Boston University senior Clara Luo, who paints as a hobby, did not choose to pursue her love of painting when she enrolled in the School of Management. Since winning last semester’s Terrier Trap competition, Luo was able to combine her two passions and launch a business called Art Cereal.
“I just do it as a hobby and I’m not that talented, but there are so many more talented artists in CFA who could really get their art shown [on Art Cereal],” she said.
Art Cereal is an online platform through which students sell their art.
In its eighth year, the “Terrier Trap: $1K Business Concept Competition” has given students a shot at turning their entrepreneurial ideas into startup companies. Registration opened for the spring semester competition with judging expected to occur March 9.
Students present five-minute pitches for business models ranging from restaurant concepts to medical devices, said Institute for Technology Entrepreneurship & Commercialization Marketing Director Beth Goldstein. Last semester, four student groups won $1,000 prizes and the opportunity to work with an advisor to develop their idea.
GreenWake, another student company, is working on a device to reduce wind drag and improve gas efficiency for trucks.
Founder Price Williams, a graduate student, said his product holds the potential to decrease wind drag by 5 percent and save users up to $4,000 per year in fuel savings.
Williams said the competition is worth the time spent because it’s a “no-risk situation” for students, as they do not receive grades for their performances.
Luo said ITEC, the company that organizes the Terrier Trap, could do more to advertise the competition to students.
“Every SMG student is prepared for it,” she said. “They go through CORE, and this was just like a CORE presentation in five minutes.”
Goldstein said a business plan is not required because ITEC recognizes that many projects are still in the early stages and part of the competition is to receive feedback to help to focus presenters’ ideas.
Since winning, Luo said her team has undergone several changes. Two of her original teammates have left the group.
“There’s a little struggle lately for our team,” Luo said.
Williams said when it comes to working in a team group leaders need to use strengths and resources. Although he competed alone during the Terrier Trap, he has since gained members for his team.
“If you structure your team well and work to their passions, you can do really well,” Williams said.
Goldstein said each team’s success depends on whether or not they can apply a concept and make it a business.
Despite the turmoil, Luo said Art Cereal is continuing to move forward. She said since winning, the enterprise has progressed a lot and she encouraged students to “get out there” and enter the competition.
“Before [the competition], Art Cereal was just an idea on a PowerPoint slide,” she said. “Now we have a website going and we’re looking to hire an engineer and a web designer.”
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