Pitt Business e-newsletter Issue 14, March 2009
Student Entrepreneurs Fuel Big Ideas
Many students have felt the effects of a troubled economy, and the Institute for Entrepreneurial Excellence (IEE) is working alongside local businesses to provide students with hope during a time of hardship.
The fourth annual campus-wide Big Idea Competition, hosted by the IEE, culminated on March 3 with a large-scale networking event, presentation by competition finalists, and an awards ceremony. The competition challenged students to create a new product or service idea that could be turned into a functioning business or to develop strategies for improving their own existing businesses. Candidates who were not selected as finalists by preliminary judging were able to display their entries at the event, where attendees voted for their favorite idea as the Wild Card winner - a demonstration of the value that market demand can have on an entrepreneur's success.
"This competition truly motivated me to take the first step in developing a business," said Adam Nelson, a fourth-year economics student who won the Wild Card Award for his "LightStripe" idea for bikes. "Without entering the competition I would have never tried to start a business, and now my entire future is focused on becoming more entrepreneurial."
For students already running their own businesses, the competition offered support to keep going despite challenging circumstances.
"I felt this was a great opportunity for me. Having my work recognized has inspired me to keep going," said Micah Toll, a sophomore mechanical engineering student who won first place in the Business Growth Idea category for his company, Disaster Rebuilding Solutions, LLC.
Winners were awarded both a monetary prize and professional services to be used to grow their business idea, with top winners in each category receiving $1,000 to cover business expenses. Among the professional services offered were legal assistance for starting a business, a networking dinner with local businesses relevant to the winners, and strategic consulting sessions from the Small Business Development Center.
The IEE partnered with a number of organizations throughout the Pittsburgh region to lend support and help connect students, including PNC Bank; Allegheny County Economic Development; Blue Tree Allied Angels; Bridgeway Capital; Innovation Works; Meyer, Unkovic & Scott LLP; Urban Redevelopment Authority of Pittsburgh; and Wilke & Associates, LLP.
"This is a way Pitt can help alleviate some of the pressures for our students by helping grow existing student businesses and build new ones," said Michael Lehman, director of PantherlabWorks and Student Services in the IEE. "We want to provide alternative outlooks for students in an unstable job market, and offer them the necessary assistance to reach their entrepreneurial goals."
Complete List of Winners
New Service Idea
1st Place: Robert Bartolucci, a sophomore finance major in the College of Business Administration, was selected for his new service idea, "Element-e", an environmentally friendly transportation alternative that would allow customers to rent an electric-hybrid scooter to be used around Pittsburgh.
2nd Place (tie): Megan Burka, an MBA student in the Joseph M. Katz Graduate School of Business, was selected for her idea of "Nostalgic Picnics," a customizable picnic basket meal service that would provide students, professionals, and visitors with the essentials to enjoy a convenient meal in one of the local parks.
Chad Jandrositz, a junior marketing major in the College of Business Administration, has an idea to offer a new form of entertainment in the Strip District with "Pittsburgh Fast Track," an indoor go-kart facility.
New Product Idea
1st Place: Samuel Dickerson, a PhD candidate in the Swanson School of Engineering, developed a low-cost, portable cytometer, a device for counting the number of cells in a fluid sample such as blood. The mobile nature of the product would enable diagnostic tests, such as for HIV, to occur more easily in rural medical clinics.
2nd Place: J.D. Zipkin, a first-year medical student, created "Helico," a dynamically thrown toy that creates a sleek and fast-paced playing environment. Its simple design would allow for easy use by all ages, while reserving the capacity for more advanced techniques. "Helico" is intended to be released for prototype testing later in the year.
3rd Place: Rong Zong, a PhD candidate in materials science at the Swanson School of Engineering, invented and filed a provisional patent for a device that expedites the grinding of multiple samples for study with a transmission electron microscope. Use of this product will save time and resources for researchers and technicians in academic and private research institutions.
Business Growth Idea
1st Place: Micah Toll, a sophomore mechanical engineering major at the Swanson School of Engineering, is the founder of Disaster Rebuilding Solutions, LLC. He developed a lightweight, patent-pending portable construction beam to be used for rapid deployment shelters and other utilitarian structures in third world and refugee populations.
2nd Place: Colin Huwyler, a freshman engineering student, is the owner of Fossil Free Fuel, LLC, a company that designs and manufactures fuel systems that enable diesel engines to operate on clean burning, renewable, plant-based fuels. After developing its first system, Fossil Free Fuels is creating a prototype for the next innovative system, a modular unit that will work universally on bigger diesel engines and is well-suited for large scale commercialization.
3rd Place: Elizabeth Youngkin, a first-year law student, operates Cielo Gaming LLC, a start-up company that is developing a platform for remote gambling using cell phones, handhelds, and other smart devices. Cielo's products feature the patent pending use of geo-coding and wireless triangulation technologies to determine the specific location of the gambler and enforce the gambling regulations of the appropriate jurisdiction.
Wild Card Winner
Adam Nelson, a junior economics student, developed the idea for "LightStripe," a device for bicycles that projects a two- to four-inch band of light on the ground next to the cyclist. The band of light is projected onto the road a few feet from the side of the cyclist, giving motorists a better idea of how much space to leave a cyclist as they pass. The light serves as a bike lane that moves with the cyclist.
