NYCEDC Announces Launch Of NYC Next Idea 2009 Global Business Concept Competition

Aims to Attract Groundbreaking Start-up Ventures to the City

New York City Economic Development Corporation (NYCEDC) announced the launch of NYC Next Idea 2009 Global Business Competition, an international business plan contest aimed at top business and engineering schools throughout Europe, Asia and Latin America. The goal of the competition is to attract groundbreaking start-up companies to the City. It is a component of the Bloomberg Administration’s 11 initiatives to support the City’s entrepreneurial sector announced earlier this year. The competition invites teams of students or alumni from participating universities to submit business plans that have a connection to the New York City economy.

“New York City, like almost every major city in the world, is today facing significant economic challenges,” said NYCEDC President Seth W. Pinsky. “Though there is no magic bullet for overcoming these challenges, we believe that a critical piece of the solution is to grow and nurture innovation within the five boroughs. This competition is a fabulous example of how we plan to do just that. Along with our other initiatives aimed at increasing entrepreneurial activity in New York City, this competition will send the message loud and clear that New York is the place to be if you want to build an innovative company and attract the best and brightest.”

The three teams selected for the final round of the competition will each receive a free trip to New York City in January 2010. During their New York City trip, the finalists will also have the opportunity to network with investors, successful entrepreneurs, and leading members of the academic, government, and business communities. The winning team will receive a $20,000 cash prize and will have access to other in-kind support to launch its venture in New York City.

The universities participating in the competition will include many of the world’s finest MBA programs and engineering and other professional schools. Ten prestigious institutions have already agreed to participate, including London Business School, IESE Business School University of Navarra in Spain, and IMD in Switzerland. Other universities that wish to participate in the competition have until the end of April to register with NYCEDC.

Teams should include three to five members. All team members must be graduate students or alumni of a participating university and at least one participant must be a full-time graduate student. Teams must submit their business plan executive summaries by or before July 1, 2009. Finalists will be announced in November 2009.

For more information, please visit www.nycedc.com/nycnextidea or send an email to nycnextidea09@nycedc.com.

About NYCEDC

New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.