TRIESS Fashionable Athletic Swimwear Scarlett Loughlin (Lubin)
Each winner receives $7,500 to perform proof of concept work
(Of the total grant amount each winner will receive $1,000 in cash)
Information on winners and finalists is available under the "Finalists" tab below
Ted and Pat Levine Proof of Concept
Pace University has established the Ted and Pat Levine Proof of Concept Entrepreneurship Initiative to provide competitive cash awards to Pace students and recent alumni/ae interested in performing proof of concept work. The award money will support work to better understand if a product or service idea can be transformed into a successful entrepreneurial venture. Managed by the Pace University Entrepreneurship Lab (eLab), the Levine Initiative is designed to provide funds and support to help promote new business development.
Proof of Concept helps to establish viability, isolate technical issues and suggest overall direction, as well as providing feedback for budgeting and other forms of internal decision-making processes.
Source: Wikipedia (http://en.wikipedia.org/wiki/Proof_of_concept)
Please read the 'Application Information' tab carefully before applying.
Each year 2 or 3 students will be awarded up to $7,500
i. Applicants are required to be students currently enrolled at Pace University (full or part time, in any school and degree program, undergraduate or graduate) in good academic standing or recent alumni, those who graduated in the 2013-2014 or 2014-2015 academic year.
ii. Applicants MUST register as an Entrepreneurship Lab Associate
iii a. Completed or be enrolled in one of the following classes:
MGT 316/MGT 632 – Venture Initiation and Entrepreneurship
MGT 315/MGT 635 – Small Business Management
MGT 320/MGT 634 – Entrepreneurial Implementation
MGT 416/MGT 678 – Business Plan Development
iii b. Have competed in or plan to compete in one of the following competitions:
The Entrepreneurship Lab has launched a new online competition management system for application submissions (http://competition.paceelab.com/login/index.php). Applicants must register with the competition management system to access the Ted and Pat Levine Proof of Concept Entrepreneurship Initiative. Once registered, the applicant will have access to the application form and links to upload the Executive Summary, Proof of Concept Proposal and the Team Biographies. The Letter of Recommendation should be sent by the recommender directly to Professor Bruce Bachenheimer at firstname.lastname@example.org.
Complete online application form: Applicants will answer 50 questions categorized as: personal information, business information, business concept and implementation. Applicants are expected to enter complete and relevant information as indicated in the question and the supporting text. Please verify critical information like email address and web links. It is recommended that applicants use a standard text editor such as Microsoft Word to check spelling and grammatical errors, especially for answers to essay questions. Applicants may use the following link to download the PDF document that lists all the questions. This document is NOT to be used as an application form. Online form submission is only admissible.
Submit Executive Summary: The Executive Summary should be a Microsoft Word document typed, up to 400 words or one page, 11 point black Arial font, single spaced and one-inch margins. The information in the document should be concise and accurate, described with simple and short sentences in active voice with the point of view of the company and avoiding any self-reference by using of personal pronouns (i.e. in the third person).
Submit Proof of Concept Proposal: The concept proposal should be a Microsoft Word document typed, 11 point black Arial font, single spaced and one-inch margins. The document must contain (1) a preliminary budget with an estimate of the amount of funds needed for specific purposes: a detailed breakdown of costs with links to sources of cost data and also include dates for each purchase made using the grant funds; (2) general milestones, i.e., significant and measurable events that mark applicant progress considering the grant period February 2016 to February 2017, explain why the applicant chose the milestone and provide a detailed explanation of what it means to achieve it, describe the current state of development (i.e. concept only, working prototype, limited user testing, or commercial sales); proposal should include only purchases (some purchases may be restricted).
Submit a Biography of all team members: Each biography should be submitted as a separate Microsoft Word document typed, 11 point black Arial font, single spaced and one-inch margins (if competing as a team, each member must submit a biography) MUST be a minimum of 100 words and a maximum of 200 words. Applicants should be sure to indicate their status as a student (college/university and school, degree, major, full or part-time status, and expected year of graduation) or as a recent graduate (college/university and school, degree, major, and date of graduation).
