NEWS RELEASE: “Win Over Investors in 3 Minutes – The Seventh Annual Pace Pitch Contest, April 11; Keynote Speaker: Stanley S. Litow, President of the IBM Foundation”

The annual Pace Pitch Contest teaches aspiring entrepreneurs to deliver a winning business pitch within minutes. “In today’s busy world, with 140-character Twitter [posts] and one-paragraph Zagat reviews, everything has to be shorter and persuasive,” says Bruce Bachenheimer, competition founder and director of entrepreneurship at Pace.

The critical requirement, sums up Bachenheimer, is “venture capitalists need to be convinced not only that it’s a good idea, but that you can make it happen. It’s always better to bet on the jockey rather than the horse.”

SEVENTH ANNUAL PACE PITCH CONTEST

Presented by Entrepreneurship@Lubin

in association with

The MIT Enterprise Forum of New York City

WelcomeNeil Braun, Dean of the Lubin School of Business at Pace University; Former NBC Television Network President and CEO of Viacom Entertainment

 Keynote Speaker: Stanley S. Litow, President of the IBM Foundation

 Special Guest: “Bill Gates’ favorite teacher” Sal Khan, Founder of the Khan Academy

Closing RemarksHarold O. Levy: Managing Director of Palm VenturesFormer Chancellor of New York City Schools 

DATE: Monday, April 11th, 2011
TIME: 5:00pm – 8:00pm5:00 – 5:30 Registration and Reception
5:30 – 6:00 Introductions and Keynote Speaker
6:00 – 6:45 Finalists Make Their 3-Minute Pitch; Judges Question the Finalists
6:45 – 7:00 Audience Break; Judges Confer Privately

7:00– 7:30 Judging Panel Discussion/Critique
7:30 – 8:00 Awards Ceremony

PLACE: Pace University (east of City Hall) One Pace Plaza – Enter at 3 Spruce Street

Michael Schimmel Center for the Arts
New York, NY 10038

ONLINE REGISTRATION: Free to attend but must register at www.pace.edu/pitch

 

NEW YORK, NY – March 15, 2011 – Entrepreneurship@Lubin in association with the MIT Enterprise Forum of New York City, will host the Seventh Annual Pace Pitch Contest on April 11, 2011 at Pace University’s New York City Campus.

“High-energy collegiate events such as the Pace Pitch Contest are valuable elements of an entrepreneurship education, not only for those that participate, but for members of the audience who may be harboring start-up dreams of their own,” said Bruce Bachenheimer, Clinical Professor of Management, Director of Entrepreneurship, and the visionary/organizer behind the Pace Pitch Contest. “While contestants learn to deliver a very clear, concise and convincing oral presentation – under a considerable amount of pressure – attendees get to witness a series of “living case studies” on entrepreneurs and entrepreneurial concepts. Questions and feedback from the judges are valuable to all.”

According to Professor Bachenheimer, a total of 87 entries representing prospective startups in either the New Business Concept or Social Venture categories were received.  After careful review by the Selection Committee, six promising new ventures (three New Business Concepts; three Social Ventures) were chosen to face off for cash prizes totaling $9,000.

The companies represented by the Top 6 Finalists who will deliver a live three-minute pitch to sell the judges and up to 700 audience members on the feasibility of their entrepreneurial idea, business model, marketing strategy, competitive analysis and financial plan on April 11, are: 

NEW BUSINESS CONCEPTS

  • Reslutions – Streamlines and improves front and back office processes of collegiate housing/residential departments.
  • FitHopperOffers members access to unlimited fitness service providers anywhere in the world, without contract obligations.
  • The Lean CanteenMobile food cart that will serve an assortment of low calorie frozen entrées combined with a healthy side and bottled water to form a complete 500 calorie meal. 

SOCIAL VENTURES

  • Guiding Proud – One-on-one mentoring for LGBTQ youth, to foster self-esteem, self-confidence and a sense of worth.
  • Little Big Loan – Connecting underprivileged youth that cannot attend college due to financial challenges with individual lenders (peer-to-peer lending).
  • Malo Traders – Committed to combating extreme poverty and malnutrition by purchasing, storing, processing, and fortifying rice grown by small-scale farmers. 

DISTINGUISHED JUDGING PANEL

ABOUT THE KEYNOTE SPEAKER

Stanley S. Litow is IBM’s Vice President of Corporate Citizenship & Corporate Affairs and President of IBM’s Foundation. He heads global corporate citizenship and corporate social responsibility at IBM. Under his leadership, IBM has been widely regarded as a global leader in Corporate Social Responsibility and prized for its societal and environmental leadership, its labor practices and civic leadership.  Under Stan, IBM  has developed innovative voice recognition technology to help non-literate children and adults learn to read, automatic language translation and bilingual email, open source technology to help people with disabilities access the web, a humanitarian grid to power research on Cancer and AIDS and new digital imaging technology to improve water quality.  He helped devise IBM’s Global Citizen’s Portfolio consisting of matching accounts for learning and The Corporate Service Corps a corporate version of the Peace Corps that trains thousands of IBM’s future leaders.  IBM’s efforts in education have raised student achievement and won the company two Ron Brown Awards presented by the President. 

