A trio of Cohoes High School students on Wednesday sold a stake in their burgeoning mineral company for $2.5 million.
Groups of students in Mike Kloczko’s science classes are giving Shark Tank-style presentations this week on companies and products they have developed using minerals found in New York. Each group picked a mineral and researched its properties, where it’s mined, what it’s used for and how much it’s worth. They pitched their products to potential investors, or “sharks.”
“I think they like it because it’s different,” Kloczko said. “They get to come up with a unique idea and one group even made their own logo.” That group, a company mining talc for weightlifting powder, walked away with a sizable investment.
Another group – the one that accepted a $2.5 million investment for a 25 percent share – was looking to sell a piece of Bradt’s Bluestones in order to expand their operations. The shark who offered the deal was the company’s namesake, math teacher Heather Bradt.
“We were trying to find something catchy and she walked in the room,” said sophomore Mason Abbott.
Before making an offer, the sharks thoroughly vetted each company.
“Once we start grilling them, I think it opens their eyes to the business side,” Kloczko said.
Some of the students thought they could have gotten a better deal.
“If we do this again, we’ll do more research on how to negotiate,” said sophomore Jameson Gregoire.