Supporting Governor Andrew Cuomo’s leadership in expanding educational opportunities that enhance New York’s innovation-enabled economy, SUNY is a major sponsor of the 2013 New York Business Plan Competition, which features a major statewide expansion of more than 300 teams competing for $500,000 in total prizes. The final round of competition takes place today at CNSE.
The collegiate competition is presented by CNSE in partnership with the University at Albany School of Business and Syracuse University. SUNY, SEFCU, and higher education community partners from around the state have put more than $500,000 in prizes up for grabs—more than triple the amount awarded at the 2012 event—with national venture capitalists, angel investors, investment bankers, and seasoned entrepreneurs to serve as judges.
“SUNY, along with our educational and business partners, is thrilled to give college students across New York State the chance to hone their entrepreneurial skills and pique the interest of investors, venture capitalists, and seasoned business leaders,” said Chancellor Zimpher. “This vastly expanding competition is reaching more students than ever, revealing the power of public-private collaboration in New York to drive educational opportunities.”
The Power of SUNY is mobilized in the New York Business Plan Competition, as each competitive track can be mapped back to each of the Six Big Ideas. Student-led start-ups were encouraged to submit business plans for innovations in areas that include nanotechnology/advanced technology, energy/sustainability, biotechnology/healthcare, information technology/software, products/services, and social entrepreneurship/non-profit.
“This competition is a true embodiment of Governor Andrew Cuomo’s vision in encouraging innovation-driven economic growth throughout New York fueled by educational excellence and high-tech entrepreneurship,” said Dr. Pradeep Haldar, CNSE Professor and Head of Nanoeconomics.
The competition is similar to the popular ABC television show, Shark Tank. Each team is given 10 minutes to pitch their plan and then answer five minutes of questions from judges. Over 50 colleges and universities have participated from across New York, including a collaborative network of more than 20 institutions that hosted semi-final round competitions in 10 regions across the state in March and April.
“By design, this competition encourages young entrepreneurs to think creatively and develop new ideas to bring to market, while at the same time giving them the guidance necessary to ensure a successful end result,” said Michael J. Castellana, SEFCU president and CEO. “We have some of the best and brightest students attending schools right here in New York and by encouraging and supporting their ideas and talents we can continue to make New York and the Capital Region a commerce capital of the world.”
“This is proof positive that New York is open for business,” Dr. Haldar said.
For more information, and to explore past winning business plans, read about the New York Business Plan Competition at CNSE’S website.
Maxwell is the Coordinator of Digital Engagement for The State University of New York.