mentor,” an experienced businessman. The students also participated in team-building exercises and met with professors from the Purdue business department, Princessa said.

Forty-five juniors and seniors from 17 Indiana counties were nominated by their teachers to participate in the academy. The week was based on an entrepreneurship program called “So what? Who cares? Why you?” by Wendy Kennedy.

“The Entrepreneurship Academy gives students hands-on, real-life exposure to the possibilities and opens doors of opportunities in their minds,” said Jinsitec LLC President Della Jules, who spoke to the students on the last day of the session. “It also encourages entrepreneurship in the state of Indiana and grows the economy.”

Besides gaining an educational experience, the students said they had a lot of fun.

“They tried to provide entertainment for us,” said Zyon, who says he wants to attend Purdue. “It was a pretty good, fun experience.”

Both siblings said the academy strengthened their already-strong desire to start businesses. Their parents are both entrepreneurs, Zyon added.

Persuading youngsters to go into business was one of the goals of the week, Addison said.

“It’s a great program because it’s going to help this country and this state to get people in a mindset that they can get out and start their own business,” he said. “I just think it’s terrific; it’s very exciting for those kids, and I hope it did spark their interest.”

Brian Rosenthal can be reached at (574) 732-5148, or via e-mail at Brian.Rosenthal@pharostribune.com