MCS*4100 takes part in annual event
Professor M.J. D’Elia began teaching MCS*4100 (Marketing and Consumer Studies) in the Fall of 2012 and was “looking for a high-impact experience to conclude the course.” Gryphons’ Den is just that – it began around “…the time, pitch competitions like ABC’s Shark Tank and CBC’s Dragons’ Den were jut taking off on television. There was something about the simplicity of the pitch format that appealed to me – and pitches are a common activity for new businesses as they look for investors and customers,” explained D’Elia.
Gryphons’ Den took place on Wednesday, Nov. 26, at the Academic Town Square in the Library, and was an open event that hosted the MCS*4100 class, as well as a group of established judges including: Giacomo (Jack) Palazzolo, Vice President of Marketing for Ford Motor Company of Canada, Josh Richardson, North American Brand Manager for Dare Foods, Ian McQueen, Partner at MATRIX Healthcare Strategists Inc., Arun Chettiar, Brand Manager at Energizer Canada, Mike Ruff, Vice President & General Manager, Ontario for PepesiCo Beverages Canada, and Amy Dean, National Brand Manager at Sleeman Breweries Ltd.
10 student groups from MCS*4100 had the opportunity to pitch their ideas to this group of judges, they only have three minutes and are not allowed to rely on PowerPoint presentations – “[forcing] them to know their ideas inside and out,” stated D’Elia.
“Marketing is about communication and connection – crafting a good sales pitch is both an art and a science,” explained D’Elia. “You need a presentation style that attracts attention, but you need substance to inspire action on the part of the audience.”
These 10 groups of students were given the opportunity to do just that. Jenna Foran, a student in this year’s MCS*4100 said the event “served as an amazing learning experience for business students to see the “backstage” of a business,” and that “[the] experience gave [her] a hands-on opportunity to allow [her] to dig deeper into the roots of entrepreneurship procedures then [she] ever had before.”
When asked why this approach works, D’Elia said that, “it raises the stakes. By fourth year, students are familiar with group work and in-class presentations, so when they learn that they will be presenting to industry executives in a public presentation they are motivated to put in a bit more effort.”
“I would recommend this course to all business students, as it has truly been an amazing experience,” shared Foran. “As a student in their final term at Guelph, I am about to jump into my business career and have already seen the benefits of partaking in Gryphons’ Den.”
The event provides students with the opportunity to “analyze existing companies, markets and industries. It exposes them to common business tools and techniques like Porter’s Five Forces, SWOT analyses, and the business model campus,” said D’Elia, who believes that “this foundational knowledge can be helpful to students as they try to access the market opportunities for their new business idea.” MCS*4100 enables students to “[…] investigate questions like: Will people like our idea? Will people pay for it? Who are the most likely customers?” stated D’Elia.
Gryphons’ Den is a platform for students to explore before actually getting into the market place themselves. It allows them an opportunity to really get involved and immerse themselves in a world that they hope to prosper in.
At the end of each Fall semester, D’Elia gets students to give feedback on their time spent in MCS*4100 and with Gryphons’ Den. D’Elia said students “describe the experience as exciting and scary – and memorable and that [Gryphons’ Den] also sparks interests in Entrepreneurship from students in the audience.” Nicole, a member of “Group 01” from the 2012 Gryphons’ Den described her experience as “[a great] way to finish [her] undergrad career,” and that “It will definitely be a memory that I will never forget; and a story that I will always tell. I think I learned a lot about myself that day and overcame a huge fear.” Nicole deemed the experience to be one she would never forget and said it taught her to trust herself and her group members. Being able to participate in Gryphons’ Den allowed her to “[overcome] a huge fear that I had and feel much more confident in myself.”
Nick Germanakos, a student who participated in this year’s Gryphons’ Den explained that he was nervous, as his group was the first up. He explained that the “crowd was quite intimidating.” Germanakos explained the importance of participating in an event like this: “Whether its presenting to a group of executives, or informally sharing some info with a manager, this type of public speaking will be greatly beneficial” in the workforce. Germanakos went on to say “Finding the most important aspects of the idea and being able to consciously communicate them was a big challenge, but also a great learning [experience].”
This experience may be nerve wracking and overwhelming, but the payoff seems to be well worth the angst. By giving students the ability to test the waters, D’Elia allows them insight into the world of marketing and entrepreneurship in a way not everyone gets.