Overview

Presented by New York City Economic Development Corporation in collaboration with Columbia University, this contest can put you at the forefront of the City's latest business breakthroughs.

Disclaimer: All terms and conditions are subject to change and are at the sole discretion of NYCEDC. Please check back frequently for any changes.

2011- 2012 Competition

Finalist Winners

Two winning teams, Stylsize and TaxiTreats, were selected from a highly competitive and diverse pool of applicants, with more than 270 business ideas submitted from 62 countries. TaxiTreats is developing a vending machine to be used in taxicabs, and Stylsize is developing an app for online clothes shoppers to visualize how the clothing fits.

Finalists

International Track

• Prevision Camera from University of Economics in Prague 
• Marketing Prevision is developing the Prevision Camera, an intelligent and stand-alone camera embedded with analytical software. The fully automated software is able to interpret mood, number, gender, age, and facial expressions to provide real-time marketing analytics when a person is looking at an advertisement. Team members: Tomas Ivan, Simona Belesova, Adam Abelovsky, and Ivo Kralicek
• CityShare from Technische Universität München 
• CityShare is designing a mobile application where people can put their seldom used goods up for rent and people in need for those goods can rent them cheaply. Team members: Johannes Lechner, Diana Schneider, and Kilian Moser
• Stylsize from Queen's University in Ontario, Canada 
• Stylsize is a mobile and web app with a convenient solution for out-of-store apparel purchases. It will enable shoppers to visualize how a garment of clothing fits and flatters their body without the frustrating guesswork associated with today’s online shopping. Team members: Dan McCann, and Amy Bergenwall 

NYC Connect Track

• AnaLyse from NYU and Karolinska Institutet in Sweden 
• AnaLyse plans to provide a tool that will improve animal tissue sampling. Team members: Margarita Shinder, and Aga Sowinska
• TaxiTreats from NYU’s Stern School of Business and Universidad de Buenos Aires 
• TaxiTreats provides and manages vending machines for taxicabs. TaxiTreats aims to improve the passenger experience and increase the profitability of owning a NYC taxi medallion. Team members: Brian Shimmerlik, and Tomas Grosskopf
• IDEA NYC from the Fashion Institute of Technology, the University of Warwick, and University of Hertfordshire in the UK 
• IDEA NYC is developing a non-profit fashion label, which produces and markets products imagined by NYC kids. All proceeds will fund free workshops for children aimed at nurturing creative thinking, innovation, leadership and team building through design education and art. Team members: Chastity Farrell, Miroslava Rybanska, and Maria Sulikova

View notes from our live blogging of the NYC Next Idea Final Round Event on Wednesday, March 21, 2012.

Deadlines & Key Dates

• June 27, 2011 - November 7, 2011: Question & Answer Period
• November 7, 2011: Registration Deadline
• November 7, 2011: Executive Summaries Due (Round I)
• December 1, 2011: Announcement of Semi-Finalists
• January 3, 2012: Full Business Plans Due (Round II)
• January 17, 2012: Announcement of Finalists
• March 17 - 23, 2012: Finalists Visit NYC; Announcement of Winning Teams
• March 21, 2012: Final Round Presentations at Columbia University (Round III)

Prizes

• All-expense-paid trip (including airfare and boarding) to New York City in March 2012 for the foreign members of the six finalist teams
• Networking opportunities with New York City-based investors, entrepreneurs, professors, and government officials for all finalists
• Cash prize pool of $35,000

Eligibility

The 2011-2012 Competition features two separate tracks: one for international teams (International Track) and another for teams including one NYC-based full-time student (NYC Connect Track). Other than team eligibility, the rules and format of the Competition are the same for both tracks.

