CUEED in the News

 

Recent News

Rutgers Business School News

Work begins to spread federal investment among more business owners

Monday, December 12, 2016

"This is an opportunity to make a contribution to the national economy,” said Professor Jeffrey Robinson who is the founding assistant director of The Center for Urban Entrepreneurship and Economic Development at Rutgers Business School. More ›

TAGS: Business Development Grants Jeffrey Robinson The Center for Urban Entrepreneurship and Economic Development

Rutgers Business School News

Strength in entrepreneurship, economic inclusion lands Rutgers federal grant

Monday, October 3, 2016

The effort by Rutgers will include marketing and a multi-media education campaign across the country. "Our focus is how do we increase the number of minority technology folks who can take advantage of these grants," Professor Jeffrey Robinson said. More ›

TAGS: Collaborative for Technology Entrepreneurship and Commercialization Entrepreneurship Grants Jeffrey Robinson Social Impact The Center for Urban Entrepreneurship and Economic Development

Rutgers Business School News

Business community symposium showcases Newark’s expanding economic potential

Friday, June 10, 2016

The symposium "Driving the Rising Tide of the Greater Newark Business Community: Higher Education’s Role as a Strategic Partner," featured cross-sector community partnerships and explored opportunities for expanding those networks to integrate Rutgers Business School and Rutgers University – Newark even more deeply with the city of Newark.  More ›

TAGS: Business Development City of Newark Social Impact The Center for Urban Entrepreneurship and Economic Development Undergraduate

CUEED Media Coverage

NJBIZ
Newark, NJ
Tuesday, July 18, 2017

NJBIZ

NJBIZ has revealed the 2017 winners of one of its most popular awards: the Forty Under 40. These up-and-coming stars of the New Jersey business community have achieved professional excellence at a young age, representing the future of their industries and the state as a whole.

This year, NJBIZ is doing something different: announcing five winners in each of eight different major industries.

These accomplished young professionals are names to remember in their fields in the years to come, but they share many characteristics of great businesspeople, from a commitment to success, professional achievement and contributions to the community.

Their defining characteristic is, of course, their success at a young age.

NJBIZ and our Forty Under 40 sponsors will celebrate these tremendous young executives and entrepreneurs at an awards ceremony starting at 6 p.m. Sept. 11 at iPlay America in Freehold.

Entrepreneur
Jasmine Cordero, Center for Urban Entrepreneurship & Economic Development, Rutgers MA '05

Marketing
Alumna Anna Marie Gewirtz, State Theatre New Jersey, Rutgers MBA '06

Full Article



WalletHub
Newark, NJ
Thursday, June 1, 2017

WalletHub

Business credit cards are great for earning rewards in important spending categories, such as office supplies and telecommunication services. They also provide helpful expense tracking features and allow you to give employees cards with custom spending limits. You'll even earn rewards on their purchases. 

Business credit cards are best for purchases that you will pay for in full by the end of the month. But they are not great financing vehicles because the Credit CARD Act only applies to consumer credit cards. As a result, small business credit cards are subject to arbitrary interest rate increases. This lack of debt stability is why we recommend using a 0% consumer credit card for your small business financing needs.

How important are credit cards to small business owners? 

Arturo E. Osorio, assistant professor of professional practice – entrepreneurship, Management & Global Business at Rutgers Business School said: "Credit cards are key to operate small businesses. As part of the everyday operations, credit cards are sources of short-term financing and emergency lines for small-unexpected events. When starting a business, credit cards are useful as a foot in the door to first stablish a relationship with a financial institution. They also serve, at this initial stage, as financial bridge for operational expenses. Small businesses can also use credit cards, through financial discipline, as a record keeper of transactions including administrative expenses.

Full Article



NBC News
Newark, NJ
Thursday, May 25, 2017

NBC News

A crowdfunded start-up is hoping to provide an answer to a transportation problem in refugee communities in Pakistan when it comes to accessible, reliable, and affordable means of getting around.

