May 31st, 2011 11:44 EST
Does The Next Generation Have What It Takes to Compete in a Global Market?
Teens stun top leaders in global business plan competition: Carolina and Austin teams win $25,000 to start business
Does the next generation have what it takes to compete in a global market? Teens from 9 cities in the United States, India and the United Kingdom give a thundering answer in a global business plan competition that culminated The Indus Entrepreneurs` TiE Young Entrepreneurs program (TyE) in Raleigh, NC on April 30th at Cisco Systems and NC State University.
The 140 teenagers involved in the TyE program dedicated their Saturdays for 6 months to learn about entrepreneurship, business models, finance, marketing, law, leadership and presentation skills. They applied their learning to find a need, create a business to satisfy it and present and defend their plans in front of seasoned entrepreneurs, business leaders and venture capitalists. The global competition was organized Patagonia Health CTO Abhi Muthiyan, Wake County assistant teacher, Bindu Singh and Ward and Smith Attorney, Jim Verdonic and sponsored by Wachovia " A Wells Fargo Company, Cisco Systems, and North Carolina State University`s Entrepreneur Initiative.
"The presentations were on par with what I would expect from colonels and generals" observed a stunned 4 star General Hugh Shelton, a former Chairman of the Joint Chiefs of Staff and the current Chairman of RedHat. NCSU`s Vice Provost, Dr. Tom Miller, who is also the Executive Director of NCSU Entrepreneur Initiative commented "I was blown away by the quality of the business plans and presentations. While reading the business plans, I had to keep reminding myself that these are high school students."
Teens from the Research Triangle Park area in North Carolina and from Austin Texas tied for the $25,000 in seed money and services 1st prize awarded by luminary judges Gen. Shelton and Dr. Miller as well as Madhu Beriwal President and CEO IEM, Charles Lovelace Executive Director, The Morehead-Cain, David Rizzo President and CEO, NC IDEA.
"What these kids did was amazing! Pitching a business idea to an investor is one of the hardest forms of communication." according to SpeedSpeak.com founder, Sidd Chopra, who emceed the awards ceremony and coached the TiE Carolina`s team. "Most adults fear public speaking. Imagine being a 9th grader asking this group of judges to invest in your idea."
Triangle teens Ruby Au, Leeza Regensburger, Mahati Sridhar, Hriday Kemburu developed HelioHauls to help trucking companies save fuel and eliminate the toxic emissions released during idling cutting edge by using solar power.
Austin`s Mehul Mehta, Keyur Mehta, Neetika Bhargava, Poorvi Bhargava, Krishna Nadoli created `Betes Band,` which is a brandable wristband that helps diabetics monitor blood sugar levels without the need for pricking their fingers.
2nd place winner, Boston`s Illumination Corporation, created Portanova uses solar energy and inductive technology to recharge smart phones without having to plug them into a recharger.
New Delhi`s Lavacro team took 3rd place with mission to revolutionize the laundry experience.
Chopra told participants, parents, entrepreneurs and teachers alike, "these kids could have walked into any boardroom in any company in the world and impress them." While some of the pitches won awards, there were no losers. They now know how to turn an idea into business. "These are the innovators of tomorrow."
"If this is the quality of our kids, I have no doubt in the future", General Shelton concluded.
About TiE Young Entrepreneurs
The TYE is part of an international effort to teach children the basics of starting a business, help them create a business plan from one of their ideas and provide an eco-system to support their efforts to turn the plan into a reality. Students team up to compete for $10,000 in cash award that can used to start a business and a chance to compete in against teams from Boston, Silicon Valley, London and New Delhi for a $25,000 award.
To learn more about TyE or to become a sponsor, visit www.tyeglobal.org.
The Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. There are currently 13,000 members, including over 2,500 charter members in 56 chapters across 13 countries. TiE`s mission is to foster entrepreneurship globally through mentoring, networking, and education. As a not-for-profit global organization, TiE is dedicated to the virtuous cycle of wealth creation and giving back to the community, TiE`s focus is on generating and nurturing our next generation of entrepreneurs.
Members of the local TiE Carolinas chapter have created over 5,000 jobs in the RTP area and raised over $500 million in venture capital investment.
To learn more about TiE Carolinas, visit www.carolinas.tie.org
SpeedSpeak is a global consortium of world-class communication experts who coach executives and professionals on communications topics important to business. SpeedSpeak.com was founded in 2006 to provide knowledge and cutting edge tools from top public speakers to simplify the presentation development process and help professionals get better results faster. SpeedSpeak`s founder, Sidd Chopra, was the recipient of Toastmaster International highest award, the Distinguished Toastmasters Award and has competed nationally.
For more information, visit www.speedspeak.com. or call 919-859-3048.