The Stern Opportunity

New York City is the land of the aspirant. Along with the many actors, models, musicians, and writers trying to make it big, entrepreneurs are peddling their ideas and business plans at every street corner.

The Stern Entrepreneur’s Challenge separates the wheat from the chaff. Of the 165 teams that entered the competition, 10 were selected to present their business plans before a panel of expert judges on Friday April 30th.

According to Cynthia Franklin, Senior Associate Director of the NYU Stern Berkley Center for Entrepreneurship and Innovation, there is something special about this competition.

“What makes the Entrepreneurs Challenge so exciting is that it's not an academic exercise. By the time we get into the semi-final and final rounds, we fully believe and fully expect that each of the teams has the making of a viable and sustainable business, a business that we hope eventually gets started. That's why the Rennert and Satter prizes are so substantial. But it's not just about the cash. If that were all it took to be successful in business, there would be a lot more successful entrepreneurs out there. Just as important as the seed money, the Berkley Center provides winners with technical assistance, access to various pro bono services and mentor networks as well as continued training and development-all vital to launching a new venture.”

In the end, Susanne Greenfield, BS 2006 and her partner Melanie Moore took home the $75,000 Ira Leon Rennert Prize with their women’s fashion business ToVieFor.com. In the Social Venture category, Chirag Sadani, MBA 2012 and Alex Ruano won $75,000 for America Smiles, an oral health solution for the millions of Americans without adequate access to dental care.

I had the pleasure of catching up with fellow MBA1 Graham Howarth after he and Michele Prencipe, MBA1 presented their plan for Moon Street Patisserie with partner Mickael Benichou.

You guys should feel great being the only two current full-time students to make it to the final round of the Stern Business Plan competition! What’s next for Moon Street? 
First, we're going to finish our corporate finance projects. Then, we're going take over New York! Seriously, you can now buy Moon Street cookies at Campus Eatery. And, starting in June, you can find us in the guest room mini bars at the Soho House in the Meatpacking District. By time everyone gets back to school in the fall, we'll have the whole city covered. New MBA1's won't have to suffer through a world without Moon Street ever again!

What was most challenging about putting your business plan together? 
Avoiding being massacred by my corporate finance group. It's a lot of fun, but a lot of work, too.

The panel of judges, including William Berkley himself, tossed out some REALLY tough questions. How did you handle them so gracefully? Was that something that you practiced?
We just kept asking ourselves, "what would Silber do?" And thus: Arbitrage made it so. We also spent a lot of time practicing possible questions, so had thought through many of those issues already.

Any advice for people who decide to enter the competition next year?
Don't do it for the competition. Do it for the business. If you're sitting there thinking, "what will the judges want to hear", then you'll be doing it for someone else and it will be a chore. If you're thinking, "what does my business need next", then you're already an entrepreneur working for yourself.
And pick a business that you'd pursue with or without the prize money. You're business will be better off for you having gone through the entire process whether or not you win. And the judges verdict won't be a make-or-break moment; just a good fund raising opportunity.

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