FOLEY, Ala. — Foley inventor Malcolm Perdue just made his first successful business pitch. For his efforts, he received $2,500 from South Baldwin investors. He’ll also get the chance to travel to Rochester, N.Y. to try for a $30,000 …
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FOLEY, Ala. — Foley inventor Malcolm Perdue just made his first successful business pitch. For his efforts, he received $2,500 from South Baldwin investors. He’ll also get the chance to travel to Rochester, N.Y. to try for a $30,000 investment.
By the way, Perdue is a senior at Foley High School.
That pitch was made Thursday night at Columbia Southern University as part of the 2014 FHS Young Entrepreneurs Academy.
Perdue was the grand winner among four students presenting business plans to sponsors, mentors and potential investors. The senior shared that he had invented an electronic tool designed to improve football practices, explaining that its appeal would target all ranges of football markets, from high school to professional football programs.
“I plan to license my patent to a national manufacturer,” he said.
Upon awarding Perdue the funds, the investors advised him to have the invention patented quickly.
“Malcolm, we have every confidence in you,” panelist Michelle Nelson of Meyer Vacation Rentals said.
Perdue wasn’t the only Academy participant to succeed Thursday. In fact, all four presenters came away with investments. They included:
· Sarah Gayle Peters, who received investment in her Storybrook Tea Company.
· Hilary Matute, who received investment in HMZ Salon on the Go.
· Lydia Williams, who received investment in Diaography.
These business presentations were a culmination of 30 weeks of participation in the FHS Young Entrepreneurs Academy. According to information provided by the evening’s program, YEA is a nine-month program that guides high-school students through the process of starting a real business, including business plan development, pitching to an investor or panel, obtaining funding, launching the venture, managing media campaigns, e-commerce, and Web development, sales events and trade shows.
“Entrepreneur guest speakers, business mentors and visits to local companies anchor the instruction around real-world applications and experiences,” the information states.
FHS Principal Russ Moore explained that the program debuted through the South Baldwin Chamber of Commerce and Chamber Foundation in 2013.
“This is the second go around,” he said Thursday. “They’ve worked hard.”
Chamber President Donna Watts brought the program to Foley High.
“This came across my desk and caught my eye because of ‘free enterprise’” she said, explaining that loss of local businesses in recent years also spurred a desire to help prepare youth to fill that void. “We’ve got to teach our children what being an American, what free enterprise, means.”
That program launched at Foley High in 2013, with two participants launching successful businesses. YEA Program Manager Mary Riker pointed out that since then, Gulf Shores has also implemented the program.
“We led the way,” Program Coordinator Mary Riker said.
In addition to hearing pitches and investing in student business plans, the program’s sponsors from the Foley area business community each contributed $1,000 to fund YEA.