by awakelin on June 2, 2022
Campus
By: Olivia Coletti ’24
On May 4, Providence College’s Entrepreneurship Society held their Shark Tank competition. The competition was based on NBC’s hit show of the same name, with the judges consisting of the board of PC’s own Entrepreneurship Society. All 7 competitors had innovative ideas and designs, but Whizard’s team stood out and won the competition. Charlie Feinstein ’24, Will Phelan ’24, Max Miraglia ’24, and Dylan McMorrow ’24 sold the sharks on their vision along with their group’s diverse skill set and work ethic. The winning criteria considered innovation, differentiation in the macro- and micro-markets, presentation skills, presentation and planning, cohesivity, and communication.
Though their platform seemed like an average MLB sports statistics website, their unique formula, team, and goals brought together a package like no other. They showed evident care for their consumer and acknowledged the lack of understanding and benefits of sports betting as a whole, reflecting on the club’s entrepreneurial values. The judges saw a lack of these platforms in the market with their attributes. Whizard’s presentation was remarkably professional, cohesive, and organized. They brought a statistically unique appeal while considering how macroeconomic factors, marketing, customer loyalty, and education come into play. From Letter rating bets, their social media and ranking system, specifically their data proven, “A+” return, was well-marketed and unique. It had an effortless appeal to its target audience: the uninformed bettor. It gives them easily accessible statistics and from a trustworthy source through their loyalty, as 95% of sports bettors today don’t look at sports-related statistics.
When asking Feinstein ’24, the formula creator, how he came up with the algorithm, he stated: “Definitely a process. It has been a lot of work the past two years.” Further, when discussing the difference between their platform’s equation compared to Vegas, he states: “My answer to that is we are not trying to beat Vegas. We are trying to beat the 95% of people that have no clue what they’re doing when they bet. My lines and totals are very similar to Vegas’ opening odds for that game. But Vegas adjusts their lines and odds based on what people are betting to guarantee they make a profit.”
Whizard’s team can comprehend that the house always wins, but that they want to provide an alternative to the house; an alternative that understands and cares more for the investor with more trustworthy facts.
The team not only offers a unique algorithm to give their bettors an edge, but premium loyalty packages, differing in player detailed analytics. Also, there are merchandise items sold with their creative logo. These items with their logo are where Feinstein’s ’24 teammates come into play. The merchandise isn’t bought for style, it’s a community. A community fueled through humor, constant content, and real-time statistics updates. It is brand loyalty and image that are the body that brings life to the algorithm. This algorithm is not sold alone; it is sold with a marketing team and brand image ready for takeoff. Their social media platforms are gearing up and their website set up smoothly, all transactions safely made through Shopify. Whizard has a following of 50,000 and over 150,000 liked videos on Tik Tok. Putting that into perspective, PC’s has around 5,000 students. That would be our student body 30 times. And that’s just likes, not views. They have a total of 191,200 views on Tik Tok. Also, they have significant Instagram and Twitter followings and are working hard daily to provide not only content but statistics. Ultimately, the Shark Tank competition shows how such potential with their creative brand approach begins with social media engagement in their videos.
This competition was full of bright students with brilliant ideas, the sharks emphasized this decision to be difficult. The 7 other contenders were hopefuls in the competition, but the Whizards had out-whized the competition. PC’s Entrepreneurship Club hopes to continue holding such competitions to embolden such entrepreneurial values and creative outlooks.