About IDEA Tank for Kids
inspiring future entrepreneurs
What it is:
IDEA Tank for Kids is the nation’s hottest entrepreneurial competition for KIDS! Created by author Lowey Bundy Sichol, IDEA Tank for Kids give kids age 8-13 a chance to think about how to take their idea and turn them into a real business. Similar to “Shark Tank”, kids pitch their ideas to a panel of judges for a chance to win a grand prize of $1,000.
Our finalists from 2019 IDEA Tank for Kids have received national attention and been featured on WGN Radio, ABC-Chicago TV, and Publisher’s Weekly
How it came to be:
Lowey Bundy Sichol, creator and host of IDEA Tank for Kids, is also the award-nominated author of FROM AN IDEA TO…, the world’s only business and entrepreneurship biographies for kids. An MBA from the Tuck School of Business at Dartmouth, Lowey recognized that the great lessons of entrepreneurship shouldn’t wait until we are adults. Kids want to and should be learning about it now!
After her book series launched in 2019, Lowey saw first-hand the excitement kids had over entrepreneurship. So, inspired by the hit television show “Shark Tank”, Lowey created her own unique version of an entrepreneurship competition just for kids, IDEA Tank for Kids.
10 Goals of idea tank for kids
1.) Inspire Creativity.
2.) Encourage risk-taking, a key attribute among successful entrepreneurs.
3.) Build Resilience. Failure is an important reality of entrepreneurship. Fail, learn, move on.
4.) Develop Communication Skills. Entrepreneurs need to know how to pitch and sell their idea.
5.) Maintain Focus. Good ideas have focus and solve problems.
6.) Encourage Collaboration. Great leaders work well with others.
7.) Build Self-reliance. You can do it.
8.) Identify good ideas and provide those kids with guidance to grow them.
9.) Have fun.
10.) Think big ideas.
WHEN AND WHERE IS IDEA TANK FOR KIDS?
The inaugural IDEA Tank launched in Chicago’s North Shore with 50+ kid teams competing and received national media attention. IDEA Tank for Kids will return to Chicago in 2020 and plans are in place to expand to new markets.
2020 Chicago (Winnetka) IDEA Tank for Kids Date: Wednesday, July 15, 2020. Location TBD.
New Markets! Contact us if you want to bring IDEA Tank for Kids to your city.
HOW OLD ARE THE KIDS WHO COMPETE IN IDEA TANK?
Kids must be between the ages of 8 and 13 at the time of the competition.
DOES IT COST MONEY TO REGISTER?
No. This is event is free to register.
CAN I ENTER WITH A FRIEND(S) OR SIBLING(S)?
Yes! Many great companies are started by partners. Great idea!
What kind of idea should I have?
Most kids come prepared to talk about a unique idea they have come up with. Many have a prototype, a diagram, or a video to explain their idea. Or maybe you have a lawn cutting business or a cookie making company and you’d like to use the prize money for better equipment or more ingredients. We want to hear from kids with ideas who want to turn them into a business.
DO I NEED TO HAVE A FINAL PRODUCT WITH ME?
No, but… it helps. You have an idea but we need to understand what your idea is. If you don’t have a prototype, make sure you have a diagram or some other visual to help us understand your idea. Other things to think about for your pitch: 1.) what problem does your idea solve? 2.) who would be your customers? 3.) where would you sell your product? 4.) how much money does it cost to make your product? 5.) how much money would you sell it for? 6.) how would you use the prize money?
CAN I COME AND JUST WATCH THIS EVENT?
Yes! IDEA Tank for Kids is free and open to the public. Please join us and cheer on these incredible kid entrepreneurs.
HOW DO I REGISTER?
Registration opens January 1, 2020.
NEW in 2020!
Your registration does not guarantee a spot in IDEA Tank for Kids. Registration opens January 1, 2020 and we will notify finalists in June 2020.
CAN I BE ADDED TO YOUR EMAIL LIST?
Yes! Please send us an email at IdeaTank4Kids@gmail.com.
HOW MANY KIDS WIN PRIZES?
One GRAND PRIZE winner wins $1,000! Finalists receive $250. All registrants receive a FREE t-shirt and other neat giveaways.
WHAT SHOULD I SAY IN MY REGISTRATION SUMMARY?
Your summary should include a basic overview of what your idea is. Other things to think about: 1.) what problem does your idea solve? 2.) who would be your customers? 3.) where would you sell your product? 4.) how much money does it cost to make your product? 5.) how much money would you sell it for? 6.) how would you use the prize money?
WHAT IF I’M NERVOUS TO TALK TO THE JUDGES?
That’s totally normal! We all get nervous when we talk in public. But scientist tell us that being nervous is really just a form of excitement. Take a deep breath and realize that this is a fun event. You’ll do great.
HOW CAN I BECOME A SPONSOR?
To become a sponsor, please email IdeaTank4Kids@gmail.com.
I HAVE MORE QUESTIONS. WHO SHOULD I EMAIL?
Please email IdeaTank4Kids@gmail.com.