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Shark Tank: Inventing the Future

Grade 9Other7 days

★★★★★

5.0 (1 rating)

In this project, students act as young entrepreneurs to develop an invention and create a comprehensive business plan. They consider market viability and financial sustainability to successfully pitch their innovation to potential investors in a Shark Tank-style presentation. This hands-on experience allows students to explore career opportunities in business and entrepreneurship while applying decision-making processes and strategic planning principles to their ventures.

InventionBusiness PlanEntrepreneurshipFinancial AnalysisDecision-MakingMarket ViabilityStrategic Planning

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Inquiry Framework

Question Framework

Driving Question

The overarching question that guides the entire project.How can we, as young entrepreneurs, develop a groundbreaking invention and craft a comprehensive business plan, considering market viability, financial sustainability, and our own career aspirations, to successfully pitch our innovation to potential investors?

Essential Questions

Supporting questions that break down major concepts.

How does the decision-making process impact the success of a new invention?
How do vision, mission statements, and goals guide the strategic planning of a business venture?
How can we determine the break-even price point for our invention to ensure profitability?
What career opportunities exist in the world of business and entrepreneurship, and how can we apply those insights to our project?

Standards & Learning Goals

Learning Goals

By the end of this project, students will be able to:

Develop an innovative invention as a group.
Create a comprehensive business plan for the invention, including market analysis and financial projections.
Pitch the invention to potential investors in a Shark Tank-style presentation.
Apply the decision-making process to refine the invention and business plan.
Understand the role of vision, mission statements, and goals in strategic business planning.
Determine the break-even price point for the invention to ensure profitability.
Explore career opportunities in business and entrepreneurship.

Business Management Standards

PBM-4.8

Primary

List, describe, and apply the steps in the decision making processReason: The project requires students to make decisions throughout the invention and business planning process.

PBM-4.1

Primary

Develop a vision, mission statement, and goals for strategic plans within a businessReason: Students will develop these elements as part of their business plan.

PBM-3.2

Primary

Formulate the price of goods at break-even profit levelReason: The project requires students to determine pricing and profitability.

PBM-2.5

Primary

Explore career opportunities in businessReason: The project encourages students to consider career paths in entrepreneurship.

Entry Events

Events that will be used to introduce the project to students

The Museum of Failed Inventions

The classroom is transformed into a 'pop-up' innovation museum showcasing failed inventions throughout history. Students explore these failures, analyzing what went wrong and identifying unmet needs that could inspire new inventions. This exercise encourages critical thinking and highlights the importance of learning from mistakes.

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Portfolio Activities

These activities progressively build towards your learning goals, with each submission contributing to the student's final portfolio.

Activity 1

Vision Quest: Crafting Your Business Compass

Students will craft a vision statement, mission statement, and set goals for their invention's business venture.

Steps

Here is some basic scaffolding to help students complete the activity.

1. Research examples of vision and mission statements from successful companies.

2. As a group, brainstorm what the long-term impact of your invention should be.

3. Craft a concise and inspiring vision statement that reflects the long-term impact.

4. Define the core purpose of your business and how it will achieve its vision.

5. Write a clear and actionable mission statement that reflects the core purpose.

6. Set at least three SMART goals that align with your mission and vision.

Final Product

What students will submit as the final product of the activityA well-defined vision statement, mission statement, and a set of SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals for the business.

Alignment

How this activity aligns with the learning objectives & standardsAligns with PBM-4.1 (vision, mission, and goals).

Activity 2

Profit Pilot: Navigating to Break-Even

Students will analyze the costs associated with producing and selling their invention to determine the break-even point.

Steps

Here is some basic scaffolding to help students complete the activity.

1. Identify and list all fixed costs associated with your business (e.g., rent, salaries, insurance).

2. Identify and list all variable costs associated with producing one unit of your invention (e.g., materials, labor).

3. Calculate the total cost per unit, including both fixed and variable costs.

4. Estimate the selling price per unit of your invention.

5. Calculate the break-even point in units using the formula: Break-Even Point (Units) = Fixed Costs / (Selling Price Per Unit - Variable Costs Per Unit).

6. Calculate the break-even point in sales dollars using the formula: Break-Even Point (Sales Dollars) = Fixed Costs / ((Selling Price Per Unit - Variable Costs Per Unit) / Selling Price Per Unit).

7. Prepare a report summarizing your break-even analysis, including all calculations and assumptions.

Final Product

What students will submit as the final product of the activityA break-even analysis report including calculations of fixed costs, variable costs, total costs, revenue, and the break-even point in units and sales dollars.