Before joining IBM, he served as Deputy Chancellor of Schools for New York City, the nation’s largest school system, and prior to that he founded and ran Interface, the non- profit “think tank” and served as an aide to both the Mayor and Governor of New York. 

His articles and essays have appeared in numerous books and publications including the Yale Law Review, Annual Survey of American Law, Brookings Papers, the American Academy of Sciences, the Journal for the Center for National Policy, Education Week, Harvard Business School’s Working Papers, New York Times and Newsday. 

Stanley is a recipient of the Council on Foundation’s prestigious Scrivner Award for creative philanthropy and awards from the Anne Frank Center, Martin Luther King Commission, Manhattanville College, Federation of Protestant Welfare Agencies, Coro Foundation, Helen Keller Services to the Blind, and the Women’s City Club. He has taught at New School University, the City University of New York and Long Island University.  Corporate Responsibility Officer Magazine voted him CEO of the Year for 2008 and 2009.

He served on the President’s Welfare to Work Commission, and now serves on the board of Harvard Business School’s Social Enterprise Initiative, Citizen’s Budget Commission, The After School Corporation and the Albert Shanker Institute.

ABOUT THE SPECIAL GUEST 

Salman Khan (Sal) is the founder and faculty of the Khan Academy (www.khanacademy.org) – a free online education platform and non-for-profit organization with a mission to ‘accelerate learning for students of all ages.” He has produced over 2,100 popular videos elucidating a wide spectrum of concepts, mainly focusing on mathematics and the sciences, out of a converted walk-in closet in his Silicon Valley home. The Khan Academy has, as of February 2011, attracted more than 41 million views.

Sal is a former hedge fund analyst and techie. He holds three degrees from the Massachusetts Institute of Technology: a BS in mathematics, a BS in electrical engineering and computer science, and an MS in electrical engineering and computer science. He also has an MBA from Harvard Business School

In March, Sal was invited to speak at TED2011 by Bill Gates who uses Khan Academy videos to teach his own children.

ABOUT THE PACE PITCH CONTEST

During the competition’s seven-year history, hundreds of aspiring entrepreneurs have registered to compete from schools around the country and abroad, for prizes totaling over $70,000. Some have gone on to turn their dreams into reality by raising additional seed money in the millions from early-stage venture capital funds, sell over 50,000 in product to stores such as Barnes & Noble and Bed, Bath & Beyond and partner with national organizations such as the National Institute of Health. The judging panel includes the “who’s who” of the venture capital, investment banking, legal, commercial real estate, philanthropic and media worlds. The Seventh Annual Pace Pitch Contest is presented by Entrepreneurship@Lubin, in association with MIT Enterprise Forum of New York City.

 ABOUT ENTREPRENEURSHIP AT PACE

Pace’s entrepreneurial studies program, formally established in 1979, is one of the first of its kind and among the oldest in the world. Pace students have been selected for  Business Week’s “25 Best Entrepreneurs Under 25” and finalists in Fortune Small Business 5th Annual Business Plan Competition. In his book Innovation and Entrepreneurship: Practice and Principles, Peter Drucker, considered the founder of modern management, singles out Pace as among the nation’s “entrepreneurial universities,” steeped in entrepreneurial tradition and focused on educational excellence that considers societal and market needs.”

ABOUT PACE UNIVERSITY

For 105 years Pace University has produced thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu

###

Pace Media Contact: Samuella Becker, sbecker2@pace.edu, 212-346-1637 or 917-734-5172

The Star-Ledger: “Mentors offer unique career support”

Professor Bruce Bachenheimer, director of entrepreneurship at Pace University, offers the following guidance on managing the mentor relationship:

“Do some research before seeking a mentor — to help find an appropriate candidate and to be able to ask that person to serve as a mentor in a meaningful way.

“Once you have a mentor, be sure to demonstrate that you value the relationship and are taking affirmative action (i.e. not just saying “thanks” regularly, but really letting the mentor know the efforts are worthwhile).

“Always try to find ways to reciprocate — to demonstrate your gratitude and commitment. Little things that may be of assistance to the mentor can go a long way.”

If you are lucky, you have the good fortune to have people step forward to become mentors and sponsors. If you are strategic, however, you won’t leave that to chance but will seek out the right mentors and sponsors and will earn their support. 

