UMaine business students compete in ‘Shark Tank’ style competition

ORONO, Maine (WABI) – Six students at UMaine dove into the ‘Shark Tank’.

The Maine Business School hosted an event inspired by the popular TV show to see if students have what it takes to run a business.

A panel of judges wanted to see if the students understood what it looks like to have their finger on a pulse on a business and grow it.

The top three winners received scholarship prizes.

First place will win a $1,000 scholarship, second place will win $750 and third place gets $500.

“It’s nostalgic, it’s exciting, I took a class in this room so it was a really special moment to watch everybody absolutely crush it,” said Patrick Breeding, a UMaine Alumni who is now the CEO of Marin Skincare.

He’s also one of three judges the students had to pitch too.

Here’s the key points the judges were looking for from each student.

“It was the problem, it was the solution, it was the market fit and potential traction and it was the understanding of the business model,” said Breeding.

After listening to each student pitch their business which ranged from food services to child care services, the judges had to decide on the top three students.

A media design company by Nastassja DeLoge won third place, Marcus McLain for Custom Coziness blankets won second and the first place winner was Colleen Thamsen of CM Childcare services.

“My stomach was doing movements and twists and turns that I don’t think it’s ever done before,” said Thamsen.

Her business focused on childcare services but also included home maintenance as well.

It’s something she’s been doing for years in her hometown and that hobby turned into a profession.

“It started with one family and they took a chance on me and I babysat for them for three summers,” said Thamsen.

“Actually until they were officially old enough and I realized how it not only affects them but it also affects the parents.”

Now she plans to use her scholarship money for the support system she’s had to get where she is today.

“Honestly, invest in giving back to the people that helped me get this far,” said Thamsen.

“I know my dad and my family have been a big help and so I think that giving back to them and helping show my thank you to them would be really important.”

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