The Hofstra-Digital Remedy Venture Challenge is an annual “Shark Tank”-style competition administered by the Hofstra University Institute of Innovation and Entrepreneurship. // Photo courtesy of Madeline Armstrong.
Hofstra students from all different majors and years competed in a “Shark Tank”-style competition. They pitched business ideas to a panel of judges in two minutes for the chance to win up to $600.
The Hofstra-Digital Remedy Venture Challenge is an annual entrepreneurship competition administered by the Hofstra University Institute of Innovation and Entrepreneurship. It’s made possible by Mike Seiman, CEO of Digital Remedy and a Hofstra board trustee.
Different business ideas were presented at the competition from a car that will not start unless the seatbelt is buckled to an app that functions as a car management personal consultant. Aleena Joggy, a sophomore business management major, came up with “AutoKnow” as an assignment for her Entrepreneurship 115 class.
“It’s very common for [it to get] passed on to the men to take care of any problem that you have with cars,” Joggy said. “That idea always bothered me.” She said that she has always strived to be independent in being responsible for her own vehicle, but many people she knows are not the same way. “My friends [are] completely opposite,” she said. “They were like, ‘you do your stuff by yourself? I always give it to my dad [or] my uncle.’”
Therefore, working with Matyson Foley, a junior accountant major and a student in Joggy’s class, she created the “AutoKnow” app that provides accurate information to any car maintenance issues a person may have, and can even connect them to a professional for help. Even though Foley and Joggy did not place, they have hopes to consider pursuing AutoKnow.
Tori Bien, a sophomore public relations major, entered this competition under slightly different circumstances than most of the students. “I decided to actually do this competition at about 11 o’clock … the night before,” she said.
Bien said that she happened upon the competition in a weekly email sent out by the Hofstra Office of Student Leadership and Engagement and decided to enter with an idea she had mulling around in her brain: the curved barbell.
According to Bien, the traditional barbell can damage the body and a curved one works better and minimizes injuries. Bien ended up winning second place in the competition, winning $300. “It was such a shock,” she said. “I really didn’t expect much, especially when I got there and saw my competition.”
Bien encourages people who may feel underqualified to step out of their comfort zone and put their ideas out there if they have them.
“If you have an idea and you think it may have a little bit of an edge, you should just do it,” Bien said. “Try your hardest, do your research, gain the confidence and I think you can do anything.”
The third-place winner of $100 was Yash Shah with his idea “Barhop.” According to Shah, a designated portion of the bar would be a locker space. People would order drinks from the app on their phones and be able to pick it up from the locker.
“This locker space will allow the customers to order from anywhere in the venue, place it securely on your mobile device, pick up your drink and go,” Shah said. “Thus, increasing serving capacity for the venue, increasing revenue flow, improving safety standards and improving the customer experience.”
Nolan Quon, a junior mechanical engineering major, won the first-place prize of $600 with his idea “Panco.” “Panco” is an automated wok that cooks food on its own, reducing the need for human workers in Chinese restaurants. Quon has already been in conversation with Panda Express on if and how they would utilize this service.
“Technology has always taken over,” Quon said. “With automation, it’s not a question of if it will be successful, but when it will happen and who will deliver it.”
Several other pitches were presented by students that Sharon Goldsmith, executive dean of the entrepreneurship and business development department, found “impressive and creative.”
Seiman encouraged all students to stick with their business ideas no matter the result of this competition. “First time may not work, the second time may not work, the one hundredth time may not work,” he said. “But … if entrepreneurship is in your blood, you’ll stick with it and eventually you will reach your goals and dreams.”
