Utah center faculty college students are studying to assume just like the founding father of Shark Tank

The Draper Park Middle School student team “Just Right Clothing” answers the judges’ questions about their product.

Clara Jensen @clarajensnpictures

Getting money for a start-up from investors is a big challenge for most founders, including sixth-graders at Draper Park Middle School in the Draper suburb of Salt Lake City, Utah, who are learning how to turn an idea into a business power and potential brings investors to the market.

“I’m very excited because I think our company has a good chance of winning the award,” said sixth-grader Laynie Alleman. She and her classmates participated in the “It's My Business” competition sponsored by Junior Achievement of Utah and Idaho in partnership with CNBC. NBC affiliate KSL-TV reported on the Shark Tank-inspired competition.

This financial education project is part of CNBC's “Cities of Success” series, which examines cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, enterprise and labor.

Alleman's team came up with the business idea for Just Right Clothing Company, which produces t-shirts with heating and cooling technology for maximum comfort. They competed against two other teams: one called Wish Wash Pet Brush, which developed an all-in-one grooming device, and the other, 2 Lit 2 Sip, a multifunctional heating and cooling cup.

For three months, students brainstormed and developed business ideas in their classroom. The competition, the culmination of her semester course, took place at JA City, an experiential learning center in Orem, Utah.

Middle school students in Draper Park are required to study entrepreneurship as part of their coursework. However, only a few schools nationwide offer financial classes for this age group.

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Back in 2004, Utah became the first state to require a personal finance course for high school graduation. Two decades later, 26 states require high school students to complete a self-contained, semester-long personal finance course before graduation, according to Next Gen Personal Finance.

“As important as financial education is in high school, a lot can happen before students get there,” said Laura Levine, president and CEO of Jumpstart, a national nonprofit coalition working to improve financial literacy. “By introducing financial education earlier, we can at least introduce some important financial concepts to those who don’t understand them later.”

“I'm all about dreaming big and reaching our full potential,” said Hello founder and CEO Joon Beh, a Korean immigrant who created an on-demand language learning platform that has helped over three million students Company is working together to automate these language assessments.

Beh was one of three local startup founders who acted as coaches for the top teams of 11- and 12-year-olds as they polished their presentations. The teams then presented their ideas to the competition judges: Olympic gold medalist Ashley Caldwell and three of Utah's top business leaders. The animal-loving jury ultimately chose the Wish Wash Pet Brush as the winner.

The Wish Wash Pet Brush student team from Draper Park Middle School presents their product to the judges.

Clara Jensen @clarajensnpictures

Sandi Hendry, founder of Minky Couture and one of the competition's judges, said she knows from experience the impact learning about entrepreneurship can have on young students. She was a sixth grade teacher for 30 years before starting the luxury blanket company in 2009.

“When I taught sixth grade, there was always a unit on starting a business because I always had a great interest in starting a business and pursuing entrepreneurship,” she said.

Hendry said she was amazed at “how imaginative, how creative and just how amazing these children are at putting their thoughts and ideas together. I think this is a great program for them and they have such a bright future.”

“Middle school is an important time to teach personal finance,” said Levine, who is also a member of the CNBC Global Financial Wellness Advisory Board. Even in states that require a degree in financial education, we could be missing out on many students if that state or parts of it have high dropout rates.”

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