NYCEDC

Jul
07

NYC Next Idea 2011-2012 Kicks Off

By Patricia Bayley, David Gerstl, Ann Li, and Steven Strauss
Center for Economic Transformation

Cutting-edge software that detects image alteration, green roofing technology for residential buildings, and wireless patient monitoring systems: These are a few of the 160 innovative ideas pitched by teams from 30 countries in last year’s NYC Next Idea business plan competition. Today, we’re kicking off the 2011-2012 cycle of the competition, which is even bigger and better. The contest is sponsored by NYCEDC in partnership with Columbia University’s Engineering School, with a goal to attract groundbreaking startup companies to the City and showcase talent from universities around the world. (Watch the video above to learn more!)

The third annual NYC Next Idea features two separate tracks: one for international teams (International Track) and another for teams with one NYC-based full-time student (NYC Connect Track). Prizes include a cash prize pool of $35,000, an all-expense-paid trip to New York City in March 2012 for foreign members of the teams, and the opportunity to learn about the City’s business services, gain access to startup networks, and present business plans to a group of investor and entrepreneur judges. Last year’s roster of judges included Archana Patchirajan, Co-Founder, MyCityWay; Alessandro Piol, Co-Founder & General Partner, Vedanta; Michael Satow, Director, House Party; Albert Wenger, Partner, Union Square Ventures; and Steven Strauss, Managing Director, NYCEDC. Finalists from prior years also had a chance to meet Mayor Bloomberg.

The competition 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.

This experience can help launch your business idea—as it had with VerifEyed, from Czech Technical University in Prague. Just two months after winning the competition in the graduate track, the team is now in the process of relocating to New York City to establish their startup after multiple investors expressed interest.

We invite student teams from all over the world and across diverse fields to register now and share your Next Idea for New York City. Learn more about the competition and view our new eligibility requirements to see if you and your team qualify to participate.