International Track

• Teams must have 2-5 members
• All team members must be students or recent alumni (graduated no earlier then October 2010) of a non-U.S. institution of higher education (graduate or undergraduate). For the purposes of the Competition, a non-U.S. institution of higher education is considered to be an institution of higher education which has received a certificate of accreditation from an accreditation association recognized by NYCEDC
• Teams may consist of members from different schools and/or countries (excluding the United States)
• Each team must have at least one full-time student
• An individual cannot be a part of more than one team
• Preference for business ideas in: Financial Services, Green, Not-for-profit, Bioscience, Fashion, and Media and Technology, but business ideas in any sector are eligible
• Business plans must have a NYC operational and/or marketing component

NYC Connect Track

• Teams must have 2-4 foreign members plus one (1) NYC-based full-time student member
• Foreign team members must be students or recent alumni (graduated no earlier then October 2010) of a non-U.S. institution of higher education (graduate or undergraduate). For the purposes of the Competition, a non-U.S. institution of higher education is considered to be an institution of higher education which has received a certificate of accreditation from an accreditation association recognized by NYCEDC
• One (1) team member must be a full-time student at a NYC-based institution of higher education
• Each team must have at least one full-time foreign student
• An individual cannot be a part of more than one team
• Preference for business ideas in: Financial Services, Green, Not-for-profit, Bioscience, Fashion, and Media and Technology, but business ideas in any sector are eligible
• Business plans must have a NYC operational and/or marketing component

Employees of The City of New York, NYCEDC, or CTICE and the competition judges, or any of its respective affiliates, subsidiaries, and their immediate family (spouse, parents and step-parents, siblings and step-siblings, and children and step-children) and household members (people who share the same residence at least three (3) months out of the year) of each such employee are not eligible.

Format and Judging

Rounds

The competition consists of three rounds for each track:

• Round I: Executive Summary
• Round II: Formal Business Plan
• Round III: In-Person Presentations 

Judges

The judging panels, comprised primarily of New York City-based venture capitalists and angel investors, will make their decisions based on which business ventures they believe to be most NYC-centric and which they would likely fund.

Rules & Requirements

Please review the drafts of the Rules & Requirements and Additional Terms for the Competition below. In order to be eligible to take part in the Competition, all participants must conform to eligibility and submission requirements. The Rules & Requirements and Additional Terms may be subject to change.

Next Idea Rules & Requirements 2011-2012

Next Idea Additional Terms 2011-2012

Next Idea FAQ 2011-2012

2010 Competition

Mayor Bloomberg met with the six finalists from leading business and engineering schools in India, Singapore, France, the Czech Republic, and Canada at City Hall. Verifeyed, the winning Graduate team, won $20,000 in cash prizes, and ReFleX, the winning undergraduate team, received $15,000. Both additionally won six months of free office space in New York City in which to launch their businesses.

The competition, sponsored by the New York City Economic Development Corporation in partnership with Columbia University's Fu Foundation School of Engineering and Applied Science, is open to new, independent ventures in the conceptual, seed, start-up, or early growth stages, as well as business concepts that include the expansion of an existing venture into New York City. Read the press release and profiles of the six finalist teams below.

The Graduate Track

• Verifeyed - Winner
  Czech Technical University, Prague (Czech Republic)
  Provides a unique verification service for digital images, indicating whether or not the image has been modified, reliably and quickly
• FoodShrink
  Indian Institute of Management, Ahmedabad (India)
  Building a mobile app to help New Yorkers make smarter dietary choices
• Indian Mephisto
  Indian Institute of Technology, Madras (India)
  Developing a mobility and orientation "artificial vision" system to help visually impaired persons navigate their surroundings

The Undergraduate Track

• ReFleX - Winner
  University of British Columbia (Canada)
  Developing a multi-patient wireless monitoring solution for hospitals to allow them to monitor patients more effectively and do away with excess sensor wires
• 151 Projects
  Singapore Management University (Singapore)
  Creating an internet platform for online shopping to give consumers information on the most relevant and interesting products through social media
• Sirocco
  EDHEC Business School (France)
  Building high-end full-body dryers for NYC sports clubs, spas, and hotels