Rutgers Business Plan competition awards $50,000 in funding to teams of student and alumni entrepreneurs
Brothers who began Cyndrom acquire best prize, system to use winnings to improve motion sports attire company
NEWARK, N.J., May 2, 2022 /PRNewswire/ — Brothers Andrew and Joe Strafaci, associates at the rear of the Cyndrom brand of casual put on, won the $20,000 top prize in the once-a-year small business approach levels of competition at Rutgers Enterprise University.
Andrew Strafaci, who accomplished a dual MBA and law degree at Rutgers in 2020, designed the Cyndrom title and symbol while he was an undergrad learning civil engineering at School of New Jersey. The organization now generates about $20,000 in once-a-year revenue, fueled by profits of its “Trip On” line of hats, hoodies, and beanies popular amongst skateboarders, snowboarders, and cyclists throughout the nation.
The brothers were a person of 5 teams that competed at Rutgers Company Faculty on April 22 for some of the $50,000 prize money delivered by the Sales Executive Club of Northern New Jersey Foundation.
Citing the close levels of competition, the judge opted to unfold the prize cash amid all the contributors, awarding a $15,000 2nd prize to MBA students Jason Miller and Matthew McQueeny, co-founders of Large League Pillows and $10,000 to a team of Rutgers undergraduates, which includes Anna Zhang and Iris Zhorov, who are developing the Wise MS3 device to assist individuals enhance the effectiveness of their bodily treatment.
The judges awarded $2,500 to Rutgers MBA college student Kathryn Ruhno, whose early-phase get started-up Raw Paw Existence sells doggy foods and treats and one more $2,500 to Andrew Zambrowski, an alumnus of the Rutgers Company School undergraduate program who pitched for Monkey Business. The corporation offers small firms an app to assistance them compete more efficiently versus proven brands.
Each individual of the teams made shorter pitches, describing their nascent corporations, highlights of their technique and the company’s functionality, and projections for foreseeable future progress.
The Sales Executive Club of Northern New Jersey Basis sponsors the business plan competition annually as a way of encouraging the entrepreneurial ambitions of Rutgers Company School students and alumni. The competitors is also a single of the facets of a wide ecosystem at Rutgers that fuels its energy in entrepreneurship.
Above the previous 20 yrs, Richard Romano, president of the basis and a member of Rutgers Organization School’s board of advisors, has helped make a lot more than $1 million in funding accessible to student and alumni founders.
“The business enterprise prepare levels of competition is considerable in a pair of strategies,” said Professor Doug Brownstone, who organizes the competitiveness. “Scholar business people are ready to earn funds to get their enterprises accelerated and the best 5 groups also get mentoring.”
“These are total-time students or alumni who have careers, and they are also doing work on starting off up corporations so it is very important,” he reported.
The competition has awarded funding to these kinds of Rutgers student-started off corporations as Playa Bowls, Emma’s Premium Companies, Bibi Beverages, the Turf, Surf and Earth restaurant, Excellent Lifetime Nutrition and the Zwiren Title Company.
Like earlier winners, Andrew Strafaci intends to use the prize dollars to improve his business.
Strafaci, who grew up skateboarding together the Jersey Shore, said the funding from the opposition will let him and his brother to increase Cyndrom from a everyday outfits line to an energetic wear brand that features a lot more specialized athletics equipment like rash guards for surfers and gloves for snowboarders.
“The revenue will be a catalyst for increasing Cyndrom,” Strafaci stated. “The money also says Rutgers believes in me. Getting that guidance is important because it is really such a wonderful university.”
Cyndrom currently sells its solutions in a Belmar surf store and a Redbank skate shop, and it also can make sales from its web-site and pop-up suppliers at the Jersey Shore. In addition to increasing its choice of apparel, Stafaci claimed he plans to use the prize funds to improve advertising. His objective is to improve income to $1 million by 2025.
In addition to Romano, the judges for the 2022 level of competition provided John Wilson, who also signifies the Product sales Govt Club of Northern New Jersey Basis Sharon Lydon, Rutgers Organization School’s affiliate dean of alumni and corporate engagement and Carolyn Lange, main economical officer of the Neighborhood Foundation of New Jersey.
Mayuresh Pandit, a Rutgers MBA alumnus and senior merchandise supervisor at Amazon, assisted Professor Brownstone in mentoring the students. He also assisted to choose the groups.
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