A Letter of Recommendation: A Letter of Recommendation from a professor, mentor, advisor, investor, customer, strategic partner or professional service provider (i.e. banker, lawyer, accountant) must be sent by the recommender directly to Professor Bruce Bachenheimer, email@example.com(i.e. the applicant does not see or send the Letter of Recommendation).
Applicants have to make sure that all submission requirements are addressed before the deadline. Applicants are encouraged to follow up with the grant administration to confirm acknowledgement of all submitted documents. Any application with missing documents will be rejected. Only applications that satisfy eligibility criteria will be sent to the Selection Committee. The Selection Committee will review qualified applications and select finalists.
Finalists information will be posted on the Initiative homepage. Finalists will be asked to complete a Milestones and Budget Proposal and then invited for an in person interview.
The Selection Committee will announce the winners. Winners will be asked to provide a headshot for use on the website and other materials.
Monday, November 2, 2015 - Application Deadline
Monday, November 16, 2015 - Finalist Announcement
Monday, December 14, 2015 - Award Winner Announcement
January, 2016 - Project Plan and Implementation Review
February, 2016 onwards - Interaction with awardees. Meetings will be focused on the awardees’ indicated milestones and budget allocation
Grant winners are hereby referred to as grantees
This grant is NOT a cash prize. Funds are to reimburse grantees for preapproved expenses that are directly related to testing the viability of an aspect of the business concept.
1. Preapproval: The grantee should seek preapproval from the grant administration for purchasing supplies and services. Only purchases that are directly related to the proof of concept work will be approved. The grant period runs from January to December 2016.
2. Reimbursement: The grantee will purchase preapproved supplies and services using their personal funds and then seek reimbursement from the grant administration by providing original receipts. This documentation must contain vendor name, grantee/company name, payment method, payment date and amount. The grantee should expect to receive reimbursement in four to six weeks after submission of all necessary documentation.
3. Reporting: The grantee is required to submit three brief quarterly reports and one final report. Quarterly report should be submitted within 14 days of the end of the quarter. The quarter end dates for first, second, third quarters are March 31st, June 30th, and September 30th respectively. Each quarterly report should highlight the achievements, failures, challenges and opportunities associated with the venture, but focus on three key aspect of the proof of concept process: 1) what specifically was being tested; 2) what did you actually do to conduct the test, including details of how the associated funds were used; and 3) in as quantifiable a way as possible, what were the results of the test. Each quarterly report should only be about a page in length. The final report can be a compendium of the quarterly reports, including information for the fourth quarter, and should include a broad reflection of how the Initiative impacted your business. The final report should only be a few pages in length.
As an example: If you want to test the impact of paid search engine marketing (SEM) on your business, you would 1) request preapproval to spend $900 on SEM, 2) spend $300 each on Google AdWords, Facebook ads, and Twitter promoted posts, 3) submit original receipts from the three vendors, 4) receive reimbursement in approximately four to six weeks, 5) prepare a quarterly report that quantified the increase in website and/or total sales
Ted M. Levine, Founder and Chairman, Development Counsellors International (DCI)
DCI is a firm that uniquely markets places for the purposes of economic development and tourism. Mr. Levine was CEO from the beginning in 1960 to 1993 when he became Chairman which he still is; he has worked with over 500 countries, states, cities and counties including 47 of the 50 US states. The firm currently has about 50 place clients and an approximately equal number of employees in its NYC Headquarters as well as branches in Denver, Los Angeles and Toronto. In other activities Mr. Levine has served as Instructor at The New School, NYU and Palm Beach State College. He currently captains courses at Iona College in New Rochelle and the Jewish Center in Boynton Beach, FL. A graduate (MA-1950) of Cornell University, he is author of more than 100 articles, many of them focusing on entrepreneurialism, and for many years served as the “quizmaster” for one of Westchester County’s most popular quiz shows. He has also served as a consultant to the United Nations on Economic Development and Tourism. He has received the Lifetime Achievement Award from the International Economic Development Council (over 5,000 members).
Patricia T. Levine, Vice President, Development Counsellors International (DCI)
Ms. Levine’s background includes both business and political experiences. In the early 1970s, she was communications director for the Citizens for Sound Planning—a non-profit organization which helped win the defeat of the Rye-Oyster Bay Bridge which led her directly to political activities. She was elected three times to the Rye City Council in the late 1970s and l980s. In the 1980s, she returned to full employment as a V.P., Account Supervisor at Development Counsellors International (DCI). Since retirement from DCI in 2010, she has served as an officer and board member of the Milton Harbor House co-op, an 88 unit complex on the Long Island Sound in Rye.
