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Apr 02 2013

NYIT to Host NYS Regional Business Plan Competition

New York, N.Y.  (April 2, 2013) – Forty-seven teams of business and management students from New York City will compete tomorrow in the semifinals of the annual New York State Business Plan Competition, held this year at New York Institute of Technology.
 
One of NYIT’s two interdisciplinary teams will present plans for an aid package to disaster victims called Home20, consisting of water bottles and a pallet that enables the empty bottles to be fashioned into roofing for emergency shelters. The plan builds on last year’s submission of a similar idea advanced by NYIT architecture faculty members and students, who have been working on an initiative to “upcycle” discarded water bottles into a useful product for developing nations or those hit hard by natural disasters.
 
The second entry, “Trache Time,” promotes a special pillow and cover that facilitate the care of patients with a tracheostomy, a surgical procedure that creates an opening into the windpipe through the neck. The special pillow created by the NYIT team provides proper positioning of a patient’s head and makes it easier for caregivers to maintain the tracheostomy site’s cleanliness. The business plan notes that there are about 3,000 pediatric tracheostomies and 100,000 tracheostomies each year in the United States. 
 
“Even for students who do not end up being entrepreneurs, this experience allows them to understand the link between business and technology, have direct experience working on interdisciplinary teams,  and have a better understanding of how the business development process works,” said Joanne Scillitoe, Ph.D., Director, Center for Entrepreneurial Studies and an associate professor of entrepreneurship.
 
Each team will pitch their idea for 10 minutes and answer questions for five minutes from a panel of judges acting as if they are in a boardroom investment presentation.  More than 15 “angel investors” will serve as judges for the competition. The top two winners in six tracks will advance to the state level competition in Albany later this month. Last year, two NYIT teams won awards at the state level competition.  Scillitoe said that two members from one team are now working for a large consulting firm “and their business plan competition work was an activity that made them attractive” to the firm.
 
The students participating in this year's event are: Dhruv Patel; William Yu; Shuang Liu; Chan Bavishi; Jasmine Jariwal; and Brent Lyons. Faculty advisors are: Scillitoe; School of Management Adjunct and Research Scholar Georg Fuerlinger; College of Osteopathic Medicine Dean Wolfgang Gilliar, D.O.; Department of Life Sciences Chair Michael Hadjiargyrou, Ph.D.; School of Architecture Associate Professor Michele Bertomen; Assistant Professor Jason Van Nest; and Assistant Professor Farzana Gandhi.
 
NYIT’s co-hosts for the event are Long Island University-Brooklyn and the SUNY Levin Institute. The event will be held at the NYIT Auditorium on Broadway and at the NYIT Business Incubator at 26 W. 61st Street.
 
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About NYIT
New York Institute of Technology (NYIT) offers 90 degree programs, including undergraduate, graduate, and professional degrees, in more than 50 fields of study, including architecture and design; arts and sciences; education; engineering and computing sciences; health professions; management; and osteopathic medicine. A non-profit independent, private institution of higher education, NYIT has 14,000 students attending campuses on Long Island and Manhattan, online, and at its global campuses. NYIT sponsors 11 NCAA Division II programs and one Division I team.
 
Led by President Edward Guiliano, NYIT is guided by its mission to provide career-oriented professional education, offer access to opportunity to all qualified students, and support applications-oriented research that benefits the larger world. To date, more than 92,000 graduates have received degrees from NYIT. For more information, visit nyit.edu.
 
 
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