Recently, Hofstra University announced that it had awarded seed funding to three local entrepreneurs as part of its 2013 Entrepreneurial Assistance Program Business Plan Competition. The competition is sponsored by Capital One Bank. Participants in the Entrepreneurial Assistance Program (EAP) at the Skodnek Business Development Center at Hofstra University’s Frank G. Zarb School of Business were eligible to participate in the competition. Small Business Bankers from Capital One Bank served as mentors for the EAP participants, giving them advice on how to expand their businesses and how to effectively develop business plans and financial systems.
Participants in the Entrepreneurial Assistance Program Business Plan Competition presented their business ideas during Hofstra’s “Shark Tank.” A group of experts evaluated the competitors based on their submitted business plans and their presentations. The winners were selected based on the quality of their business plans, feasibility of their business, the development of their financials, their demonstration of growth possibilities in their industry and target market, and their research and analysis.
The first winner of the competition was Ritima Sood, who received $2,500 to expand her company Artiems, a software development company that provides technological solutions for small and medium sized businesses. The second winner, Linda Scainetti, received $1,500 to expand her interior design business DesignWorks. The final winner, Laura Boehm, received $1,000 to grow her business, LMB Consultants, a company that helps agents, banks, tenants, attorneys, and building owners with permits and filings for New York City departments.
Over the past 22 years, the Entrepreneurial Assistance Program at the Zarb School of Business has enrolled 1,190 entrepreneurs. Those entrepreneurs have launched 383 businesses, creating 881 jobs, securing over $15 million in financing, and generating $23 million in sales revenue.