Andy Levine, President/Chief Creative Officer, Development Counsellors International (DCI)
As the son of Ted Levine, founder of Development Counsellors International, Andy was introduced to the world of economic development and travel marketing at birth. DCI is the leader in marketing places. Since 1960, the agency has served over 450 cities, regions, states and countries.
Since joining the firm in 1991, Andy has helped launch the company into a new era:
· Adding a much broader array of client services.
· Advancing the quality of client work performed.
· Growing the DCI team from a staff of eight individuals to its current level of 53 marketing professionals.
Andy is frequent speaker at economic development and tourism conferences and is the primary author of Winning Strategies in Economic Development Marketing, a continuing survey of corporate executives with site selection responsibilities.
Bruce Bachenheimer is a Clinical Professor of Management and the Executive Director of the Entrepreneurship Lab at Pace University. He is also the organizer of the annual Pace Pitch Contest and Business Plan Competition. Mr. Bachenheimer is a member of the Board and past Chair of the New York City Chapter of the MIT Enterprise Forum and has served on the organization’s Global Board. He is a board advisor for several private firms, an ELab NYC Mentor and has served as a consultant to governmental organizations and a variety of new ventures. He has been widely quoted in a variety of domestic and international publications, interviewed on radio and television, and has spoken on entrepreneurship at numerous organizations, including the Youth Assembly at the United Nations and the U.S. Department of State’s International Visitor Leadership Program. Mr. Bachenheimer began his career in investment banking and has worked for global corporations and new ventures. He has conducted business in over two dozen countries and was the founder of Annapolis Maritime Corp. and the Co-Founder of StockCentral Australia. Mr. Bachenheimer holds a BBA, Summa Cum Laude, from Pace University. He received the McKinsey & Company Leadership Scholarship to pursue an MBA degree, which he earned from the Australian Graduate School of Management.
Elizabeth Jovanoska is the Associate Director of the Entrepreneurship Lab (eLab). Elizabeth plays the role of a mentor and a guide to students interested in entrepreneurship. She helps students execute their business strategy and implement marketing and technology strategies. She leads a team of student assistants to create and organize events including Annual Pace Pitch Contest, Speaker Series and Workshops. Elizabeth has over 14 years of strategy, business development and marketing experience in the financial services sector with her most recent role at American Express, Sydney, Australia. Her passion is in entrepreneurship, and has run her own online start-up in the fashion industry. Elizabeth holds an executive MBA degree from Macquarie Graduate School of Management, Sydney, Australia.
Bruce Bachenheimer, Executive Director, The Entrepreneurship Lab
Bruce Bachenheimer is a Clinical Professor of Management and the Executive Director of the Entrepreneurship Lab at Pace University. He is also the organizer of the annual Pace Pitch Contest and Business Plan Competition. Mr. Bachenheimer is a member of the Board and past Chair of the New York City Chapter of the MIT Enterprise Forum and has served on the organization’s Global Board. He is a board advisor for several private firms, an ELabNYC Mentor and has served as a consultant to governmental organizations and a variety of new ventures. He has been widely quoted in a variety of domestic and international publications, interviewed on radio and television, and has spoken on entrepreneurship at numerous organizations, including the Youth Assembly at the United Nations and the U.S. Department of State’s International Visitor Leadership Program. Mr. Bachenheimer began his career in investment banking and has worked for global corporations and new ventures. He has conducted business in over two dozen countries and was the founder of Annapolis Maritime Corp. and the Co-Founder of StockCentral Australia. Mr. Bachenheimer holds a BBA, Summa Cum Laude, from Pace University. He received the McKinsey & Company Leadership Scholarship to pursue an MBA degree, which he earned from the Australian Graduate School of Management.
