Deeply flawed and didn't make me smile at all.

Here is why:

The Balloon represents happiness.

Students are told to write their name on it as a claim to entitlement. Is everyone entitled to be happy?

The students are given 5 minutes to find happiness and fail.

Any outcome from this point on is corrupted by the fact that not every human is entitled to or deserves happiness. (Do child rapists deserve to be happy?)

Also, happiness that is found in 5minutes or less is a a fleeting emotion which would actually put a person at risk of depression.

In short. I love balloons.

Don't limit a young person to 5 minutes to find their happy balloon. Give them as much time as they need and they will be happy the entire time with the PURSUIT OF HAPPINESS.