NEWARK, N.J.--(BUSINESS WIRE)--During the fall semester, over fifty student teams submitted their business proposals to the 14th annual New Jersey Institute of Technology’s New Business Model Competition. Seven finalists were chosen to present to an expert panel of serial entrepreneurs and business managers in the hopes of receiving grants and mentorship to further develop their companies. Ellavoz Impact Capital was the lead benefactor, committing $15,000 to the winners of the competition and to NJIT’s Innovation Accelerator Center.
Ellavoz Impact Capital’s Vice President, Christopher Ferry addressed the NJIT administration, professors, students, and judges ahead of the contest. “We are here today at NJIT because we’re passionate about entrepreneurship. Every one of our investors has a history of new business ventures and are eager to share their knowledge through mentorship and investment.” Mr. Ferry leads the Ellavoz Impact Angels, whose mission is to support student entrepreneurs in their business startups through their initiative called “Boomers Funding Zoomers.” The winners not only received the grant funding but will now continue to develop their businesses within the NJIT Innovation Accelerator. They will have the opportunity to present again in 2023, this time in front of the Ellavoz Impact Angel Network. The “Shark Tank” style format may yield offers of continued mentorship and direct funding for their businesses. “While we often speak of making a societal impact through entrepreneurship, Ellavoz puts this philosophy into practice,” said Dr. Cesar Bandera, Leir Chair of Entrepreneurship at NJIT’s Martin Tuchman School of Management which organized the event.
The co-champions fit squarely within the Ellavoz mission for impact. “Both proposed companies are building cleantech and climate remediation solutions, which is a central area of interest to our Ellavoz Angel Network,” Mr. Ferry said. The two winning contestants were ReFilament, an intermediary company between recycled plastic and 3D technology, led by student Anthony Caruso, and Ultrasound Technology, a unique process to rid the environment of PFAS (also known as Forever Chemicals), led by Jitendra Kewalramani.
About Ellavoz
Ellavoz Impact Capital is an advisory and management company which believes innovative investing in underserved communities will result in positive financial and social impact returns. Its Impact Angel Network provides mentoring and grants to student entrepreneurs in their company development process.
To learn more visit www.ellavoz.com or contact Christopher Ferry at Chris@ellavoz.com