Imran Chowdhury, Assistant Professor of Management, Lubin School of Business
Imran Chowdhury is an Assistant Professor of Management at the Lubin School of Business – where he teaches courses in entrepreneurship, strategic management, and international management – and a Faculty Scholar of the Pace Academy of Applied Environmental Studies. His current research and writing focuses on social entrepreneurship and, more broadly, on organizations’ attempts to balance social and economic demands simultaneously. Imran completed his graduate studies in France, obtaining a master’s degree at INSEAD (Fontainebleau) and his Ph.D. from ESSEC Business School (Paris). A native of Queens, New York, Imran is also a graduate of Hunter College (City University of New York) and Stuyvesant High School. Prior to embarking on an academic career, he worked in the field of public health and biotechnology in Malawi, Uganda and the United States, including several years at the noted social enterprise the International AIDS Vaccine Initiative.
A term that has become increasingly popular on Wall Street in recent years has been algorithm. While unfamiliar to some, this term is nearly impossible to avoid in every day conversation as the markets move. This term in particular has a very different association to the non-insiders. Flash crash, financial crisis, unfair advantage, and many other negative impressions of something that is out of reach for the average investor. One would think that the everyday investor stands minimal chance at investing and trading on this level, until now. Algointeractive levels the playing field in a very specific niche area of algorithmic trading and simplifies the process into a decision tree for the client. Once set up, this scheduled event based trading platform [“OWL”] requires no deep technical analysis or fundamental research to be performed by the subscriber. Algointeractive’s OWL™ program enables the user to choose the event they are interested in, choose a preferred asset class (stocks, futures, forex, options), and then establish how much or how little risk is the right fit based on their own personal preferences. By acting upon these events in real time, the big trading institutions can only mimic our execution speed and accuracy. Having an even playing field is important, but so is affordability. Algointeractive’s goal is to reach the retail investor and make it possible to have this interactive technology, typically only available to large institutions, literally at their fingertips for a fraction of the cost to do it on their own. This combination of high statistical based trades coupled with dynamic high speed analytics that change with the market in real time creates daily opportunities that are currently out of reach to the average trader. Not only does OWL™ enhance the end users normal approach to the market but it also leverages the power of machine readable intelligence at all times. This platform also allows investors to receive regular updates on scheduled events from anywhere in the world. Once provided with this information, subscribers are able to determine the best trading strategy over time based on statistical and analytical data. Taking the human error out of the equation and having a repeatable, proven process helps drive investors and their preferences. Algointeractive is also available to build custom algorithms that are tailor fit to the client’s needs with full support and troubleshooting whenever they need it.
John Luo is John Luo, the Chief Technology Officer of Algointeractive. I was born in 1992, mainland China, and I immigrated to the U.S. in 2002. I enrolled at Pace University in 2011 on substantial scholarships and grants which helped alleviate my parents of the huge burden of financing my college education. My majors are economics and computer science, and I will be graduating once I finish my last course in economics. I found passion in economics when I took the microeconomic course. Whilst learning about economics, I knew this was an area where I have so much to learn and explore. The 2008 financial crisis inflicted my family with financial burdens, and now I was able to explain why, what, and how it occurred with my understanding of economics. This eventually led me to learning about the world of financial engineering and algorithmic trading. Markets are becoming more computerized and automated so it is important to understand the changing world of finance. I immediately took up computer science and began learning about this wonderful subject. My first computer program was a login system that allows users to store their credentials and login to play a house building game. This helped me understand databases and user preferences. The combination of the two areas of knowledge is a niche spot called algorithmic trading: an industry that utilizes the skills of programmers to precisely act on market decisions. At this moment, I have found the area where I could put my passion into action, my skills into work, and my ideas to the test. I look forward to changing this industry and the world.
Kevin Whylie is Chief Operating Officer of Algointeractive. I was born July 15, 1986 and attended Mamaroneck high school in Westchester New York. I was always interested in the stock market at a young age, understanding investing, and growing wealth. I used to be in basketball practice thinking about the markets, and when I got home after practice I would put on CNBC and watch the daily recap of the market. After enrolling into Mercy College and focusing on my business degree, I realized that my passion was for the markets. I made a big decision, which I knew my family was not going to be happy about, but I dropped out of school and enrolled in the Online Trading Academy. There I learned about multiple asset classes. This all got me closer to my goal as an individual investor. It was a tough road and came with many hardships, plenty of studying, hard work, and dedication. Now I'm an individual investor who trades his own capital. I want to push my trading career even further, and this can be accomplished by using sophisticated computer algorithms. Trading revolves around emotions and if you can eliminate those emotions you will be successful.