Alignment

How this activity aligns with the learning objectives & standardsAligns with PBM-3.2 (break-even profit level).

Activity 3

Invention Idea Incubator: Problem to Prototype

Students identify a problem, brainstorm solutions, and select the most viable invention idea. They will use a structured decision-making process.

Steps

Here is some basic scaffolding to help students complete the activity.

1. As a group, identify and list at least five problems people face in their daily lives.

2. Brainstorm at least three potential invention ideas to solve each identified problem.

3. Develop a rubric with criteria such as feasibility, market need, and potential impact to evaluate each invention idea.

4. Apply the rubric to score each invention idea and select the highest-scoring idea to move forward with.

5. Write a detailed problem statement that clearly defines the problem your invention addresses.

6. Write a paragraph justifying why the selected invention idea is the best solution based on the rubric scores.

Final Product

What students will submit as the final product of the activityA detailed problem statement and a selected invention idea with a justification for its selection based on the decision-making process.

Alignment

How this activity aligns with the learning objectives & standardsAligns with PBM-4.8 (decision-making process).

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Rubric & Reflection

Portfolio Rubric

Grading criteria for assessing the overall project portfolio

Invention to Pitch Portfolio Rubric

Category 1

Strategic Direction

This category assesses the quality and alignment of the vision statement, mission statement, and SMART goals.

Criterion 1

Vision Statement Clarity

Clarity and Inspiration of Vision Statement

Exemplary

4 Points

Vision statement is exceptionally clear, inspiring, and captivating, painting a vivid picture of the invention's long-term impact and societal value. It demonstrates a deep understanding of the invention's potential and purpose.

Proficient

3 Points

Vision statement is clear, inspiring, and effectively communicates the long-term impact of the invention. It shows a good understanding of the invention's potential and purpose.

Developing

2 Points

Vision statement is somewhat unclear and lacks inspiration. It vaguely communicates the long-term impact of the invention, showing a basic understanding of the invention's potential and purpose.

Beginning

1 Points

Vision statement is unclear, uninspiring, and fails to communicate the long-term impact of the invention. It demonstrates a limited understanding of the invention's potential and purpose.

Criterion 2

Mission Statement Actionability

Actionability and Purpose of Mission Statement

Exemplary

4 Points

Mission statement is highly actionable, clearly defining the core purpose of the business and providing a strategic roadmap for achieving its vision. It demonstrates a sophisticated understanding of business strategy and execution.

Proficient

3 Points

Mission statement is actionable and clearly defines the core purpose of the business, providing a good understanding of how the vision will be achieved.

Developing

2 Points

Mission statement is somewhat actionable but lacks clarity in defining the core purpose of the business. It provides a limited understanding of how the vision will be achieved.

Beginning

1 Points

Mission statement is unactionable, unclear, and fails to define the core purpose of the business. It demonstrates a minimal understanding of how the vision will be achieved.

Criterion 3

SMART Goals Quality

SMART Goals Alignment and Feasibility

Exemplary

4 Points

Goals are exceptionally SMART (Specific, Measurable, Achievable, Relevant, Time-bound), demonstrating a thorough understanding of goal-setting principles and strategic alignment with the mission and vision. All goals are highly feasible and well-justified.

Proficient

3 Points

Goals are SMART and aligned with the mission and vision, demonstrating a good understanding of goal-setting principles. All goals are feasible and justified.

Developing

2 Points

Goals are somewhat SMART but lack clarity or alignment with the mission and vision, demonstrating a basic understanding of goal-setting principles. Some goals may be unrealistic or poorly justified.

Beginning

1 Points

Goals are not SMART, lack alignment with the mission and vision, and demonstrate a minimal understanding of goal-setting principles. Most goals are unrealistic and lack justification.

Category 2

Financial Analysis

This category evaluates the accuracy and completeness of the break-even analysis, including cost identification, calculations, and justification of assumptions.

Criterion 1

Cost Identification

Completeness of Cost Identification

Exemplary

4 Points

Identifies all fixed and variable costs with exceptional detail and accuracy, demonstrating a comprehensive understanding of cost structures and business operations.

Proficient

3 Points

Identifies most fixed and variable costs with good detail and accuracy, demonstrating a solid understanding of cost structures and business operations.

Developing

2 Points

Identifies some fixed and variable costs but lacks detail or accuracy, demonstrating a basic understanding of cost structures and business operations.

