NEW YORK—A group of entrepreneurs from India became the winner of NYC Next Idea 2009-2010 competition that encourages foreign emerging entrepreneurs to submit business plans in New York City. Their product would use large battery storage sites across the city to efficiently store and distribute energy from various sources, including renewable energy producers.
The competition is administered by the New York City Economic Development Corporation (NYCEDC) and supported by Columbia University’s Business School. This was the first year it was carried out.
Teams from 10 leading universities in six countries submitted proposals, and the winners are being awarded $20,000 and an incubator space in the city for two years.
Mayor Mike Bloomberg, who announced the winner Thursday, emphasized the importance of giving opportunities for foreign entrepreneurs to establish their businesses in New York City.
“I have described this country’s immigration policies as national suicide. We are educating the best and the brightest and giving them the opportunity, and then we don’t give them green cards,” he said. “Too many people don’t understand; they think that immigrants are threatening and in fact, immigrants are the solution to our problem.”
Bloomberg commended Colorado Congressman Jared Polis’ EB-5 Visa program, which has allowed more entrepreneurs to enter the United States.
“A key to maintaining New York’s status as the world’s economic capital is ensuring that we continue to attract and retain talented entrepreneurs from around the globe,” said NYCEDC President Seth Pinsky. “It is their energy and their ideas which keep this city and this country fresh and competitive.”
Robert Lieber, Deputy Mayor for Economic Development, added that their ideas “will lead to new jobs and new opportunities for people in NYC.”
The winning team, Greenext Technology Solutions, represents the Indian Institute of Technology Madras in India. It is developing a product called XEstor, which can act as backup power source.
Software receives data from electric grids to evaluate consumers’ energy demand and energy prices, and then charges or discharges battery storage sites accordingly.
“It just gives us a better chance to understand and focus [on] what consumer demand is going to be like, and how best we can optimize or how best we can give that power to the consumers in the cheapest and cleanest possible way,” said Sriram Kalyanaraman, one of the team members.
The team hopes to finish the prototype by the end of the year. They estimate that $3 million would be needed to finish the project.
Other finalists include the Biofont team, which has developed an affordable and quick tool to detect individuals with contagious diseases, and the NYCycling team, which proposed to offer a bike-share program through which New Yorkers can rent bikes.