Matthew Zecchini is the Chief Executive Officer and cofounder of Algointeractive. I was born in 1989 and have lived in New York my entire life. I came from a science background following the premed track to further my dreams of becoming a physician. I am currently focusing my attention on this project at hand and I am an inactive student of PACE majoring in biochemistry/premed. However, during the spring semester of 2015 I taught an MCAT prep course, free of charge, for all PACE students that were interested. The financial markets have always been a fond hobby of mine. My grandparents were on the receiving end of corrupt banking during the financial crisis which had impacted them in a very meaningful way, as did it affect me. There seemed to be this mysterious shroud of secrets surrounding Wall Street that no one really understood. Based on this I decided that shedding light on the current series of events could positively influence many lives. It is my wish that this project helps me save enough money for medical school in the near future.
Fashionable Athletic Swimwear is the product pitch for an innovative solution to slippage and instability in women’s active swimwear. Picture this: A lifeguard spots a patron flailing in the ocean. She blows her whistle and dismounts off of the stand. She starts running into the ocean and her suit bottoms being an upward progression between her ‘cheeks.’ No time for adjustments, she hurdles over the waves and dives into the ocean. Now, battling waves, her suit top is sliding off her chest; hit on the right by a wave, her suit shifts to the left side of her body… These are the struggles any women partaking in any athletic activity while wearing a bathing suit. Likewise similar scenarios occur on a daily basis for surfers, swimmers, yogi’s, paddle boarders, the list goes on.
The product solution to these everyday happenstances is a bikini with a structure, fabric, and detailed grip lining that will provide maximum stability and NO slippage. Now, one could argue, why not just wear a one piece? Yes, that is a solution however not everyone wants to wear a one piece, get one piece tan lines, or be restricted by a full suit, and why should they have to?
Scarlett Loughlin is a swimmer, surfer, yogi (practicing yoga), fashionista, blogger, social butterfly, and a full time student-athlete. I keep a well-balanced life of immersing myself in all aspects of my passions. One morning at swim practice this summer, my idea of an athletic training bikini or women of my likeness, would benefit the society of actively athletic women. Being a fashion lover and athletic, I paired together what I know, what I need to know, and how I would go about doing so, all in one swim practice. I eagerly jumped out of the pool to write down what is now a work in progress, TRIESSS – Swim• Sand• Surf• -- What will be my bathing suit line. As I have been inspired by my passions, I hope to use my company and product to inspire others to live a happy, healthy, life, and to follow their dreams.
Foodie Out Loud was founded in 2014 by Megan Peterson and provides the community with information regarding the best local eats in the Tri-state area. Megan Peterson hopes to guide you in the right direction from a great breakfast sandwich to the place to go when it's date night. By doing this, this allows her to feature the best of the best local restaurants through various means of media. The principal office is located in New York, NY. Foodie Out Loud provides photos, write ups, links to reservation booking, some menus, and the restaurant information of places which to her are the best of the best. She aims to help expose restaurants with marketing and advertising in a way that is fun, affordable and quickly reaches the general public, engaging them to eat at their restaurant. Presently, the company is in the growth stage, growing in both fans and partnering merchants. Foodie Out Loud competes against Yelp,MyFab5, Zagat, Open Table and Google. A food enthusiast before anything else, Foodie Out Loud competes bringing her personal enthusiasm and captivating images which are guaranteed to make your mouth water. Her competitive advantage being that she does not charge the general public for anything. Her future plan is to reward her clients with loyalty rewards redeemable at the places she features. The far future of Foodie Out Loud plans to become a reality show visiting and featuring places all over the country by 2018. Foodie Out Loud defines the market as local merchants, and small chain restaurants in the United States. These people she primarily exists for, to help feature their business effectively and economically to engage the general public. Megan Peterson, the founder and manager of Foodie Out Loud is seeking $5,000. This contribution will help enable her to boost postings on Facebook, purchase high quality photography equipment, business cards, and travel expenses to reach a wide range of restaurants. This investment will be used for these things and will help with the evolution of an exciting venture for restaurants and the "foodie" community.
