Incubator conducts fifth Student Business Competition – virtually
"Lessons Learned" wins Grand Prize
The Fredonia Technology Incubator (FTI) conducted its fifth annual Student Business Competition, this year, in a virtual format. The four finalists were judged by five independent judges. The grand prize winner receives $1,200 and office space at the incubator.
This year’s grand prize winner is Lessons Learned, a music lesson service that allows customers to cultivate their talent and artistry in an environment designed to motivate and encourage their goals and aspirations. SUNY Fredonia students Olivia Soto and Niklas Dahlen head the team. Lessons Learned provides a connection between students and professionals from SUNY Fredonia and interested students in the surrounding area, facilitating a comfortable and professional experience between them. The startup hires individual local teachers to teach music lessons.
This year’s runner up was Hot Bun Studio (HSB) s, an animation film and media creative hub. SUNY Fredonia students Lindsey Bowman, Shannon Lynch, Benjamin Marcial, Sam Rowley and Arianna Silva make up the team. HBS creates short films and shares its creative talent with others. The startup takes commissions from clients in art and animation advertisements and pieces. The team focuses principally on animation, which consists of frame-by-frame 2D with some 3D elements.
The five judges for the competition were Jack Greco, executive director of Techstars; Michael Borrello, associate attorney at Phillips Lytle, LLC; Jen Koss, owner of Rosie Furniture and FTI graduate; Gina Kron, business owner of three local Tim Horton franchises; and Mark Nickerson, lecturer of business administration at SUNY Fredonia and current FTI client.
Student video presentations were judged on a variety of criteria including; customer identifications, problem/solution identification, channel to market, and revenue streams. The judges were provided with the student applications, their 10 minute video pitches and PowerPoint presentations (pitch decks) online.
This year, students were provided LivePlan software to utilize for the competition and were provided mentoring services by the Incubator’s Entrepreneur in Residence (EIR) Lori Lehnen, an FTI graduate.
The Fredonia Student Business Competition is a business idea competition that has led to several new businesses formations. Most of the student businesses competition winners and runners up have experienced significant progress after receiving incubator services.
The Fredonia Technology Incubator is an economic development program of SUNY Fredonia. FTI promotes economic growth by supporting entrepreneurship and the development of new innovative companies into successful business ventures. The incubator provides administrative and business services, mentoring, networking, professional consulting, educational opportunities, and access to capital and work ready space.