Beginning

1 Points

Fails to identify key fixed and variable costs, demonstrating a limited understanding of cost structures and business operations.

Criterion 2

Break-Even Calculation

Accuracy of Break-Even Calculations

Exemplary

4 Points

Calculates break-even point in units and sales dollars with perfect accuracy, demonstrating a mastery of financial formulas and their application.

Proficient

3 Points

Calculates break-even point in units and sales dollars with high accuracy, demonstrating a strong understanding of financial formulas and their application.

Developing

2 Points

Calculates break-even point with some errors, demonstrating a basic understanding of financial formulas but lacking precision.

Beginning

1 Points

Fails to calculate the break-even point accurately, demonstrating a limited understanding of financial formulas.

Criterion 3

Assumption Justification

Clarity and Justification of Assumptions

Exemplary

4 Points

Clearly articulates and justifies all assumptions made in the break-even analysis with exceptional detail, demonstrating a sophisticated understanding of the factors influencing financial outcomes.

Proficient

3 Points

Clearly articulates and justifies most assumptions made in the break-even analysis with good detail, demonstrating a strong understanding of the factors influencing financial outcomes.

Developing

2 Points

Articulates some assumptions but lacks detail or justification, demonstrating a basic understanding of the factors influencing financial outcomes.

Beginning

1 Points

Fails to articulate or justify the assumptions made in the break-even analysis, demonstrating a limited understanding of the factors influencing financial outcomes.

Category 3

Invention and Problem Solving

This category assesses the quality of problem identification, invention idea generation, and the effectiveness of the decision-making process in selecting the best invention idea.

Criterion 1

Problem Identification

Identification of Problems

Exemplary

4 Points

Identifies a wide range of significant problems with deep insight and relevance to real-world challenges, demonstrating exceptional critical thinking and awareness.

Proficient

3 Points

Identifies several relevant problems with good insight and connection to real-world challenges, demonstrating strong critical thinking and awareness.

Developing

2 Points

Identifies a few problems with some relevance to real-world challenges, demonstrating basic critical thinking and awareness.

Beginning

1 Points

Struggles to identify relevant problems, demonstrating limited critical thinking and awareness of real-world challenges.

Criterion 2

Invention Idea Generation

Quality of Invention Ideas

Exemplary

4 Points

Generates a diverse range of highly innovative and feasible invention ideas for each identified problem, demonstrating exceptional creativity and problem-solving skills.

Proficient

3 Points

Generates several innovative and feasible invention ideas for each identified problem, demonstrating strong creativity and problem-solving skills.

Developing

2 Points

Generates a few basic invention ideas for each identified problem, demonstrating some creativity and problem-solving skills.

Beginning

1 Points

Struggles to generate invention ideas for the identified problems, demonstrating limited creativity and problem-solving skills.

Criterion 3

Decision-Making and Justification

Effectiveness of Decision-Making Process

Exemplary

4 Points

Develops and applies a comprehensive rubric with clear criteria, leading to a well-justified selection of the best invention idea. Demonstrates exceptional application of the decision-making process and clear, logical reasoning.

Proficient

3 Points

Develops and applies a rubric with clear criteria, leading to a justified selection of the best invention idea. Demonstrates effective application of the decision-making process and logical reasoning.

Developing

2 Points

Develops and applies a basic rubric with some criteria, leading to a partially justified selection of the invention idea. Demonstrates some application of the decision-making process and reasoning.

Beginning

1 Points

Struggles to develop or apply a rubric, leading to a poorly justified selection of the invention idea. Demonstrates limited application of the decision-making process and reasoning.

Reflection Prompts

End-of-project reflection questions to get students to think about their learning

Question 1

Reflecting on the 'Invention Idea Incubator' activity, what was the most challenging aspect of using a structured decision-making process to select your invention idea, and how did your group overcome it?

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Question 2

Rate your group's ability to craft a compelling vision and mission statement that accurately reflects your invention's long-term impact and core purpose.

Scale

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Question 3

In the 'Profit Pilot' activity, how did your understanding of fixed and variable costs influence your group's decision-making regarding the pricing strategy for your invention?

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Question 4

To what extent do you feel that this project has influenced your interest in pursuing a career in business or entrepreneurship?

Scale

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Question 5

Which aspect of the 'Shark Tank' pitch presentation (e.g., product demonstration, market analysis, financial projections) did you find most challenging to prepare, and what did you learn from that challenge?

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