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Rensselaer Student Team Wins Lally School Collegiate Business Plan Competition
A Rensselaer student-run business working to improve fire extinguisher training has won the Rensselaer Polytechnic Institute Lally School's annual business plan competition. A total of $50,000 in cash and prizes was awarded during the final competition on April 27.
More than 30 business plans were submitted for the third annual competition, sponsored by Rensselaer's Lally School of Management and Technology's Severino Center for Technological Entrepreneurship. The competition is open to all students attending a college or university in the 18 surrounding counties.
"The Lally School is in the business of fostering entrepreneurship, and our annual collegiate business plan competition is a terrific example of how to make this happen," said Iftekar Hasan, acting dean of the Lally School and interim director of the Severino Center. "From start to finish, the competition gives college students throughout the region the practical experience they need to launch and grow a business. We are excited about the opportunity to help prepare the next generation of entrepreneurs."
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| Pictured left to right: Lally School Dean Iftekhar Hasan, Ryan O’Donnell, Tom Rossi, John Blackburn, Judy Albers, Richard Hannis, and Ned Williams |
This year's winner, BullEx Digital Safety, is developing an "Intelligent Training System" (ITS) using Smart Fire Extinguisher Technology that may be used as an alternative to the more costly, and sometimes more dangerous, live fire extinguisher training. The team of Rensselaer students includes John Blackburn, a senior electrical engineering major from Squamish, British Columbia; Ryan O'Donnell, graduate student in mechanical engineering, from Albany, N.Y.; and Tom Rossi, graduate student in mechanical engineering, from Rockaway, N.J.
The Lally School awarded a total of $50,000 in cash and prizes, including unrestricted cash awards of $5,000 (first place); $4,000 (second place); and $3,000 (third place). The first-place team also receives up to $20,000 of direct investment ("prime-the-pump capital"); $15,000 in legal, patent, and financial services; and up to $2,000 for travel and other expenses to participate in a national business plan competition.
The competition winners are also eligible for a grant from the Rensselaer Incubator of a one-year membership in the Virtual Incubator Program. This membership benefits companies interested in becoming part of the venture community by providing an opportunity to become an Incubator Affiliate in the Venture Affiliates of RPI (VARPI) program. Incubator Affiliates are entitled to select services available through the program.
All semifinalists in the Lally School business plan competition were eligible to compete for a $1,000 cash prize for the best two-minute "elevator" pitch, which was awarded to Russell Van Brocklin of Schenectady County Community College for "Writing Methods." |
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