Winning Rutgers Business School student teams receive $25,000 to launch and grow new businesses
June 3, 2009
A nonprofit microlending organization and a new online phone application for commuters were considered to be the top two business ideas at the 9th annual Rutgers Business Plan Competition, hosted by Rutgers Business School’s Institute of Business, Engineering, Science, and Technology (BEST) . The competition qualifies student and alumni participants to submit their ideas for a new and innovative business to encourage the development of business plans that have the potential to become an engine of economic growth and job creation in New Jersey. This year's prizes, totaling $35,000, were generously contributed by The New Jersey Sales Executive Foundation.Senior RBS student Sofya Leyzerova’s team received first place and $25,000 for The Intersect Fund, a community-based microlending organization comprised mostly of volunteer Rutgers Students dedicated to fighting poverty in New Brunswick, offering its clients the training and small loans they need to find business success. “The Intersect Fund serves a market niche that no one else operates in,” said Leyzerova. “At the same time, it provides a meaningful service opportunity for very talented students who want to work in the community. I envision the Fund as a one-stop shop for entrepreneurs, where they can attend trainings and workshops, network with other businesses, access markets at Rutgers and J&J, and get capital to expand their ventures.”The money awarded to Leyzerova for the Intersect Fund will be used to expand the organization’s services in New Brunswick by constructing an entrepreneurship computer lab and adding more capabilities to the organization’s web site.Full-time MBA student Yuriy Yakimenko received second place and $10,000 for his business trainlogic.net, an application and subscription service that allows users to see train schedules in real-time on their mobile phones. Most phones can use the service, including those without internet capability. “I am glad that I am able to match my skills and something I do well with the actual need of so many people, said Yakimenko. “This project, even though it's based on a fairly simple idea, takes a lot of skills, time, and dedication to do. I am happy to see this effort recognized as a valuable initiative by the BEST Institute.”Executive Director of BEST and Professor Richard Mammone, Ph.D., explained that the competition also aims to give students a unique business world perspective that will enhance their academic experience. Mammone describes the BEST institute initiatives as bridges between capital and intellectual property. “We are bringing money in from one side, and we are bringing educated students in from the other side.” At the same time, the BEST Institute boasts the powerful Rutgers MBA, the only MBA delivering the business, science, and technology credentials demanded by global employers. “We want to develop and sell IP [intellectual property],” said Mammone. “This is the future of America, and what we do best.”Last year’s winning team, Bookswim, a book rental company based on the Netflix model, has since gained national attention and has been featured in prominent industry publications such as Entrepreneur Magazine’s quarterly Entrepreneur’s Startups and more.The monetary prizes are only the beginning of the benefits provided to participants: access to mentors during the process helps participants develop their plans into solid businesses with real world growth potential. Opportunities to discuss funding, legal issues, and more are also made available through meetings with influential members of the New Jersey business community. For more details on the Rutgers Business Plan Competition visit best.rutgers.edu/BusPlan.
