Y50K business plan competition
The Yale Entrepreneurial Society (YES) awarded $50,000 in cash and $50,000 in services to the winners of its second annual business plan competition.
The two winning teams, both led by Yale undergraduates, were announced at the society's Y50K Awards Gala on April 14 in the Law School's Levinson Auditorium.
A total of 92 teams composed of Yale students and staff entered the competition this year. Unlike business plan competitions at most schools, which support for-profit ventures, the YES competition also presents prizes for social entrepreneurship ventures -- i.e., charitable ventures that must stress social responsibility over any profit motive.
The winning for-profit team was MEMStar, an organization dedicated to bringing electronic devices based on micro-electro-mechanical system (MEMS) technology to consumers. MEMStar was created by Abigail Lubow '02, Mark Meras '01, Rameez Saleh '02 and James Klemic, a postdoctoral associate. The company specializes in security and tracking applications of MEMS technology, targeting consumers both directly, through stand-alone device sales, and indirectly, via strategic partnerships with consumer electronic manufacturers.
The top prize in the social entrepreneurship category went to Elmseed Enterprise Fund, a venture that will bring microcredit to New Haven. Microcredit involves providing very small business loans to aspiring entrepreneurs living in poverty; it has proved successful elsewhere in helping millions of people to start businesses, make money and raise themselves and their families out of poverty. Elmseed was founded by Gabriel Kuris '03, Kitty Harvey '03, James Choy '03 and Nowshad Rizwanullah '03.
The judges for the competition included chief executive officers, entrepreneurs and venture capitalists from across the country. The final round of the competition took place the morning of April 14, when 13 finalists made presentations before the panel of judges, who announced the winners to a crowd of over 250 people at the Y50K Awards Gala that afternoon. The keynote speaker at the gala was Herbert M. Allison, former president of Merrill Lynch & Co. and current president and chief executive officer of the International Alliance for Life-Long Learning. The prizes were presented to the winning teams by New Haven Mayor John DeStefano Jr. and Yale Vice President Bruce Alexander, director of the University's Office of New Haven and State Affairs.
The runners-up in the for-profit category were MediCompliance, which aims to improve patient compliance while compiling and distributing critical compliance data to the healthcare industry; and OneTrace Inc., which provides a cost-saving theft-recovery system using a combination of global positioning system, wireless communication and Internet technologies.
In the social entrepreneurship category, the runners-up were WiredMD Group, which aims to improve international medical collaboration via the Internet for the development of local medical professionals in areas of need; and Donation Registry, which provides engaged couples with online wedding services that also generate contributions to a charity of the couple's choice.
T H I S
Bulletin Home
W E E K ' SS T O R I E S
Alcohol is beneficial for elderly hearts
Undergraduate-led ventures win Y50K business plan competition
Weekend honors '300 Years of Creativity and Discovery' at Yale
MEDICAL CENTER NEWSBlood pressure medication helps dialysis patients, study shows
Medical school administrator Merle Waxman is featured in new book . . .
Therapeutic benefits of light may be traced to body's tissues
Scientists create squeezed state of atoms for the first time
Museum's gifts aid children in scientific discovery
Symposium marks Graphic Design Program's 50th year
Juniors win awards for their scholarship, contributions
Two Eli football stars are tapped in the NFL draft
Drama school ends its season with Wilder's 'Our Town,' . . .
Pictures from a Convocation: A Photo Essay
Three engineering alumni honored with YSEA awards
Theologian to discuss 'God, the Open and the Void' in Litowitz Lecture
Dorothee Metlitzki dies; scholar played role in Israel's founding
Anita Golden Pepper, advocate for health care rights, dies
Yale affiliates honored for their community service
Lecture to look at 'Feminism & Love for the Church'
|Visiting on Campus|Calendar of Events|In the News|Bulletin Board
Yale Scoreboard|Classified Ads|Search Archives|Deadlines
Bulletin Staff|Public Affairs Home|News Releases|
E-Mail Us|Yale Home Page