Unsafe bus in Orangi Town"People view transportation as luxury item when it comes to refugees, but it's actually a necessity," Gia Farooqi, co-founder of Roshni Rides, told NBC News. "Everyone needs to go to school, markets, and hospitals."

Roshni Rides, started by Pakistani Americans Farooqi, Hanaa Lakhani, Moneeb Mian, and Hasan Usmani, is a sustainable bus and transportation start-up aimed at easing the lives of refugees in Orangi Town, an informal settlement in Karachi, Pakistan. The four founders, who won the Hult Prize earlier this year, share a business background from Rutgers Business School, and said that starting Roshni Rides provided a business opportunity for them to help a community they care deeply about.

Full Article



New York, NY
Thursday, May 11, 2017

BloombergBusinessweek

When Sarah Rumbaugh enrolled at the University of Virginia Darden School of Business in 2013, she planned to launch her own business soon after graduation. The MBA, she figured, would provide her with the skills to help her do that and build a network of contacts. Darden's program, which includes an incubator for student-run startups, venture capital workshops, and design courses, appealed to her. "If someone taught you how to play basketball from a textbook, you wouldn't learn to play basketball," she says.

Top Schools for Entrepreneurs

Rumbaugh followed through on her plan a year before completing the program. In 2014 she co-founded RelishCareers.com, a recruiting platform that matches graduate degree recipients with employers. Over the past three years the venture has received $1.2 million in funding—she declines to name the investors—and has landed several big clients, including American Express, L'Oreal, and Under Armour.

Full Article



GlobeSt.com
Las Vegas, NV
Wednesday, May 10, 2017

Globe St.

For the 13th year in a row, Lyneir Richardson, executive director of Center for Urban Entrepreneurship and Economic Development at Rutgers Business School, will be attending the upcoming ICSC RECon [real estate] conference in Las Vegas.

Richarson said: "Rather than having a transactional mindset and packing my schedule with back-to-back meetings, I'll approach the 2017 show in the same way that I approached the 2009 RECon during the Great Recession.

"Back then, I was there for education and revelation:  I went to the RECon plenary sessions, seminar sessions, and breakfast roundtable discussions to try and make sense of the new, unstable, and strange world that we were facing.  This year too, I want listen to and learn from experts and outsiders so I can understand what the heck is happening out there.

"The reason for the shift in my POV is the current shaky state of American retail.  To say that the robust shopping industry that so many of us fell in love with is under siege is an understatement."

Full Article



New York Times
New York, NY
Sunday, May 7, 2017

New York Times

Congratulations to this year's award-winning students and to all of our 18,000 graduates.

studentachievement.rutgers.edu 

1st PLACE
College Fed Challenge
Federal Reserve Board


1st PLACE
CME Group Trading Challenge
Chicago Mercantile Exchange


1st PLACE
Cross-Examination Debate Association National Tournament
and National Debate Tournament


1st PLACE
Regional Hult Prize Challenge
Hult International Business Schooland Clinton Global Initiative



ozy.com
New York City, N.Y.
Monday, April 10, 2017

During the presidential campaign, Donald Trump proposed using federal disaster declarations to free up funds for developing new infrastructure, razing blighted buildings and increasing law-enforcement presence. There’s been no follow-through so far, but given the recent stumble on health care, the White House might want to prioritize an initiative that could yield a bipartisan win. Count Lyneir Richardson among the optimists. Richardson, the executive director of the Center for Urban Entrepreneurship and Economic Development at Rutgers Business School, says it’s time to ditch training programs for specific jobs in favor of entrepreneurship guidance that gives strivers the tools to start businesses or side hustles.

Read the full story:



Big Ten Network
Newark, NJ
Monday, April 3, 2017

Big Ten Network

Orangi Town is a community of over 1,000,000 inhabitants, mostly refugees, in northwestern Karachi, Pakistan. Originally a squatter village, Orangi has seen its share of ups and downs, notably the Orangi Pilot Project, a social innovation program seeking to provide low-cost sanitation, housing, health and microfinancing opportunities to residents.