Megan Peterson, known as a true foodie out loud is the founder and owner of FoodieOut Loud. A full time student at Pace University, Megan is a senior BFA Commercial Dance major and Arts & Entertainment Management minor. Megan Peterson is a professional dancer, musical theatre performer, and dance instructor. She was most recently seen in Chicago, The Will Rogers Follies, Crazy For You and the national tour of The Radio City Christmas Spectacular. Dancing up to six hours a day, six days a week leaves Megan quite the appetite. While on the road performing and attending school in New York City she has found many good places to eat at. Eating out, cooking, and blogging are hobbies of hers in her free time. Megan began Foodie Out Loud as an Instagram page in an effort to share photos of great food she are at restaurants she hopes her friends try. With over 200 followers, Megan has a website and a Facebook page in an effort to help merchants with marketing and advertising. Megan Peterson expects to graduate from Pace University in May of 2016, and while auditioning and performing to continue featuring restaurants and their awesome eats.
MugClubs.com is a technology based marketing and selling tool what will be marketed to bars, brewpubs, and breweries. We will operate using a SaaS model, providing our service for the nominal cost of $60 - $100 per month. Our customers will utilize our product to host an online Mug Club for their patrons, who can interact with the product by downloading a free app for their phone or tablet. Company Background: MugClubs.com was founded in 2015 as a result of the founder’s desire to develop a platform that would leverage SaaS principles to the bar and nightclub industry. Specifically, the first product platform will target Mug Clubs, which are a popular marketing and sales tool employed by drinking establishments. To date nobody has brought forward a digital solution to facilitate their adminstration and execution, thus putting the investment of time, resources, and money solely on the establishment’s management. Management: MugClubs.com is run by Founder and Managing Director, John Harrison. Mr. Harrison has extensive experience in corporate finance, strategy, M&A, market research, new product analysis, and commercial management. In addition, he is a small business and bar owner, which has given him unique insight into our market and target customer. Products/Services: MugClubs.com will offer an online portal so the customer can manage their mug club, and will provide free access to a linked app that patrons can download to their smartphone or table. Technologies/Special Know-how: The technology platform will include a website (portal) and associate app, which when used in tandem will be the means by which the Mug Club is hosted for the customer. We have contracted a third-party technology firm to execute the development of the technology and will establish a retainer agreement for tech support. Market: We estimate, based on various websites and market analysis reports, that there are between 150,000 and 300,000 drinking establishments in the United States. Of this amount, we believe that roughly 10% would be categorized as our "target customer". This subsequently leaves us with 15,000 to 30,000 in our addressable market. Distribution Channels: our product will be sold via our website, MugClubs.com, which will provide access to the customer’s management portal. The apps will be distributed via the Apple and Android app stores. Competition: At this time we have no direct competition. Mug Clubs that exist today are administered locally by each bar, and are not executed using a technology platform. In a sense, we are competing against the bar owners themselves as we must strive to justify that our product is worth paying $60 a month for, as a means of avoiding the “Do It Yourself” model.
John Harrison is presently a full-time student at Pace University pursuing his MBA in Strategic Management, where he is also a Graduate Assistant at the Entrepreneurship Lab. Beyond his studies, Mr. Harrison completes consulting work as head of operations for a technology start-up in the food service industry, Sabor Inc., and as the Finance lead for a Biopharma start-up that is specializing in stem cell research, BioGenCell Limited. Furthermore, Mr. Harrison is the acting Controller for Some Spider LLC, a digital media start-up with annualized sales of over $1.5 million. Lastly, John has been a small business owner since 2014 when he purchased, remodeled, and rebranded a bar & restaurant in San Angelo, TX. Having graduated Lehigh University with a Bachelor’s of Science in Accounting and Finance in 2005 John chose to pursue his professional interests at Johnson & Johnson. Over the next eight years John took on increasing levels of responsibility, rising to the position of Senior Manager before leaving J&J in 2013. Mr. Harrison left corporate life to pursue his MBA in the hopes of eventually entering a faster paced and more agile business environment. The opportunity to make decisions that directly impact business outcomes has led John to make the leap into entrepreneurship, and has inspired his efforts to found MugClubs.com.