CT Business Plan award for UB inventor of super-fast cash-transfer app
Mayank Nath, a University of Bridgeport student-entrepreneur who created an app that transfers money at lightning-fast speed, has won the Best Venture Enterprise Award at the CT Business Plan Competition. The prize—$1,000 cash plus $2,500 in legal services from Wiggin & Dana—was presented on December 8.
Three other awards totaling $1,500 were awarded to UB students at the biannual event, which drew 10 teams from five different Connecticut universities.
Nath’s app, called LendR, transfers money in seconds, significantly faster than the 24 to 48 hours required to complete transactions on other cash-transaction apps. In addition, its pricing structure should undercut onerous ATM fees, and its beefed-up cyber-security system is designed to better protect consumers’ privacy, Nath said.
“We’ve done prototype testing, and right now we are hiring,” said Nath, an MBA candidate at UB’s Ernest C. Trefz School of Business. He was advised by Jim Dougherty and Dorian Yanez, entrepreneurs-in-residence at UB’s Student Entrepreneur Center (SEC).
Other UB winners include:
James Marquis won the Best Business Plan Venture Enterprise Award (Second Place) for GS Thermal Solutions, a patented programmable indoor plant-light growing system. Marquis is earning a PhD in Technology Management at UB and was advised by Gad Selig, who is dean for industry outreach & business development at UB and a senior lecturer at the School of Engineering. The award is worth $500.
The Best Written Executive Summary Award ($500) went to Mahmoud Morshedy for Immersive Shift Labs, a medical-imaging device that uses holographic visualization and mixed reality. Morshedy was advised by SEC entrepreneurs-in-residence Mike Roer and Rahul Chaudhary.
The Best Social Enterprise Prize ($500) was awarded to UB engineering students Dan Tenney, Sree Veena Venigalla, and Charnjit Sing. The three created KidWatch, a GPS tracking system designed to locate missing children. Tenney is earning his PhD in Technology Management; Veena and Sing are in the master’s degree program for technology management. They were advised by Dr. Selig.
The CT Business Plan Competition was started in 1997 to encourage student innovation. Since then, more than $500,000 in grants and services have been awarded by judges from the state’s investment community.
The December 8 competition was held in New Haven. All entries were judged by Adam Silverman, with Wiggin & Dana; Constantine Drakonakis of LaunchCapital; and Cliff Ennico, founder of The Money Hunt and author and lecturer on entrepreneurships.
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