The crowded area is nonetheless plagued by a variety of problems. Among the most pressing is access to clean, reliable, affordable transportation. As of now, packed buses and expensive taxis provide the only means of motorized transit through Orangi Town, leaving citizens with few options when they need to get to work, school, markets, hospitals and other crucial resources.

A team of Pakistani-American Rutgers Business School students – and one alumnus – is looking to change that with the rollout of their company Roshni Rides, which aims to provide electric-powered rickshaw transportation service to Orangi Town.

The team's efforts have been bolstered by a spate of good showings in business plan competitions, the most recent and prestigious being the regional Hult Prize Challenge, where Roshni beat out teams from Yale and Princeton among others.

The Hult Prize recognizes student's sustainable start-up business models that target major global challenges. This year, the Hult Prize Challenge zeroed in on the plight of refugees worldwide. 

Full Article



Newark, NJ
Tuesday, March 28, 2017

Huffington Post

Rutgers University is located in a region where transportation is rampant and ride-sharing options like Lyft is the primary choice for those without transportation. It does an excellent job at providing secondary or in some cases primary income for those with reliable vehicles. 

What about communities who do not have this luxury? What is the solution for these communities? Unlike many companies looking to solve a social problem, they don't come in wearing a cape but rather the garb of community members... a smile and desire to help. They aren't looking to be the saviors but rather solving a problem as fellow community members. 

I have a strong notion that Roshni Rides may be the solution and will be making impact internationally. The thoughtfulness of the Roshni team has created a solution for locations with vastly different challenges but the same goal as ride share options… to help stimulate the economy and enrich lives of all through accessibility to travel amongst refugees. With a great idea like this, it was intriguing to find out the impetus for their solution. This Rutgers super team is ready to tackle the challenge.

Full Article



Rutgers Today
Newark, NJ
Thursday, March 23, 2017

Rutgers Today

A team of Rutgers Business School students and one alumna won first prize in the regional Hult Prize Challenge with an idea of operating a system of electric-powered rickshaws in refugee settlements.

Seniors Najeeha "Gia" Farooqi, Moneeb Mian, Hasan Usmani and alumna Hanaa Lakhani captured the top prize in the March 4 competition against 70 teams from such schools as Harvard, Yale, Princeton and the London School of Economics.

In a six-minute pitch – polished by months of preparation – the team detailed a compelling plan for Roshni Rides, a business to provide electric-powered rickshaws in refugee settlements, offering residents an affordable, hop-on, hop-off way of traveling to jobs, schools and vital services, including hospitals and markets. 

Passengers would use reloadable ride cards similar to the New York City subway's Metro card. The team plans to pilot the system in Orangi Town, where an estimated 1.2 million people live within Pakistan’s port city of Karachi.

Full Article



Westfield, NJ
Wednesday, March 22, 2017

American Entrepreneurship

The students are the first team from Rutgers to win the regional competition in Boston. 

Now they will work with mentors to refine their business plan, fundraise and pilot their business, all before facing off against four other teams from around the world vying for a $1 million prize.

A team of Rutgers Business School students and one alumna won first prize in the regional Hult Prize Challenge with an idea of operating a system of electric-powered rickshaws in refugee settlements.

Seniors Najeeha "Gia" Farooqi, Moneeb Mian, Hasan Usmani and alumna Hanaa Lakhani captured the top prize in the March 4 competition against 70 teams from such schools as Harvard, Yale, Princeton and the London School of Economics.

In a six-minute pitch – polished by months of preparation – the team detailed a compelling plan for Roshni Rides, a business to provide electric-powered rickshaws in refugee settlements, offering residents an affordable, hop-on, hop-off way of traveling to jobs, schools and vital services, including hospitals and markets. 

Passengers would use reloadable ride cards similar to the New York City subway's Metro card. The team plans to pilot the system in Orangi Town, where an estimated 1.2 million people live within Pakistan’s port city of Karachi.

