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NEWARK AND NEW BRUNSWICK, NJ — An online book rental service based on the successful Netflix model, and computer classes for young children are getting their start in New Jersey as the winning business ideas in this year’s 8th annual Rutgers Business Plan Competition, hosted by Rutgers Business School and sponsored by the Sales Executive Foundation of New Jersey.
The first-place team, led by Shamoon Siddiqui, age 26, who graduated just last week with his MBA from Rutgers Business School, received a cash prize of $20,000 for BookSwim (bookswim.com). Launched as a pilot program last year by Siddiqui and his partner George Burke, the service is based on the “simple philosophy” of helping people to read more while spending less. Subscribers pay a monthly fee, similar to Netflix, and receive a pool of books limited only by how fast they can read them.
“George and I love to read and used to go to Barnes & Noble everyday, but then it was no longer practical,” explained Siddiqui. “We figured that if we had this problem, then other people also have the same problem.”
The second-place team, led by Rutgers Business School MBA student Leslie Loberger, 38, and consisting of her husband, Glen Fineman (Rutgers MBA ’06), and Phil Bringuier, (Rutgers MBA student) received $15,000 for its plan to launch KMF Classes, LLC. Utilizing software licensed from Imagine Tomorrow, KMF will teach children, ages 2 to 7, computer, thinking and problem-solving skills in a variety of settings. They plan to start holding classes in daycare centers this summer, and then to expand into other locations.
Loberger explained, the purpose of the business is to provide children with “a safe, caring learning environment” while their parents are busy with other activities.
More than just a competition, “it is a reflection of Rutgers Business School’s strong corporate partnerships and its emphasis on preparing its students and graduates to succeed in applying business concepts to real-world challenges,” says Michael R. Cooper, PhD., Dean of Rutgers Business School.
He continued, “the program offers developing entrepreneurs the opportunity to gain one-on-one feedback from prominent business executives and to take part in business planning workshops and networking events, enabling them to further develop their entrepreneurial skills and to cultivate valuable connections and mentoring relationships with alumni and friends of Rutgers Business School.”
The objective of the Rutgers Business School Business Plan Competition, overseen by Finance and Economics department faculty member Fernando Alvarez, Ph.D., is to encourage the development of businesses plans that have the potential to be funded and launched, and become an engine of growth and job creation in New Jersey. The competition is open to all Rutgers students and recent graduates, but each team must include at least one Rutgers Business School student playing a leadership role within the business.
The program is supported by the Sales Executive Foundation of New Jersey, which provides the cash prizes. Serving as judges this year were John Wilson, president and CEO of the Association of Independent Colleges and Universities of New Jersey, and secretary and treasurer of the Sales Executive Foundation; and Richard Romano, retired corporate vice president of AT&T, president of the Sales Executive Foundation, Distinguished Executive-in-Residence at Rutgers Business School, and member of the school’s Board of Advisers.
When reviewing the business plans, Wilson explained, “The judges are looking for a complete submission, the feasibility of implementation and creativity.” The BookSwim team, he said, “had a fully developed business plan, and are up and running and ready to proceed to the next level.” And the KMF team demonstrated that “this is a group ready for a pilot”
This year’s program drew 34 entries.
Siddiqui said it was those learning opportunities that actually led to the BookSwim team’s success this year. He and his partner originally submitted their plan in the 2007 competition and made it to the final round. They were not selected as a winning team that time, but rather told they needed to further develop their business plan, determine their capital costs and establish their growth strategies.
“They asked the right questions, and we were forced to come with the answers,” said Siddiqui.
For more information on the Rutgers Business Plan Competition, visit bplan.rutgers.edu.
For information about Rutgers Business School and its undergraduate and graduate degree programs, visit www.business.rutgers.edu.