Rutgers Business Plan competition awards $50,000 in funding to teams of student and alumni entrepreneurs

Brothers who commenced Cyndrom acquire leading prize, strategy to use winnings to increase action sporting activities apparel company

NEWARK, N.J., Might 2, 2022 /PRNewswire/ — Brothers Andrew and Joe Strafaci, associates behind the Cyndrom brand name of everyday use, received the $20,000 top rated prize in the yearly company strategy competitiveness at Rutgers Business College.

Participants in the 2022 Business Plan Competition at Rutgers Business School included Rutgers alumni as well as current Rutgers undergraduates and MBA students. — Participants in the 2022 Company Plan Competition at Rutgers Organization School involved Rutgers alumni as nicely as present-day Rutgers undergraduates and MBA learners.

Andrew Strafaci, who finished a dual MBA and legislation diploma at Rutgers in 2020, designed the Cyndrom identify and symbol even though he was an undergrad studying civil engineering at Higher education of New Jersey. The business now generates about $20,000 in yearly earnings, fueled by sales of its “Experience On” line of hats, hoodies, and beanies preferred amongst skateboarders, snowboarders, and cyclists throughout the nation.

The brothers had been one of five groups that competed at Rutgers Enterprise College on April 22 for some of the $50,000 prize cash presented by the Product sales Executive Club of Northern New Jersey Foundation.

Citing the close level of competition, the judge opted to unfold the prize dollars amongst all the contributors, awarding a $15,000 next prize to MBA college students Jason Miller and Matthew McQueeny, co-founders of Large League Pillows and $10,000 to a staff of Rutgers undergraduates, together with Anna Zhang and Iris Zhorov, who are setting up the Wise MS3 machine to assist patients strengthen the usefulness of their physical treatment.

The judges awarded $2,500 to Rutgers MBA pupil Kathryn Ruhno, whose early-stage begin-up Uncooked Paw Life sells canine food items and treats and another $2,500 to Andrew Zambrowski, an alumnus of the Rutgers Small business School undergraduate software who pitched for Monkey Organization. The enterprise presents tiny companies an application to assistance them compete a lot more efficiently against recognized makes.

Each individual of the groups built limited pitches, describing their nascent providers, highlights of their tactic and the firm’s efficiency, and projections for foreseeable future progress.

The Income Government Club of Northern New Jersey Basis sponsors the organization plan competition every year as a way of encouraging the entrepreneurial ambitions of Rutgers Enterprise College pupils and alumni. The opposition is also one particular of the aspects of a wide ecosystem at Rutgers that fuels its strength in entrepreneurship.

Above the previous 20 several years, Richard Romano, president of the foundation and a member of Rutgers Business enterprise School’s board of advisors, has aided make additional than $1 million in funding obtainable to scholar and alumni founders.

“The small business program opposition is sizeable in a few of means,” said Professor Doug Brownstone, who organizes the competitors. “College student business people are in a position to win money to get their enterprises accelerated and the major 5 groups also get mentoring.”

“These are total-time learners or alumni who have positions, and they are also performing on starting off up businesses so it’s very useful,” he stated.

The opposition has awarded funding to these types of Rutgers student-started off firms as Playa Bowls, Emma’s Quality Providers, Bibi Drinks, the Turf, Surf and Earth cafe, Best Daily life Diet and the Zwiren Title Company.

Like former winners, Andrew Strafaci intends to use the prize cash to increase his firm.

Strafaci, who grew up skateboarding alongside the Jersey Shore, claimed the funding from the opposition will make it possible for him and his brother to increase Cyndrom from a casual outfits line to an active dress in manufacturer that gives extra technical sports activities equipment like rash guards for surfers and gloves for snowboarders.

“The cash will be a catalyst for growing Cyndrom,” Strafaci reported. “The revenue also says Rutgers believes in me. Having that assist is essential since it is such a excellent school.”

Cyndrom now sells its products and solutions in a Belmar surf shop and a Redbank skate shop, and it also helps make income from its internet site and pop-up retailers at the Jersey Shore. In addition to expanding its assortment of clothing, Stafaci said he options to use the prize money to boost promoting. His goal is to raise product sales to $1 million by 2025.

In addition to Romano, the judges for the 2022 competitors incorporated John Wilson, who also signifies the Gross sales Executive Club of Northern New Jersey Foundation Sharon Lydon, Rutgers Organization School’s associate dean of alumni and company engagement and Carolyn Lange, main fiscal officer of the Neighborhood Basis of New Jersey.

Mayuresh Pandit, a Rutgers MBA alumnus and senior products supervisor at Amazon, assisted Professor Brownstone in mentoring the pupils. He also aided to judge the groups.