Business students Cameron Boyland, Brittney Brown, Rachel Dukes, and Allison Kinsey placed third at the 2014 Alley Scholars “Shark Tank” Challenge on Feb. 8.

The competition, which took place at the 2014 Alley Scholars Summit in Arlington, was a two-part challenge that required teams to create a 30-page business report and present their plan before a panel of judges. The judging panel featured distinguished entrepreneurs from various industries, including Shama Kabani, CEO of Marketing Zen; Bobby Lyle, CEO of Lyco Holdings; Bob Storey, CEO of Vapotherm; and Shawn Taylor, CEO of Zaxby’s.

“I don’t think getting third place defines our ability as a team, but I’m grateful for the experience,” said Boyland, junior management major. “The overall experience is motivational and encourages me to take my academic career further. I’m not giving up on this idea, because I think it’s a great business plan. I feel like I can take what we learned to perfect our original business plan and build it into a real business.”

The students, who call themselves Team BARC, began work on their business plan last November. Their plan proposes the creation of an online grocery service that allows shoppers to order products online from a virtual store and then either pick-up their products in-person or have them delivered. The aim of the business is to remove the stress from grocery shopping and provide customers with a convenient, virtual shopping experience that can be completed from the comfort of home.

Team BARC competed against 25 other teams during the early stages of the competition and were one of only four groups chosen to present at the summit. As part of their third place win, Team BARC also received a monetary award. Their mentors throughout the competition included Barbara Lofton, director of the office of diversity and inclusion, Gary Ferrier, associate dean for undergraduate studies, and Kenneth Ford, finance doctoral student.

“Our students did a fantastic job on their business plan, and we are proud of what they have accomplished,” said Lofton, who has worked with the students since the competition began last November. “This is the first business planning team that my office has had the opportunity to mentor and, as far as I know, Team BARC is also the first all African American business planning team the Walton College has ever seen. So, not only did the students excel personally and professionally, but they also made history.”

In addition to Team BARC, over 100 other University of Arkansas students traveled to Dallas to attend the summit hosted on the Southern Methodist University campus. The summit is an annual professional networking event that connects students with opportunities related to academic growth and career development. Students are given the opportunity to participate in student forums, interactive workshops, and a career fair.

This year’s summit included panels of educators and entrepreneurs who shared tips for academic and entrepreneurial success. The Educators Roundtable Panel featured deans from colleges throughout Arkansas and Texas, including Eli Jones, dean of the Sam M. Walton College of Business. The tips offered by panelists made an impression on students such as Ebone Allen, freshman accounting major.

“Meeting the CEOs and seeing that they started out just like us was refreshing,” said Allen. “They shared their experiences and gave us tips about how to shape our academic habits to become successful like them.”

For more information about Alley Scholars, please visit alleyscholars.com.