Three teams of college students from Newark area institutions were yesterday awarded the Capital One Innovation Acceleration Summer Fellowship, which includes seed funding to launch their new business ideas.
Out of approximately 25 applicants and six finalists, the three winning student teams were named after pitching their business concepts to executives from Capital One Bank, local angel investors, as well as faculty and staff from the New Jersey Institute of Technology (NJIT). With expert guidance from NJIT and Capital One Bank executives, the winning teams will develop their business concepts over the upcoming summer at NJIT’s Enterprise Development Center –- New Jersey’s oldest and largest technology and life sciences start-up incubator that has graduated over 85 successful businesses since it was established in 1988. Capital One Bank and NJIT aim to provide the students with hands-on business training, as well as a greater understanding of the importance of innovation and entrepreneurship in their local economy.
The three winning student teams that were awarded the Capital One Innovation Acceleration Fellowship include:
· EnSYR –- led by Asim Zaman of Bridgewater, New Jersey, this emerging company aims to create fuel cells to convert household waste into a sustainable source of electricity.
· Geneo –- team captain, Kevin Ly of West Orange, New Jersey, and his team are developing a non-invasive glucometer to continuously monitor blood sugar for better control of diabetes.
· OFYS –- led by Tolu Lanrewaju of Newark, New Jersey, this online-based social enterprise is designed to help students from underserved communities by matching them with mentors and tutors, from similar backgrounds, who have benefited from higher education.
Three additional student teams presented in the finalist round and received honorable mentions, including:
· Mango Way –- Racquel Clarke of Teaneck, New Jersey is developing a social enterprise concept to reduce obesity in low-income populations through a community-based, affordable fitness initiative.
· Elder Monitor –- led by Bayan Abdi of Caldwell, New Jersey, this student start-up aims to protect elderly individuals by providing continuous monitoring of vital signs and physical accidents with a wifi wristband.
· Group Hug –- Hanni Abukhater of Clifton, New Jersey is creating an anonymous, mobile social application that will offer a community of support and motivation for individuals looking to “kick” bad habits.
