Short rounds with peer scoring beat the high-stakes finals night every time.
A short, repeated game with peer scoring and team rotation works far better than a single high-stakes finals night. The repetition gives students multiple reps to refine pitches; the rotation surfaces the strongest ideas without leaving anyone unheard.
Most school pitch competitions follow the Shark Tank model: weeks of prep, one finals night, three judges. The result is that maybe ten students pitch and the other 200 watch. We have run a different format one-time at Mars Hill, the University of Oklahoma, Penn State, Xavier, and the University of Wisconsin. SideHustle Labs uses 4 to 5 students per team, four rounds of brainstorm, pitch, score, and rotate, all inside a 90-minute block. Every student pitches; every student scores. The Funny + Fundable rubric forces ideas to be memorable and viable at once. The shift from one-shot to multi-round changes who participates, because students who would freeze on stage will pitch a small group and gradually build to a room.
If your goal is participation and skill-building, the multi-round game format wins. If your goal is one polished public moment, the finals format still works. Most schools should run both: the game weekly, the finals once a year.
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