The applications for the Fordham Pitch Challenge, run by Fordham Foundry, have recently closed. The challenge is an opportunity for current students and alumni to win money for their business ideas and ventures. This year, 186 teams applied; they will meet with Foundry members to workshop their ideas to prepare for the challenge on April 11.
“When we started, it was very much a small program with a focused number of students, and over the past five to six years, we’ve made an effort to open up to the entire Fordham community,” said Albert Bartosic, executive director of Fordham Foundry.
The program started eight years ago, with the majority of the applicants being Gabelli School of Business undergraduates. This year, the applicants are from all undergraduate and graduate schools within Fordham, and most applicants are non-Gabelli.
“We’ve now got a record number of students to deal with, and it’s a very personalized experience for all of them, so we’re trying to make sure we resource it enough so that we can get around and get everybody the help and attention they want and deserve,” said Bartosic.
Submissions to the program can be anything from streetwear with a social justice message to an app that can detect allergens at restaurants.
“We got support throughout the whole process until the pitch. Being able to learn what goes into a pitch,” said Tijana Buric, GSB ’15 graduate student and three-time participant. “The Foundry introduced me to the concept of startups and what you need to have in mind when you’re developing something. The level of support and learning the process was very valuable.”
The program has separate tracks and prize money for students whose programs have a social impact.
“We always have those areas where we specifically lift up the social impact competitors and have them participate in a way that hopefully is more meaningful to them,” said Bartosic.
To enter the program, competitors had to submit a 1-2 sentence description of their idea; the idea can either be fully fleshed out, or just a vague plan. The program helps students build out their ideas through one-one-one mentorship.
“What we try to encourage is for people to not have preconceived notions, because what we really are challenging you to do is to really think about your audience or think about your target market and who this product and service is going to be useful for, then test that and improve that,” said Bartosic.
The Foundry itself offers a variety of programs, including an Angel Fund, where alums can apply for funding quickly, and Ram’s Den, Fordham’s version of “Shark Tank” where startups can compete for additional funding.
“Fordham has been a big catalyst to help me start my business,” said Buric, who was in the final of Ram’s Den. “This is very much the experience that is going to help you craft your idea and be challenged.”
During the Pitch Challenge, competitors will have one-on-one meetings and be given the opportunity to survey potential audiences.
“A lot of entrepreneurship is oxymoronic; you need a powerful vision, but you also need to be adaptable. You need to be a strong leader, but you need to be a good teammate. There’s all these things that are seemingly contradictory, but a good entrepreneur has both,” said Bartosic.
The final competition will take place at Rose Hill on April 11 from 6-8 p.m. in the McShane Campus Center.
“If you’ve got an idea, come and talk to us, and don’t ever say to yourself, ‘Oh I don’t know anything about business; I can’t be an entrepreneur’ because the creativity and the problem-solving part is really what’s important,” said Bartosic. “We can help you with the financial nuts and bolts but you having the idea and the spark is what we try to nurture. The Foundry is for everybody.”