Learn more about how “Mentors offer unique career support” in this article appearing in New Jersey’s largest newspaper and quoting Professor Bachenheimer, the inspiration behind Pace’s budding entrepreneurs.

Voice of America – “A Whole New World, Brought to Us by Gizmos and Gadgets”

“If I were looking at technology that has really impacted us over the last ten years, I would go in order: mobile computing, the proliferation of digital media content, broadband — mobile and at-home access — social media platforms and user-generated content, cloud computing, digital photography and GPS. What I mean by GPS is GPS for the masses, although global positioning systems have been around for quite a while. All of these things have worked together to revolutionize technology … and the technology is constantly changing, faster than at any other time in history.”

Professor Bruce Bachenheimer, Director of Entrepreneurship, discusses the top 10 technology developments of the 21st century … and a look at what’s on tap for 2011.

The Voice of America (VOA) is an international news service, supported by the U.S. Government, that serves more than 1,200 affiliate radio and television stations overseas.

MSNBC’s Your Business – Bruce Bachenheimer – Tips to Better Your Business

“Too often entrepreneurs mix up passion and persistence with arrogance and they need to step back and listen,” advised Bruce Bachenheimer, Pace’s Director of Entrepreneurship, on a December 15 segment of MSNBC’s Your Business.

Tips to help you better your business, provided by Bruce Bachenheimer on MSNBC’s Your Business (December 15):

  • Entrepreneurs are optimists by nature – and that’s good. But what they really have to do is put themselves in their customer’s shoes.
  • It’s difficult but entrepreneurs need to ask themselves: What do my customers really want? What are they really willing to pay for my products or services?  What do they honestly think of me, my brand, my products?   
  • Social media is a great way to get close to the customer.  Listen carefully.  Don’t be defensive or dismissive; be as objective and analytical as possible.
  • With technology in particular, the most important thing is to get your product out there. Then be prepared to refine it as quickly and efficiently as possible.

ASI Central – “Business-Building Strategies – Increase Your Profits in 2011”

Although experts have suggested small-business owners dump the deadweight, Professor Bachenheimer counsels against that.

“Firing bad customers indiscriminately is a dangerous move. Instead, keep the marginal clients – you never know when a small order or difficult customer might pay off handsomely down the road – but make them turn their drain on your company into a potential profit center.”

For example, Bachenheimer says, “when electronics retailer Best Buy noticed certain types of shoppers would buy a TV to watch the Super Bowl and return it the next day, the money it cost to service the returns and restock those items was a drain on its profits. So it started charging a restocking fee to discourage customers who had no intention of keeping the products they bought.”

Members of the largest media and marketing organization serving the Advertising Specialty Industry (ASI) receive tips on boosting profitability from Small Business Expert Bruce Bachenheimer – http://asicentral.com/asp/open/Education/OnlineLearning/Perfect-Closing-Skills.aspx

MSNBC’s Your Business Casts Professor Bachenheimer as Small Business Tech Panelist

The Sunday, October 24 show featuring Professor Bruce Bachenheimer was “one of the highest rated shows in Your Business history” according to a Facebook post made by host JJ Ramberg.

MSNBC’s Your Business is the only TV show dedicated to issues affecting small business owners. It airs Sunday mornings at 7:30 ET.

Pace’s director of entrepreneurship, Bruce Bachenheimer, appeared as a panelist on the October 24th show, discussing “Business Answers: Software Development & Back-Up Services.”  Click here to listen and learn – http://www.openforum.com/yourbusinesstv

Business News Daily: Helping Foreign Startups Enter the U.S. Market

“They have to be born global from the beginning,” said Bachenheimer, who has taken his students to Tanzania and will take more to Israel in 2011. “They know they have to sell to several markets and have to look at the whole globe as a market. The domestic market is just too small.”

BusinessNewsDaily – a new online news site geared toward small businesses whose content also gets published on MSNBC, Yahoo! News and Christian Science Monitor – interviews Professor Bruce Bachenheimer about a group of U.S. business professionals who are trying to match foreign startups with American investors and entrepreneurs by eliminating barriers involving communication, culture and marketing – http://www.businessnewsdaily.com/foreign-business-startups-american-investors-0642

Forbes.com – Bruce Bachenheimer – “15 Tips For Raising A Young Mogul”

How can parents nurture a young business mogul who succeeds at his or her own business?

Insight from Pace’s entrepreneurial leader Bruce Bachenheimer appears in a Forbes.com article “15 Tips For Raising A Young Mogul” with accompanying pictorial slide show. See both online:

Forbes.com – Magazine Article.

