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Student startups won a combined $218,000 in seed funding at the third annual conference on April 12 and 13 in the Whitman School of Management. More than 300 students, faculty, entrepreneurs, investors and community members came out to watch students pitch in several competitions, display their businesses and ideas at Demo Alley and win seed funding to take their ventures to the next level.
This year, in the interest of fostering closer collaboration among aspiring entrepreneurs throughout the University community, three startup funding competitions were held together at Emerging Talk.
The competition is part of the Raymond von Dran Innovation and Disruptive Entrepreneurship Accelerator () and has provided seed funding to help student entrepreneurs launch their ventures since 2009.
The is a campus-wide student business plan competition, hosted by the , and made possible by a longtime Whitman supporter, the late , founder of Fay’s Drugs.
The ’s Invention and Creativity competition offers students the opportunity to pursue entrepreneurial endeavors and encourages students to leverage their education in science and technology to bring their ideas to fruition. This competition was open to any team consisting of at least one L.C. Smith College of Engineering and Computer Science student.
Students from SU, SUNY Cortland, Le Moyne College, SUNY Oswego, Colgate University and SUNY-ESF pitched to panels of judges composed of alumni, entrepreneurs and investors. The student teams were composed of an interdisciplinary mix of talent and a diverse range of majors, including civil, mechanical, electrical and bioengineering, political science, finance, fashion design, information management and public relations, to name just a few.
“The judges were impressed again this year with the quality of business ideas, talent and excitement in our student entrepreneurs,” says Bruce Kingma, associate provost for entrepreneurship and innovation at SU. “The quality of applications continues to increase, so it was very competitive to make it to the final pitch round. We hope that even more students know about these competitions next year so that we continue to grow as a resource for student entrepreneurs.”
Funding is awarded to student companies to cover start-up expenses, including salaries of company owners and employees, space rental and marketing, legal, website and proof-of-concept development.
“The RvD IDEA Award will allow me to jump-start my project and get into mushroom production very quickly. I’ll be able to buy my construction and lab materials and start putting things together immediately,” says Matt Gretton, SUNY-ESF student and founder of Trifecta. “With help from professionals at the ϲ Center of Excellence and the Whitman School of Management entrepreneurship program, I’ll be able to navigate the twisty path of forming a real business, and turn my little idea into profitable reality.”
Winning teams from SU will be required to meet with Entrepreneur-in-Residence John Liddy to outline the deliverables, company calendar and business plan, after which they will receive the first half of their funds. They earn the remaining half of the Ray von Dran IDEA Award in six to 12 weeks, based on their work in implementing the plans discussed with Liddy.
“We are honored to receive an RvD IDEA Award for the second straight year,” says Nate Forer, SU aerospace engineering student and co-founder of MOUNTech. “The $10,000 prize will enable MOUNTech to complete designs currently in development, patent designs that have already been developed, and manufacture its first mounts for the consumer market.”
Many students had product to show judges in the competitions this year.
“After realizing how my Industrial Design Thesis, ‘Carrying Oxygen,’ could help supplemental oxygen users, it was clear that I needed to attempt to bring this concept to reality,” says Jaimie Gerst, industrial and interactive design student and founder of Carrying Oxygen. “Receiving the RVD Award has provided me with the opportunity to start a business and mass produce my own concept—something most design students never get to experience.”
The Ray von Dran IDEA Award and Invention and Creativity Competition recipients were recognized during Emerging Talk, an event that pulled together student entrepreneurs from universities and colleges across Central New York, as well as investors and others interested in entrepreneurship. Forty-five student teams took part in Demo Alley, where they had the opportunity to talk about their venture with investors, faculty, students and community members. OneCard won $500 for Best Display, MOUNTech won $500 for Crowd Favorite and the Gambia Lifewater Project won $500 for Best 60 Second Pitch given on Friday evening at Emerging Talk.
“Ray [von Dran] was an academic entrepreneur and, like the student entrepreneurs, embodied the ‘can-do spirit’,” says Gisela von Dran, professor emeritus at the School of Information Studies (iSchool) and benefactor of the RvD IDEA Awards. “The students’ drive to bring about change through new ideas, innovations, products and services—and their determination and hard work—makes them stand out as role models. I am proud to support their endeavors and to keep their talent here in Central New York.”
Emerging Talk was also the site for the New York State Business Plan Competition regionals. The companies listed below denoted with an asterisk have been invited to attend the New York State Business Plan Competition finals in Albany on April 26.
The winning companies are:
Raymond von Dran IDEA Awards
Energy and Sustainability
High Tech
Health Care/Biotech
Information Technology
Products and Services
Recipe into Reality,* software allowing users to go to their favorite recipe website or blog, choose a recipe that looks delicious and order it from their nearest online grocer, will also be going to the New York State Business Plan Competition in the products and services category. Recipe into Reality was created by Yuni Sameshima (Colgate University, molecular biology, economics).
Social and Nonprofit
Panasci Business Plan Competition
$25,000 first place
$10,000 second place
$5,000 third place
$5,000 Sustainability
$3,000 IDEA Award
Invention and Creativity Competition
$3,000 award for the development of a product or business
$2,000 award for the development of a product or business
Most Creative ($300) and Most Sustainable ($300)
Most Likely to Succeed ($300)
The RvD IDEA Awards and Emerging Talk had many great sponsors this year. The health care track of the RvD IDEA Awards was sponsored by and . The energy and sustainability track was sponsored by the . partnered with IDEA to offer incorporation services to all RvD IDEA Award winners. , a do-it-yourself platform for building websites, came to Emerging Talk and is offering SU students a free 14-day trial and 50 percent off their first year of SquareSpace service.
The Raymond von Dran provides contacts, resources and funding support for student entrepreneurs. A list of all RvD IDEA and Invention and Creativity Competition applicants can be found at . To learn more about IDEA, email idea@syr.edu.
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