"We've worked very hard," said Farooqi, who like the other team members are Americans of Pakistani ancestry. "This is very personal for us. We are the sons and daughters of immigrants and refugees."

Full Article



New Brunswick and Newark, NJ
Tuesday, March 21, 2017

The Daily Targum

A team of three Rutgers Business School students and one alumna have made history when they became the first winning regional champions from Rutgers University in the Hult Prize competition.

The Hult Prize Foundation is a not-for-profit organization encouraging college students to create and present their own unique and innovative business ideas to solve some of the world's biggest challenges. Winners of the entire competition receive $1 million in seed capital to bring their idea to life, according to the Hult Prize website.

"This year's challenge was about refugees around the world. How to create sustainable, and scalable social enterprises that empower the rights and dignity of 10 million refugees by 2022," said Umair Masood, campus director of the Rutgers Hult Prize Challenge Team and a School of Arts and Sciences junior.

The Rutgers team consisted of Rutgers Business School seniors Najeeha Farooqi, Moneeb Mian and Hasan Usmani and alumna Hanaa Lakhani. The team first won the competition at Rutgers before proceeding to win regionals in Boston. Their prize-winning idea was about operating a system of electric-powered rickshaws in refugee settlements, Masood said.

Full Article



Short Hills, NJ
Wednesday, March 15, 2017

dun & bradstreet B2B

Lyneir Richardson is a full-time faculty member at Rutgers Business School in Newark, NJ. He is leading new programs focused on helping minority entrepreneurs get capital from public sources and private investors in his role as Executive Director of the Center for Urban Entrepreneurship and Economic Development (CUEED), a research and practitioner oriented center at Rutgers University.

He is also a lifelong entrepreneur. In the 1990s, the U.S. Small Business Administration named him a "Young Entrepreneur of the Year." Richardson is now the CEO of The Chicago TREND Corporation, a social enterprise aiming to stimulate retail development that will strengthen city neighborhoods. This startup recently received over $7 million of seed capital to launch operations and invest in catalytic real estate projects.

"Focus on being profitable, first," he said. "It is admirable that so many minority entrepreneurs want to make the world better, but the only way to have a business that survives and can scale is to be consistently profitable."

Full Article



Identities.Mic
New Brunswick, NJ
Thursday, March 9, 2017

Identities.Mic

President Donald Trump wants to ban refugees from entering the United States. But these Rutgers Business School students want to help refugees live with dignity.

Rutgers Business School seniors Gia Farooqi, Hasan Usmani, Moneeb Mian and alumna Hana Lakhani — who are all Muslim — pitched Roshni Rides to the international social entrepreneurship competition Hult Prize for a $1 million prize.

The group won the regional finals of the competition in March, out of 50,000 applicants, coincidentally a few days before Trump announced a new executive order for a 120-day ban on refugees entering the U.S. The team beat out schools like Harvard, Yale and Purdue, and is one of five regional winners across the world, Umair Masood, Rutgers' campus director for the Hult Prize, said in an email.

Full Article



NJBIZ
Newark, NJ
Monday, March 6, 2017

NJBIZ

When Jose Martinez built his app and website, healthylunchmenus, in 2010, he didn't quite know how to get it onto the market.

Then, he got in touch with LATISM, Latinos in Tech Innovation and Social Media, which led him to a startup pitch competition in 2013 in Silicon Valley.

He took second place.

The idea was to allow people to instantly search for all the healthy dishes at restaurants around them — almost like a single filter for search options on a food finding app.

After the competition, he was told by many in Silicon Valley to drop everything in New Jersey and move in order to start networking and building up on his idea.

But he couldn't.

As the son of first-generation immigrant parents from the Dominican Republic, Martinez didn't have family to financially lean on. So, he took the safe route of staying back in Lyndhurst to continue his design company, Pixl Graphx, with his business partner.

