Utah middle schoolers are learning to present like Shark Tank investors.

• Students in Draper, a Salt Lake City suburb, took part in a financial education project as part of CNBC's Cities of Success series.
• In 2004, Utah became the first state to mandate a personal finance course for high school graduation.
• According to Next Gen Personal Finance, 26 states mandate a standalone, semester-long personal finance course for high school students prior to graduation.

Pitching potential investors for funding is a significant challenge for most founders, including sixth graders from Draper Park Middle School in Salt Lake City, Utah, who are learning how to transform an idea into a business.

Laynie Alleman, a sixth grader, expressed her excitement about the possibility of her company winning the "It's My Business" competition. The competition, sponsored by Junior Achievement of Utah and Idaho in partnership with CNBC, was inspired by Shark Tank and drew coverage from KSL-TV.

The financial education project is part of CNBC's Cities of Success series, which examines cities that have evolved into thriving business centers with an entrepreneurial mindset that has drawn in capital, corporations, and talent.

The "Just Right Clothing Company" business idea was conceived by Alleman's team, which produces t-shirts with heating and cooling technology for optimal comfort. They faced competition from two other teams: Wish Wash Pet Brush, which designed an all-in-one grooming tool, and 2 Lit 2 Sip, a multi-functional heating and cooling cup.

The students spent three months brainstorming and developing business ideas in their classroom before competing in a semester-long course at JA City, an experiential learning center in Orem, Utah.

While some schools nationwide include financial education in their curriculum for middle schoolers, Draper Park requires its students to study entrepreneurship.

Since 2004, Utah has been the first state to mandate a personal finance course for high school graduation. Currently, 26 states require a standalone, semester-long personal finance course for high school students before they graduate, as stated by Next Gen Personal Finance.

"Financial education in high school is crucial, but a lot can occur before students reach that point. Introducing financial education earlier can at least introduce important concepts to those who may not learn them later, as Laura Levine, president and CEO of Jumpstart, a national non-profit coalition promoting financial literacy, stated."

Joon Beh, the founder and CEO of Hallo, a Korean immigrant who established an on-demand language learning platform that has assisted over three million students and collaborates with businesses to streamline their language evaluations, stated, "I believe in pursuing ambitious dreams and realizing our full potential."

One of three local startup founders, Beh served as a coach for the top teams of 11- and 12-year-olds as they honed their presentations. The teams then pitched their ideas to the competition judges, including Olympic gold medalist Ashley Caldwell and three of Utah's top business leaders. In the end, the animal-loving judges chose Wish Wash Pet Brush as the winner.

Sandi Hendry, founder of Minky Couture and a competition judge, has experience as a sixth-grade teacher and knows firsthand the impact of learning about entrepreneurship on young students.

She stated that during her time teaching sixth grade, she always included a unit on entrepreneurship and business formation, as she had a strong passion for starting her own business.

Hendry was astonished by the "inventiveness, creativity, and sheer brilliance" of the children in putting together their thoughts and ideas. She believed the program was excellent and that the children had bright futures ahead of them.

"According to Levine, who is a member of the CNBC Global Financial Wellness Advisory Board, teaching personal finance in middle school is crucial. Even in states where financial education is a graduation requirement, high dropout rates could mean that many students are being overlooked."

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