Rutgers Business Plan competition awards $50,000 in funding to teams of student and alumni entrepreneurs

Brothers who started out Cyndrom earn prime prize, prepare to use winnings to develop action sports apparel organization

NEWARK, N.J., Might 2, 2022 /PRNewswire/ — Brothers Andrew and Joe Strafaci, associates powering the Cyndrom brand name of casual have on, received the $20,000 top prize in the once-a-year enterprise strategy opposition at Rutgers Organization College.

Andrew Strafaci, who concluded 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 company now generates about $20,000 in annual profits, fueled by sales of its “Experience On” line of hats, hoodies, and beanies preferred between skate boarders, snowboarders, and cyclists throughout the country.

The brothers have been 1 of five groups that competed at Rutgers Business enterprise Faculty on April 22 for some of the $50,000 prize income presented by the Gross sales Government Club of Northern New Jersey Foundation.

Citing the close competitors, the choose opted to spread the prize funds between all the participants, awarding a $15,000 2nd prize to MBA learners Jason Miller and Matthew McQueeny, co-founders of Big League Pillows and $10,000 to a workforce of Rutgers undergraduates, including Anna Zhang and Iris Zhorov, who are setting up the Sensible MS3 device to assistance people improve the usefulness of their bodily remedy.

The judges awarded $2,500 to Rutgers MBA pupil Kathryn Ruhno, whose early-phase begin-up Raw Paw Life sells canine food and treats and an additional $2,500 to Andrew Zambrowski, an alumnus of the Rutgers Company College undergraduate software who pitched for Monkey Enterprise. The organization offers compact corporations an application to assistance them compete a lot more successfully in opposition to proven makes.

Just about every of the teams produced small pitches, describing their nascent organizations, highlights of their approach and the company’s effectiveness, and projections for long term development.

The Revenue Executive Club of Northern New Jersey Basis sponsors the enterprise plan competitors per year as a way of encouraging the entrepreneurial ambitions of Rutgers Business enterprise Faculty learners and alumni. The level of competition is also one of the sides of a broad ecosystem at Rutgers that fuels its energy in entrepreneurship.

Tale proceeds

Over the earlier 20 a long time, Richard Romano, president of the foundation and a member of Rutgers Business enterprise School’s board of advisors, has served make extra than $1 million in funding available to university student and alumni founders.

“The business enterprise program competitors is major in a pair of techniques,” reported Professor Doug Brownstone, who organizes the level of competition. “University student business people are capable to win revenue to get their corporations accelerated and the best 5 groups also get mentoring.”

“These are entire-time learners or alumni who have positions, and they are also operating on commencing up organizations so it is very valuable,” he explained.

The levels of competition has awarded funding to this kind of Rutgers pupil-began providers as Playa Bowls, Emma’s Premium Solutions, Bibi Beverages, the Turf, Surf and Earth restaurant, Perfect Life Nutrition and the Zwiren Title Company.

Like prior winners, Andrew Strafaci intends to use the prize income to grow his organization.

Strafaci, who grew up skateboarding together the Jersey Shore, reported the funding from the opposition will permit him and his brother to expand Cyndrom from a casual clothes line to an lively wear model that presents extra specialized athletics equipment like rash guards for surfers and gloves for snowboarders.

“The revenue will be a catalyst for developing Cyndrom,” Strafaci reported. “The money also states Rutgers thinks in me. Owning that support is crucial because it’s such a fantastic school.”

Cyndrom at this time sells its items in a Belmar surf shop and a Redbank skate shop, and it also helps make revenue from its site and pop-up suppliers at the Jersey Shore. In addition to growing its choice of apparel, Stafaci stated he designs to use the prize dollars to boost internet marketing. His intention is to boost profits to $1 million by 2025.

In addition to Romano, the judges for the 2022 competition included John Wilson, who also represents the Income Govt Club of Northern New Jersey Basis Sharon Lydon, Rutgers Small business School’s associate dean of alumni and corporate engagement and Carolyn Lange, chief money officer of the Group Basis of New Jersey.

Mayuresh Pandit, a Rutgers MBA alumnus and senior solution supervisor at Amazon, assisted Professor Brownstone in mentoring the learners. He also assisted to judge the groups.

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Source Rutgers Enterprise School-Newark and New Brunswick