Through his charitable foundation, a Tennessee businessman plans to award grants to aspiring Austin Peay State University entrepreneurs in a competition modeled after the popular television show “Shark Tank.”
“Guidance from entrepreneurs and business leaders has played a key role in shaping my career,” said businessman Spencer Patton, who runs The Patton Foundation. “That’s the heart behind the Patton Foundation and the PEG Challenge – to pay it forward by offering education and assistance to young entrepreneurs with big dreams.”
PEG stands for the Patton Entrepreneurship Grant.
Patton (pictured above) is a Tennessee native described as “the founder of multiple companies in the logistics space, including Patton Logistics, Route Consultant and Hello Truck Lease.” In only 10 years his companies have reportedly earned $100 million.
His foundation is based in Brentwood.
“Austin Peay State University (APSU) will host the inaugural challenge, which opens with a PEG Keynote from Patton at 12:15 p.m. Sept. 13 at Legends Bank Lecture Hall (Kimbrough Building Room 119). Students can then take a 10-lesson program over the next several weeks, which ultimately culminates in the PEG Challenge competition on Oct. 16,” according to a university release.
On that day, aspiring entrepreneurs will have 10 minutes to present their business ideas to a panel of judges, in a format that is similar to the show “Shark Tank,” where entrepreneurs pitch their company ideas to a group of wealthy investors, and attempt to negotiate for investment capital.
After the presentations, one presenter will be awarded $5,000, another $2,500 and a third $1,000.
“The Patton Foundation serves as a dynamic springboard for aspiring entrepreneurs who are eager to propel their ideas to new heights,” according to APSU. “Functioning as a catalyst for growth, the Foundation provides invaluable support and resources to these budding visionaries. From offering financial assistance via grants to facilitating coaching and mentorship programs, the Patton Foundation stands as a steadfast pillar of guidance and empowerment.”
The challenge is open to all APSU students.
“I believe equipping entrepreneurs with the necessary tools to thrive in a competitive business landscape will have a direct impact on economic growth in our local communities,” Patton said. “I can’t wait to see the ideas students bring to the table.”
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Pete D’Abrosca is a reporter at The Tennessee Star and The Star News Network. Follow Pete on X / Twitter.
Photo “Spencer Patton” by The Patton Foundation.
