The New York City Economic Development Corporation (NYCEDC) announced that the winner of this year‚Äôs NYC Next Idea competition is Senvol.
Senvol LLC is a Philadelphia-based startup which makes use of a proprietary algorithm to help manufacturers determine which components and parts can be more cost-effectively made using 3D printing instead of traditional methods.
As the winner of the NYC Next Idea competition, Senvol is receiving $35,000, along with office space and business services to help them launch their innovative venture in New York City.
To be specific, they are getting office space free of rent for six months at the Columbia Startup Lab, and pro bono services from JustWorks, GLG Share, and intellectual property law specialist Michael J. Kasdan from the law firm of Wiggin and Dana LLP.
The competition was designed by NYCDEC and Columbia University‚Äôs Engineering School, and Senvol ended up being chosen as the winner out of 242 teams from 51 countries.
NYCEDC President Kyle Kimball said the record participation in the competition this year demonstrates that recent graduates and students from all over the world are seeking opportunities to bring their entrepreneurial spirit to New York City.
A stringent evaluation process narrowed the 242 participating teams down to six finalists. The final selection of Senvol as the winner was based on 10-minute pitches made by each team and a Q&A before a panel of five judges and a packed audience of investors, government officials and entrepreneurs at the AppNexus headquarters.
Senvol Co-founders Annie Wang and Zach Simkin, both MBA candidates at The Wharton School, University of Pennsylvania,¬†said that NYC was an incredible place to be for a start-up because of the unparalleled access to capital, talent, companies and customers. They added that NYC has the strongest 3D printing community in the world, and there is no other place they would rather be.
AirCare Labs, which came in second place, has developed a telehealth platform that allow medical professionals to remotely monitor and interact with patients using apps on tablets or phones. They are also getting six months of rent-free office space at Columbia Startup Lab.
The other four finalists were:-
- Edenworks, which has developed a sustainable closed-loop agricultural technique for urban farming;
- NCY Breathe, which has developed a wireless pollution sensor;
- NINU, which is a digital pregnancy companion; and
- Magazino, which provides automated storage solutions and is looking to create a global database that will show how best to handle goods robotically.
NYC Deputy Mayor for Housing and Economic Development Alicia Glen said the talent exhibited by each of the participants in the competition proves that New York City is, and will remain, a center of innovation and entrepreneurship in the global economy.