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New York City Economic Development Corporation (NYCEDC) today announced the launch of the third annual NYC Next Idea global business plan competition. NYC Next Idea, launched by the City in 2009, encourages innovative business ventures to launch and operate in New York City and raises the visibility of New York City as an international center for innovation and entrepreneurship while showcasing talent from universities from around the world. The 2011-2012 Competition features two separate tracks: one for international teams (International Track) and another for teams with one NYC-based full-time student (NYC Connect Track). The competition is sponsored by NYCEDC, in partnership with Columbia University’s Engineering School, with a goal to attract groundbreaking start-up companies to the City.
“NYC Next Idea is a critical piece of our efforts to attract top-flight global talent and encourage innovation in New York City,” said New York City Economic Development Corporation President Seth W. Pinsky. “Now in its third year, NYC Next Idea is expanding to include students right here in our own backyard, who will offer further insight into what future industries New York City should pursue and how we can more effectively create successful businesses in the five boroughs.”
“We are excited to be partnering with NYCEDC for a second year,” said Columbia Engineering Dean Feniosky Peña-Mora. “We believe that entrepreneurship and innovation are critical to global economic development and a program like this one provides great opportunities to develop the global and local innovation ecosystem. We look forward to working with the NYCEDC on this very important initiative to foster entrepreneurship and innovation.”
NYC Next Idea is open to students and recent graduates. Teams must be between two and five members, and for the NYC Connect Track, one team member must be a full-time student at a New York City university. The deadline to submit an executive summary for NYC Next Idea is November 7, 2011 and finalists will be selected on January 17, 2012.
Prizes for finalists include:
For more information on NYC Next Idea and to register for the competition, go to www.nycedc.com/nextidea.
Last year, NYC Next Idea featured two tracks, one for graduate students and one for undergraduate students. The 2011 graduate track winner VerifEyed, from Czech Technical University in Prague, provides a software product that, in the age of Adobe Photoshop, is capable of verifying whether or not a digital image has been modified, reliably and in a fraction of a second. The product has uses for insurance companies, banks, online auction sites, and even online dating sites to detect fraud through digital photographs.
The 2011 undergraduate track winner ReFleX, from University of British Columbia in Vancouver, developed a flexible and affordable multi-patient wireless heart monitoring system that can be implemented in clinics or hospitals of any size. Created by a team of four engineers, the remote wireless system monitors patients’ heartbeat and temperature and can provide real-time updates to healthcare professionals, increasing the efficiency of medical operations while enhancing the quality of patient care.
GreeNext Technology Solutions from Indian Institute of Technology, Madras was selected as the winner of the inaugural NYC Next Idea competition. The team devised a new system to allow utility companies and energy producers to store and distribute energy across the five boroughs safely and efficiently. Another finalist from the inaugural competition, a bike share enterprise called NYCycling, established their venture in New York City in 2010.
The NYC Next Idea competition is part of the Bloomberg Administration’s efforts to encourage entrepreneurship within a variety of sectors. With a network of nine incubators around the City, the Administration is providing low-cost office space, as well as training and networking opportunities, to hundreds of start-ups and small businesses. In addition, in 2010, the City launched the New York City Entrepreneurial Fund (NYCEF), the first City-sponsored seed and early-stage investment fund located outside of Silicon Valley. NYCEF will make up to $22 million available to New York City-based technology startups. In partnership with FirstMark Capital, NYCEDC recently announced that Medico.com, which allows users across the globe to gather and share locally-relevant health care information. Earlier this year, the Mayor announced the winners of the second annual NYC BigApps competition and a strategic partnership with BMW, which is launching a $100 million venture capital fund in New York City as well as a small business incubator.
The NYC Next Idea competition is also one of several initiatives launched to attract international businesses to New York City. World to NYC is another initiative which seeks to promote trade and investment between New York City and the global economy. Launched in December of 2010, World to NYC has already engaged over 100 international companies on expansion into New York City. Additionally, over the past 12 months, NYCEDC has aggressively courted companies in China and India, meeting with over 200 Indian and Chinese companies to discuss the unique challenges they face as they expand into the City, and to make the case that New York City is the ideal platform for U.S. market entry. Finally, NYC Venture Fellows, a mentorship program that helps mid-stage international entrepreneurs grow their businesses and establish connections to the NYC economy, recently selected nine international entrepreneurs for its inaugural class.
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 and Twitter to learn more about NYCEDC projects and initiatives.