Posted on May 5, 2004
Impermeable Molding Co., a
company founded by Union College
students and housed in the U-Start Business Incubator, won the “elevator pitch”
contest that was part of last week's Tech Valley Collegiate Business Plan
Competition at Rensselaer Polytechnic Institute. To qualify for the two-minute
contest, which simulates a brief elevator ride with a venture capitalist, the
teams had to be one of five semi-finalists in the overall business plan
competition. The Union team won $1,000.
Impermeable
Molding was founded in 2004 to produce environmentally friendly tanks for the
storage of various fluids such as oil and gasoline. Union students in the College's
Entrepreneurship Club have
been working on this new business idea, using a state-of-the-art plastic resin
from the Cyclics Corp. of Schenectady. Cyclics
was founded by Union alumni John
Ciovacco and Ted
Eveleth. Junior
Lucas Englehart, chief marketing officer, did the elevator
pitch for the team.
“We are extremely proud of our
team's work in getting to the semi-finals and winning the elevator pitch
competition,” said Jon Lemelin, executive director of the
U-Start Incubator. “This is the first time a team from Union has entered the competition. To
qualify as a semi-finalist, the Union team outperformed 30 other student
teams.”
The business
plan competition was sponsored by the Severino Center
for Technological Entrepreneurship at Rensselaer's Lally School of Management and Technology. The annual
competition is open to full-time students at area colleges and universities.
Along with Englehart, members of the Union
team included:
·
Bobby Syed, chief executive officer and a 2003 graduate from Union
College who is currently in the MBA
program at the Graduate College of Union University. He is also the co-founder
and former president of the Union College Entrepreneurship Club.
·
Senior Josh Fiorini, chief financial
officer, who co-founded the Union College Entrepreneurship Club and
is currently serving as vice president.
·
Junior Brian Lindenberg, chief operating
officer.
·
Kerem Kacel, chief information
officer, and a 2003 Union graduate.
·
Senior Brett Durie, chief technical
officer.
Members of the club's board of advisors are:
·
Jon Lemelin,
executive director, U-START Business
Incubator
·
John Ciovacco, chairman and head of global marketing for Cyclics Corporation.
·
Y.F. King Wang, marketing director of Americas for Cyclics
Corporation.
·
Hal Fried, professor of economics, Union College.
·
Mike O'Hara, director of development, Union College.
·
Mel Chudzik, dean of
the School of Management, GCUU.
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