Business ventures need money to come to fruition, and budding entrepreneurs came from around Virginia to make their case to people with money to invest.
In the first Virginia Shark Tank, held by business accelerator Ignition, representatives presented their plans to a panel of judges in a format similar to the television show “Shark Tank.”
Given the chance to ask questions about the business ideas presented to them, the investors could choose to give money to any or all of the contestants. The investors are dubbed “sharks.”
Entrepreneurs understand they may run into some dead ends before they find an idea that works.
“They are unsung heroes,” said Chris Davidson, the event’s master of ceremonies. He founded Growth4Life, a health and wellness company. “They don’t get the recognition. Despite the disappointments, they manage to push through.”
People from Ignition, who coordinated the business that presented investment ideas, decided early on that they did not want to declare winners at the event.
“We wanted more mature businesses,” said Lance Zaal, a co-founder of Ignition. “If you do participation prizes, you kind of get a different crowd. I was never really comfortable with the idea of first place, second place, third place.”
Paarlberg Jacob is the co-founder of BagIt Flushables, a Williamsburg-based company which seeks to develop a flushable dog waste bag that is less harmful for the environment than mere plastic.
He isn’t nervous about his business idea, but said he was a little unnerved presenting to the “sharks” on Saturday.
“I’m not exactly sure what happened,” he said. “I got out there and fell apart I am pretty good at talking to people one on one.”
Jennifer Corcoran came as part of DropIt Wine, which markets a product you can add to your wine that she said will help people avoid the headaches they get after drinking it.
“We all enjoy wine, but we all do or know someone who ends up with a headache the morning after,” she said. “This can help.”
Zaal, who said more than 200 people came to the event, thought it went “very well” for everyone involved. Some of the companies involved really impressed the judges.
Ignition could have its own plans for a couple of the businesses that were represented Saturday.
“There are a couple of buisnesses we are going to be supporting,” Zaal said. “There’s also a few that the judges liked, and other ones that investors in the audience said they would give some money to.”
