Vermont State Universities’ entrepreneurship class, instructed by adjunct professor Christopher Coughlin of Rutland, is redefining hands-on learning with a dynamic approach to business education. This class, a staple for aspiring entrepreneurs, focuses on bringing unique products to the marketplace while building comprehensive business plans around them. Students in this class embark on a journey that covers the entire spectrum of business product creation. Each participant develops a unique product, builds a prototype and constructs a detailed business plan, encompassing key learning elements such as:
Product Description: Articulation of the unique features and benefits of the product.
Mission Statement: A concise declaration of their company’s purpose and values.
Financial Plan: Detailed projections of revenues, expenses, and profitability that ensures a return on investment.
Industry Analysis: Comprehensive assessment of the market in which their business would operate.
Marketing Plan: Strategies for market entry, promotion, and customer acquisition.
Competitive Set Analysis (Comp Set): Examination of competitors and market positioning.
Purchase and Loss Statement: Detailed financial statement with a five-year projection with graphs, charts, and tables.
Investment Offer: Students offer either an equity position, return on investment or a combination for seed money.
The venture capital pitch
The culmination of the course involves students presenting their products in a Shark Tank style format to a panel of four fictitious venture capitalists: Daniel Mora, Matt Poli, Tammy Landon, and Amelia Jones. Jones, a distinguished former winner of the competition in 2023 and current entrepreneur, brings a seasoned perspective to the panel. The 2024 class showcased a diverse array of innovative products, each aimed at solving real-world problems with creative solutions:
1. Snow Buddy: A device that measures snow depth of your driveway, mounted on the roof of your garage, relaying this information to snowplow drivers to optimize their routes for convenience and cost-effectiveness. Aiden Houseman, Nolan Avery, and Derek Monahan were the creators of this product.
2. Tree Net: A protective device for homes in hurricane-prone areas, designed to shield properties from debris and falling trees during extreme weather conditions. Ben Jalbert, Habs Coulter, Kaya Greenfield were the creators of this service.
3.Ski Sense Pro: An analytics device that attaches to skis, providing performance data and improvement suggestions for skiers via an app. Braydon Jourden, CC Allembert, Tom Griffin developed this ground breaking technology.
4. Lift Logics RCS: A product enabling ski resort lift operators to shut off lifts using a button on a two-way radio, enhancing operational efficiency, eliminating lift stop time delays potentially saving lives and preventing lawsuits. PJ Gauthier, Sam Altavilla, Nico Calvelli formed this innovative product.
5. 911 Incognito: A wearable device, disguised as jewelry or a pager like device, that alerts police, EMTs, and fire departments when the wearer is unable to speak, with a touch of a button, offering discreet emergency assistance that has GPS capabilities. Simon Bullwinkel and Julia Baker created this useful potentially lifesaving device.
6. The Slab: A ski boot that adjusts its BOA lacing fit automatically through a hands-free app, enhancing comfort, convenience and performance for snowboarders. Finn McSharry and Sean McCafferty developed this revolutionary ski boot technology.
And the winner was…
The competition was fierce, but 911 Incognito, created by Simon Bullwinkel and Julia Baker, emerged as the 2024 entrepreneurship winner. This innovative emergency alert device captured the judges’ attention with its practicality, potential for widespread use and life-saving capabilities. Bullwinkel and Baker’s comprehensive business plan, robust financial projections, and compelling marketing strategy earned them the coveted prize for the best product.
Christopher Coughlin’s entrepreneurship class at Vermont State University is more than just a course; it’s a launchpad for the next generation of entrepreneurs.
Coughlin said, “ I employ a hands-on creative learning environment where my students can not only absorb theoretical knowledge but also apply it practically as they innovate unique products from inception to market readiness.”
By fostering creativity, strategic thinking, and practical business skills, the program equips students with the tools they need to succeed in the competitive world of business. The success of products like 911 Incognito highlights the innovative spirit and potential of Vermont State Universities’ students, promising a bright future for these budding entrepreneurs, Coughlin stated.
“Classes with Chris Coughlin are a favorite for myself and most of the other students. I’m definitely someone who likes a hands-on approach to learning, and this class did just that. It was cool to work through the process of brainstorming an idea with our peers and make it marketable to ‘investors.’ It was a fun competition with classmates and close friends,” said student Simon Bullwinkel, designer of the winning product.
“I take great pride in mentoring my students as they navigate challenges, refine their ideas, and develop comprehensive business strategies, ultimately transforming their academic efforts into real world entrepreneurial successes,” added Coughlin. “It’s such a fun, creative, positive learning environment. Students often comment ‘this is so fun it doesn’t feel like school’.”
