Get All Access for $5/mo

All About 'Young' Entrepreneurs Between 'Shark Tank' poaching for young entrepreneurs and big-brand sponsored contests focusing on the younger set, the list of available funding and support opportunities for founders goes on.

By Kara Ohngren Prior

Opinions expressed by Entrepreneur contributors are their own.

Shark Tank - ABC.com

If you haven't heard, being a young entrepreneur is all the rage these days.

Attempting to tap into the popular belief that entrepreneurs are going to pull the U.S. out of the economic doldrums, a handful of the country's biggest brands are aiming to feature -- and offer financial support -- to young entrepreneurs.

In June, musician will.i.am teamed up with Time Warner Cable's philanthropic initiative Connect a Million Minds to seek out bright ideas from the nation's youth in the contest "Wouldn't It Be Cool If…" Then in July, ABC's Shark Tank sent out feelers for younger entrepreneurs interested in appearing on the show.

More recently, Ketel One and GQ Magazine teamed up for its own contest that solicits big ideas from entrepreneurial- and socially-minded young men and promises to give the winner a whopping $100,000. For The Gentleman's Call contest, for which voting begins today, GQ and Ketel One asked young men around the country to submit concepts that will "raise society's behavioral bar and put more into the world than it takes out."

Related: Where "Shark Tank' Goes to Poach Young Entrepreneurs

"Ketel One Vodka was founded through the passion and drive ignited only from entrepreneurial spirit," says Carl Nolet, Jr., executive vice president of Ketel One's founding company Nolet Spirits USA. "It's our honor to nurture an idea that will grow from the same values we continue applauding and responsibly celebrating after 11 generations of success."

You could call it altruism or marketing, but for young treps, contests like these spell opportunity. The winner of the "Wouldn't It Be Cool If…" contest, 16-year-old Greyson McCluskey of Indian Trail, N.C., received mentorship from one of nation's top innovation firms Fahrenheit 212. While his classmates spent the summer flipping burgers, McCluskey worked on his business idea for Baby Safe Rider, a product that would identify spikes in a baby's temperature and reduce the mortality rate of babies left in overheated cars.

Related: Teen Inventor Asks the Question "Wouldn't It Be Cool If…'

Similarly, the young entrepreneurs and would-be entrepreneurs chosen to participate in the GQ/Ketel One contest can win big money toward making their big idea a reality. Here's a look at the five finalists and their game-changing ideas:

Corbin Clay
Corbin Clay, 30
Denver, Colo.

Clay's furniture business, Azure Furniture, uses the abundance of beetle-killed pinewood that's posing a forest fire risk in the Rocky Mountains to create affordable and environmentally responsible furniture.

Adam Johnson
Adam Johnson, 28
New York, N.Y.

Johnson's salvage-furniture company, Withers & Grain, takes materials from demolished New York buildings and uses it to create sustainable design pieces, including dining tables and décor for high-end lounges.

Rance Loftsgard
Rance Loftsgard, 28
Philadelphia, Pa.

Loftsgard wants to open artisanal bakeries in impoverished areas that would create community centers and spur economic growth through culinary training, business education and employment opportunities to underprivileged residents. And, for every loaf of bread that's sold, he will donate one to a family in need through his Bread4Change campaign.

Tom Rachlin
Tom Rachlin, 26
Boulder, Colo.

Using modern mechanical engineering, Rachlin's Clean Water Reserve detects "unused water" (water that runs down the drain while we're brushing our teeth etc.) versus "used water" and collects it into a reserve tank to save thousands of gallons for future use. Rachlin currently has a business plan intact, but is looking for this $100,000 investment to actually launch the business.

Daniel Burstein
Daniel Burstein, 34
Jacksonville, Fla.

When Burstein looked at his local grocery store, he realized how much space was wasted on the building's roof. The thought lead to Burstein's idea to create urban farms on top of supermarkets that will yield fresh produce to be later sold in the store below. Like Rachlin, Burstein has developed a business plan, but is hoping to win this competition so he can make his business idea a reality.

What other young-entrepreneur focused contests/events have you seen? Leave a comment and let us know.

Kara Ohngren is a freelance writer and part-time editor at YoungEntrepreneur. Her work has appeared in publications including Entrepreneur Magazine, The New York Times, MSNBC, The Huffington Post and Business Insider.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

At 16, She Started a Side Hustle While 'Stuck at Home.' Now It's on Track to Earn Over $3.1 Million This Year.

Evangelina Petrakis, 21, was in high school when she posted on social media for fun — then realized a business opportunity.

Health & Wellness

I'm a CEO, Founder and Father of 2 — Here Are 3 Practices That Help Me Maintain My Sanity.

This is a combination of active practices that I've put together over a decade of my intense entrepreneurial journey.

Business News

Remote Work Enthusiast Kevin O'Leary Does TV Appearance Wearing Suit Jacket, Tie and Pajama Bottoms

"Shark Tank" star Kevin O'Leary looks all business—until you see the wide view.

Business News

Are Apple Smart Glasses in the Works? Apple Is Eyeing Meta's Ran-Ban Success Story, According to a New Report.

Meta has sold more than 700,000 pairs of smart glasses, with demand even ahead of supply at one point.

Money & Finance

The 'Richest' U.S. City Probably Isn't Where You Think It Is

It's not located in New York or California.

Business News

Hybrid Workers Were Put to the Test Against Fully In-Office Employees — Here's Who Came Out On Top

Productivity barely changed whether employees were in the office or not. However, hybrid workers reported better job satisfaction than in-office workers.