Capital Region Semifinals of the NY Business Plan Competition

Since 2018, the School of Business has sponsored the Capital Region Semifinals of the New York Business Plan Competition, open to all area colleges. The NYBPC features contests in the ten regional economic development council zones in New York State, with winners advancing to the statewide finals.

The spring of 2020 would be different from previous years. Planning for the in-person event was well underway when COVID-19 hit. A small committee of faculty and staff worked to move the competition online.

Standish Professor of Entrepreneurship Bill Wales said that the event transitioned online quite well. “I was glad that we were able to continue despite unprecedented challenges. Students were ultimately still able to craft pitches, present to judges and receive feedback." He added that "The opportunity to provide a recorded pitch helped ensure that many students were able to put their 'best foot forward.'"

The competition was more important than ever in this time of economic uncertainty.

"Business startups are the lifeblood of a healthy economy. This competition provides industrious students a chance to participate directly in the free enterprise system, and for some this event will spark an exciting career as a business founder and owner," said Senior Associate Dean David Smith, who served on the planning committee.

The 25 submissions included an unprecedented 17 UAlbany teams, with others coming from Siena, Skidmore, RPI and Albany Medical College, the latter ultimately winning the Capital Cup with an idea for next-generation drainage catheters.

Director of Innovate 518, a regional collaboration of incubators and accelerators whose headquarters are housed in the Massry Center for Business, Maria Pidgeon, coordinated the event. She noted that UAlbany’s participation more than doubled from previous years.

“The level of participation attests to how great the program is for students. Though the teams were not able to present live and network with their peers and mentors, they had the opportunity to pitch their business ideas and receive detailed feedback from judges. There were some good conversations!” said Pidgeon.

Smith noted that many of the student teams came from UAlbany's academic concentration in entrepreneurship, which is led by Wales.

"The teams this year really rose to the challenge of reimagining their venture pitches for online delivery. It was very impressive to witness their perseverance and what they were able to accomplish while such unprecedented events unfolded around them," according to Wales.

One example is MBA student Afolabi Soetan '20, who competed for the second year with his business Oga Faaji, retailer of traditional African headwear. “This year was harder as I had to express my passion and engage the judges through video,” he said.  The competition encouraged him to push harder towards his goal and made him realize that he needs to develop a social mission to create a community for his already established brand. Oga Faaji was born after Soetan and a cousin found a bin of his father’s old hats in the basement. He knew that there was a market.  

“The finding of the hat aligned with a life goal of mine, which is to be a key player in the Nigerian economy. One of the basics in boosting an economy is to start with the export of goods. I had been looking for a reason to have goods made in Nigeria for almost a year. The moment I found the crown, I knew it was the first step to my true calling, said Soetan. At the start, he sold eight hats in three months, now he sells eight per day.

RPI graduate student Bailey Ryan, who earned an undergraduate degree from UAlbany in 2019, entered the competition for the third time, winning a track for the first time with his start-up, Vewr, which helps small and medium sized content creators monetize their content by connecting them with influencers. "We found a problem that people are looking for solutions for," said Ryan, "We stripped down our business model and focused on what makes money." While at UAlbany and after, Ryan fleshed out his concept with the help of UAlbany’s Blackstone Launchpad.  

It was the first business competition for biology major Abdul Shakir ’21 who placed second in the Military and First Responders track for his concept for a toothbrush with built-in toothpaste, dental floss, water cup, and whitening strips. “I’m happy to say that Brushi’s first consumer ready product has been developed and it’s ready to go to market. Next step is launching Brushi’s website and start accepting pre-purchase orders alongside marketing on social media, hopefully in the next couple months or so,” he said.

The 2020 competition was sponsored by the Sunmark Credit Union and the University at Albany Foundation.

"Sunmark's mission is to provide entrepreneurs with the knowledge, skills and resources to start and grow a business," said Richard Bonnet, Capital Cup judge and Business Relationship Manager at Sunmark. " We are very proud to again be a partner in this program that is a direct reflection of our ongoing commitment to the communities that we serve."

A panel of impartial judges, representing a variety of business interests in the Albany area, generously gave of their time to evaluate the concepts and provide feedback to each team.