Shark Tank of Wellness FAQs
What is the “Shark Tank of Wellness”?
The Shark Tank of Wellness competition is a global challenge where students submit their innovative ideas for the wellness industry for a chance to win prize money and a trip to the annual Global Wellness Summit. From the submissions received, three students will be chosen as finalists to present their ideas at the Global Wellness Summit. During the event, the finalists will present their ideas on stage in front of the attending delegates and the judging panel, or “Wellness Sharks.” The judges then deliberate and, later in the day, award the prize money; first place winner receives US$5,000, second place $3,000, and third place $2,000.
Who are the “Wellness Sharks”?
The “Wellness Sharks” are the judges of the Shark Tank of Wellness competition. The “Wellness Sharks” will decide the top three winners and will be on stage with the finalists. They will ask questions about the ideas and will award the first, second and third place prizes following deliberation. All “Wellness Sharks” are leading experts in the wellness industry and are Summit sponsors.
What is the application process?
Students will receive the link to the Concept Submission Form once they submit the Entry form (see below). To complete the submission, each individual or team must complete the Concept Submission Form including a link to their video no later than April 30, 2025.
What do students need to submit their innovation?
Students must complete the Concept Submission Form. This form will provide the judges with information about the idea, including target markets, competitors, consumer demand, barriers to entry, and how their idea differs from current products/services in the industry.
Students must submit a one- to two-minute video describing their idea, why it could positively impact the wellness industry, and how it could become a viable business. The video must be hosted on a third-party platform, such as YouTube or Vimeo. Downloads and video files will not be accepted. The video must contain only original work and not be subject to any copyright restrictions. Students will submit the link to their video when they complete the Concept Submission Form.
Is there a cost to participate in the Shark Tank of Wellness?
No. There is no entry fee for the Shark Tank of Wellness competition.
What is a “wellness idea”?
The Shark Tank of Wellness competition accepts viable business ideas for any segment of the wellness industry. This includes architecture/design, beauty, education, fitness, hospitality, investment, medicine, nutrition, real estate, spa, technology, travel, tourism and more. Projects do not have to be in one of the listed segments, but students must be able to show how their idea relates to the global wellness industry. We recommend looking at the Summit’s Global Wellness Trends or research from the Global Wellness Institute if students are unsure of wellness industry segments or are seeking resources to support how their innovation connects to the wellness industry. The global wellness industry is currently valued at over $ 6.3 trillion, thus providing ample opportunity for innovative ideas!
Who is eligible to participate?
- The competition is open to both individual students and teams of students over the age of 18 from anywhere in the world. There is no entry fee. Note: If participating as a team and the team is chosen as one of the top three finalists, only the team leader will be eligible to attend the Global Wellness Summit with their professor.
- The participant(s) must be an undergraduate college or university student (working toward a one- or two-year diploma, a four-year Bachelor’s degree, or a Vocational Education and Training (VET) qualification) or a graduate/postgraduate student (working toward a Master’s, MBA, JD, MD or PhD degree) in a university or college of distinction at the time they develop and submit their concept.
- The participant(s) must be either a full-time or part-time student at the university or college.
- The participant(s) must have a professor or faculty advisor who serves as a mentor for their project.
- All contestants must be available to attend the 2025 Global Wellness Summit in person to present their idea in person.
- The business idea must NOT have previously won an award or contest of any type.
Do students have to have a professor or faculty advisor mentor their project?
Yes. It is mandatory that all students or teams have a professor or faculty advisor who serves as a mentor for their project. The mentors of the top three finalists will accompany the student to the annual Global Wellness Summit.
If a student graduates in spring or summer of 2025, can they still participate?
Yes. Students must be a current student for at least the first school semester of 2025 to be eligible and must be able to provide proof of enrollment in a university or college of distinction. However, they do not need to be enrolled during the Global Wellness Summit, November 2025.
What are the prizes for the Shark Tank of Wellness competition?
First Prize: One (1) first-prize winner will receive US$5,000.
Second Prize: One (1) second-prize winner will receive US$3,000.
Third Prize: One (1) third-prize winner will receive US$2,000.
Total value of all prizes is US$10,000.
Additional noncash prizes include airfare and hotel accommodations in St. Andrews, Scotland, for the top three student finalists (individual or team leader) and their professors (one professor per student). Also included is access to the three-day Summit (US$4,560 value), including all general sessions, breakout discussions, and industry forums, featuring global industry leaders. A myriad of social events and a final evening party is included. This is a priceless opportunity to meet and learn from global visionaries.
When does the Shark Tank of Wellness competition begin?
The 2024 Shark Tank of Wellness competition begins on December 10, 2025.
When does the Shark Tank of Wellness competition end?
The 2025 Shark Tank of Wellness competition submission window will end on April 30, 2025, at 11:59 p.m. Eastern Time.
When will the top three finalists be announced?
The top three finalists will be announced in June 2023. Arrangements will then be made to fly each of the top three student finalists and their mentoring professors to Abu Dhabi, UAE, for the Global Wellness Summit in November 2025.
When will the first, second and third place finalists be decided?
During the 2025 Global Wellness Summit, in November 2025, in Abu Dhabi, UAE, the top three finalists will present their ideas on stage. The video they created will be shown, followed by a 90-second pitch to the “Wellness Sharks,” who will ask questions of the students to defend their innovation and make a business case for its feasibility. The “Wellness Sharks” will then deliberate and announce the first, second and third place winners. The winners will be listed on the Global Wellness Summit website and promoted on social media post-Summit.
What are the Judging Criteria?
Entries will be judged on the following criteria, which will hold equal weight:
– Project innovation,
– Visual appeal or design,
– Relevance and importance to the wellness industry,
– Viability as a business (customer/market analysis and competitors), and
– Quality of the project presentation.
Judges’ decisions are final.
What is the judging process?
The judging panel is comprised of the competition sponsors, who play the role of “Wellness Sharks.” All “Wellness Sharks” are leading experts in the wellness industry. The first judging round will determine the top three finalists, who will be flown to the 2025 Global Wellness Summit to compete for the prize money. The top three finalists will be announced in June 2025. Students will present their ideas on stage during the 2025 Global Wellness Summit, where the “Wellness Sharks” will ask questions of the students. The first, second and third place winners will be announced November 2025, on stage during the Global Wellness Summit.
Who can I contact for more information?
For additional information, please contact Jessi Brandt, Director of Programs and Operations, at [email protected].