Talented minds at Youngstown State University pitched their business concepts in the final competition of this year's 'Penguin Shark Tank' on Thursday.

Only a handful of concepts qualified for the final event, where students made their pitch to local celebrity sharks. All finalists take home money to move their business to the next level. 

"The future is all about entrepreneurship," said Betty Jo Licata, Interim Dean of the YSU Williamson College of Business. "The real growth and jobs and businesses come from small and emerging businesses. The students are really passionate. They want to make a difference they want to have that ownership of that future. Starting their own businesses is one of the ways to do that."

Finalists for Best Business Idea:

  • 3RD PLACE: Sai Teja Reddy Bokka, a Mechanical Engineering graduate student, is building Vigyus, a specialized platform for STEM education.
  • 2ND PLACE: Jan Harter, a junior Business Analytics and Economics major, is developing a new piece of climbing equipment.
  • WINNER: Nabayt Kibreab, a junior Computer Science and Economics major, is developing Velora, a stock trading platform.

Finalists for Best Established Business:

  • 3RD PLACE: Hailey Bonner, a junior Marketing major who started Coastavida Jewelry.
  • 2ND PLACE: Alexis Gaetano, a senior Marketing major whose business is ACG Media Marketing.
  • WINNER: Cadence McStowe, a freshman Nursing student whose business is Tallowtalk Skincare.

"People want to grow their money," Kibreab explained to 21 News. "So for example, you might be investing right now so that once you graduate you have spare money to go rent a house. So, this is just a way of helping you step a foot out of your life in any kind of financial world."

Kireab told 21 News she spends 20-30 hours a week developing her business, along with being a full-time double major student and balancing two part-time jobs.

"Entrepreneurship starts with your time and the rest will follow," Kireab said. "It's just following your idea and creating a better space and concept for others."

Velora also took home the John D. Burgan Entrepreneurship Prize. Tallowtalk Skincare also took home the audience-selected fan favorite award.

"As first responders, we know that skincare is not just about beauty, it's also about a quality of life," Cadence McStowe told 21 News. "So, making people comfortable and healing people instead of just trying to sell something that may or may not work."

"Seeing patients in our medical fields, we see patients struggling with skin relief and products on the market just run them in circles," explained Noah Bowman, McStowe's business partner. "One day we could get into the nursing homes or medical facilities so our products can nourish them as it does us."

"Entrepreneurship gives you a different type of freedom," McStowe said. "At the end of the day, life is risky. None of us are going to make it out alive. So you  might as well live it to the fullest and try what you want to do."

"You're either going to take a risk but I always encourage the young generation to get out there and follow your dreams," Bowman added. "There's always a way to make it happen."

The event featured a keynote address by Stacy Howlett, CEO of Howlett Logistics.

"Our sharks are amazing and they plan to work with the students after the Shark Tank competition," Licata explained. "They will serve as informal mentors to the students moving forward."

The young minds earn a total of $10,000 as they work towards their degrees and boost their business to new heights.

A grant from the Burton D. Morgan Foundation funds the program, along with a donation this year from John Burgan.