AND

http://www.forbes.com/2010/09/20/how-to-raise-young-mogul-entrepreneurs-human-resources-serial-startups-10_slide_2.html

Bruce Bachenheimer Speaks on “Social Entrepreneurship” at 2009 GCEC Conference, Houston, Oct 16

Bruce Bachenheimer, director of entrepreneurship studies at Pace University’s Lubin School of Business and a faculty fellow at Pace’s Wilson Center for Social Entrepreneurship, will discuss current social entrepreneurship initiatives as a panelist at the 2009 Global Consortium of Entrepreneurs Centers Conference.

FOR IMMEDIATE RELEASE

Media Contact Samuella Becker Pace University/Public Information 212-346-1637 or 917-734-5172 sbecker2@pace.edu

“Social Entrepreneurship – In-house and Out in the Desert” To be discussed at Global Consortium of Entrepreneurship Centers Conference, Houston, October 16, by Bruce Bachenheimer, Director of Entrepreneurship at Pace University

NEW YORK, NY, October 15, 2009 – Bruce Bachenheimer, director of entrepreneurship studies at Pace University’s Lubin School of Business and a faculty fellow at Pace’s Wilson Center for Social Entrepreneurship, will discuss current social entrepreneurship initiatives as a panelist at the 2009 Global Consortium of Entrepreneurs Centers Conference.

With 200 university-based entrepreneurship centers as members, the consortium is one of the best-respected forums in the growing field of teaching entrepreneurship. This year’s gathering, at Rice University, Houston, will discuss ways “entrepreneurship and innovation are “Driving the Global Economy.” Pace University is one of the first colleges to offer courses in entrepreneurship and is celebrating its 30th anniversary in this field of study this year.

Bachenheimer, a Clinical Professor of Management at the Lubin School of Business, will join faculty members from Purdue University, Drake University and Washington University, St. Louis, in a panel discussion Friday, October 16 titled: “Social Entrepreneurship – In-House and Out in the Desert.”

His talk will specifically address building effective social entrepreneurship programs to benefit society and underdeveloped countries.

Hands-on in Tanzania

Peter Drucker, in his 1985 book, “Innovation and Entrepreneurship,” cited Pace University as one of two “entrepreneurial universities” steeped in entrepreneurial instinct and focused on seizing opportunities for educational excellence in a manner reflecting societal and market needs.

Bachenheimer is the mastermind behind the annual Pace Pitch Contest, now in its sixth year and offering a $25,000 cash prize for the winning social venture presentation on December 3. He also spearheads the Pace Business Plan Competition, which is also in its sixth year and features a “best social venture” category. He serves on the Advisory Board of Pace’s Wilson Center for Social Entrepreneurship; organizes speakers/panel discussions on social entrepreneurship initiatives like IBM’s Corporate Service Corps initiative, and speaks at external events on social entrepreneurship like the Annual Youth Assembly at the United Nations.

“For me, it is really about providing students with “hands-on” opportunities to deepen their understanding of the power of social entrepreneurship and encourage the creation of ventures to help solve world problems such as poverty, pollution and poor nutrition,” said Bachenheimer, who led a 10-day International Field Study course during Spring Break 2008 to Tanzania. He and his 15 MBA candidates came away inspired by their meetings with important figures including:

• David Robinson, the son of U.S. baseball legend and civil-rights hero Jackie Robinson, who is using the coffee grown on his 280-acre farmers’ cooperative Sweet Unity Farms to encourage social change;

• Reginald Mengi, an industrialist and media tycoon. The former Chairman and Managing Partner of Coopers & Lybrand (now PricewaterhouseCoopers) in Tanzania, Mengi is the founder and Executive Chairman of the IPP business conglomerate; and

• Alex Mkindi, Deputy Country Director of TechnoServe, one of the world’s most successful social entrepreneurial organizations. TechnoServe received a $46.9 million grant from the Bill & Melinda Gates Foundation to help small-scale farmers in East Africa improve coffee quality, increase production and link to markets.

Rooted in entrepreneurship

Pace University was founded by two entrepreneurial brothers, Homer and Charles Pace, who in 1906 borrowed $600 to rent a classroom in lower Manhattan to teach ten men and three women the principles of business. The undergraduate concentration in Entrepreneurship was established in 1979, formally offered as one of five concentrations in the Management major.

Centers and activities that support Pace’s entrepreneurship program include:

• The Small Business Development Center (established 1986) • The Entrepreneur in Residence Program (established 1998) • The “SCI2” Business Incubator (established 2003) • The Pace Business Plan Competition (established 2004) • The Pace Pitch Contest (established 2004) • The Wilson Center for Social Entrepreneurship (established 2005)

About Pace University For 103 years Pace University has produced thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, Lienhard School of Nursing, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. Visit Pace on the web at www.pace.edu| Facebook | Twitter (@PaceUNews) | Flickr | YouTube