7 Minutes to Sell Your Dream

Spirit Award hopefuls compete for more than $100,000 in cash, prizes and services.
 
Melinda Ryan (left), Shawna Sims and Jeff Johnson give a presentation Wednesday about Cog Togs Inc., their company idea for the annual Spirit Award competition at SpiritBank. JAMES GIBBARD / Tulsa World

 
 
By LAURIE WINSLOW World Staff Writer
Published: 7/9/2009  2:29 AM
Last Modified: 7/9/2009  3:57 AM

Creators of a safe social networking site for children hope their pitch before a judging panel Wednesday will propel them to the next level of a competition for entrepreneurs.

With Cog Togs Inc., kids would exchange bracelet beads with friends before they could be connected to each other on a child-safe Web site. The colorful beads would feature an image selected by the child on one side and a code on the other, which the friend would plug into the Web site before being allowed to connect to the other person. The code could be used only once.

"We don't want to isolate kids. We want to bring them together," said Shawna Sims, one of the Web site's founders.

Sims, teamed with her brother and sister, made their seven-minute pitch before judges Wednesday. They are among 25 entries competing for more than $100,000 in cash, prizes and services through the Mayor's Entrepreneurial Spirit Award.

Once again, the annual competition has attracted a range of business models, including a new waffle concept, software, cement manufacturing, a book company and a restaurant.

"That's one of the things that excites me the most about this and keeps me going," said Sean Griffin, a judge and chairman of the competition. "There's such a broad spectrum of business here in Tulsa, and our intention has always been to open it to unique Tulsa entrepreneurs who may not fit nicely into any box."

This "American Idol"-style competition for entrepreneurs doesn't include any combative Simon Cowells for judges.
Instead, they are people such as Bill Lohrey, a CPA and partner at Lohrey & Associates PLLC, who said Wednesday he would be looking at the financial organization of each business model, what kind of research the entrepreneurs have done and whether they understand pricing and their customers.

The first entrepreneur to pitch her idea was Lisha Williams, who spoke about her idea for manufacturing a nutritious, muffin-like waffle that doesn't require syrup or other toppings. After her presentation, the judges asked probing questions about her target market, methods of manufacturing, demand for her product and potential distribution.

She was followed by the sibling entrepreneur team of Sims, Jeff Johnson and Melinda Ryan, creators of Cog Togs Inc.

"Seventy-one percent of kids who are online are approached by a stranger," Ryan told the judges. "What is even more concerning about that is that 14 percent of those kids will actually go and meet the stranger in a face-to-face scenario."

Their secure Web site would require that kids meet face to face and exchange bracelet beads with unique codes before they can connect to each other online. Each bracelet would come with eight beads.

Johnson said the Cog Togs market is going to consist of close-knit groups, including home-schooled children, church groups, athletic teams, Girl Scouts and Boy Scouts. The parents of these children are going to be involved in their kids' activities, he said.

Waiting in the foyer were business partners Caleb Oller and Matt Ralston, who were prepared to pitch their idea for a Web application that serves as a schedule management tool for employees.

"The hardest part is just getting everything we want to talk about and we're excited talking about down to seven minutes or less," Ralston said.

Other entrepreneurs will make their pitches Thursday in a board room of SpiritBank at 18th Street and Baltimore Avenue. The judges will then narrow the field from 25 to 12 semi-finalists, who will receive coaching before making their second pitch in September.