"I grew up in an urban area (Passaic), and we are not taught to be entrepreneurial or tech savvy,"Martinez said. "Lots of schools in urban areas lack technology, so we grow up with a major disadvantage."

The launch of Rutgers Business School's Black and Latino Tech Initiative last week aims to solve that problem in New Jersey, New York and Connecticut.

Experts say African-Americans and Latinos have been unable to network in the same financial circles as others. It's a problem Wall Street has recently focused on.

"Less than 2 percent of all technology startups are led by black or Latino individuals," Lyneir Richardson, executive director of Rutgers' Center for Urban Entrepreneurship and Economic Development, said.

Full Article



Newark, NJ
Monday, March 6, 2017

New Jersey 101.5

The Assembly Regulatory Oversight and Reform and Federal Relations Committee could vote in the coming weeks on a proposed measure to create new liquor licenses for restaurants.

To better understand the issue, the panel has reached out to several experts for testimony, including Rutgers Business School finance professor Morris Davis, who is also the director of the Center for Real Estate at Rutgers.

He pointed out there are certain areas in New Jersey where are liquor licenses are plentiful, and the cost of those licenses is relatively inexpensive, but in other areas licenses are extremely scarce.

"The cost of a liquor license in those areas could be $500,000 or more, so the problem is there's no mechanism to enable budding restaurant owners to acquire a license at a reasonable price in areas where there's clearly a demand for restaurants," he said.

Full article



NJBIZ

 

Newark, NJ
Tuesday, February 28, 2017

NJBIZ

The Black and Latino Tech Initiative, a collaborative program with the goal to aid early-stage companies with black and Latino co-founders with viable business models, will launch this week in Newark, organizers said.

Mukesh Patel, the entrepreneur in residence and executive coach, said the group aims to give resources and mentorship to these early-stage companies in an effort to help them gain traction and attract more private capital and gain admission into quality accelerators.

"We're building relationships with (venture capitalists), angels and accelerators committed to investing in quality teams of color," Patel said.

Full Article



 

Newark, NJ
Monday, February 27, 2017

Black Enterprise

On March 2, Rutgers Business School's Center for Urban Entrepreneurship & Economic Development will hold its Black and Latino Tech Initiative Launch (BLT). The free event (registration is required) offers black and Hispanic tech entrepreneurs valuable advice on preparing their businesses for an accelerator program as well as on-site networking opportunities with venture capitalists and accelerators.

"Less than 2% of all technology startups are led by black or Latino individuals," says CUEED executive director Lyneir Richardson. "The reasons for this are two-fold: black and Latino entrepreneurs have difficulty securing capital, and they also have challenges building business teams that get accepted into top tier accelerators. Our BLT Launch event will seek to remedy this situation by providing scientists, inventors, and technology innovators with essential info that will give their ideas a chance to be developed, funded, and launched into the marketplace."

Full Article



Rutgers Today
New Brunswick, NJ
Wednesday, February 1, 2017

Rutgers Today

Rutgers-New Brunswick students can ‘Halo home’ with the help of caring, entrepreneurial student

Starting this semester, Rutgers University-New Brunswick students who find themselves alone late at night can text a request for students to walk them home five nights a week.

Rutgers senior Daniel Reji envisioned the text-a-friend service as a sophomore researching sexual assault on college campuses nationwide. When his research revealed that buddy systems – traveling in groups of two or more – are often the best way to stay safe, he knew the next step was creating a start-up to help students who needed a late-night friend to find one.

Daniel Reji, a Rutgers Business School-Newark and New Brunswick senior, started SafeHalo with Jamie Farren, a School of Communication and Information senior, so students can text requests for safe walks home.

"The same way you get an Uber, I thought, what if you could request two students to walk you home – judgment free, stigma free, actually free?" says Reji, a marketing major with a concentration in entrepreneurship at Rutgers Business School-Newark and New Brunswick.

Reji and Farren have assembled an outstanding team of "Halos," volunteers from a variety of majors, interests and backgrounds who have one thing in common: they want to help fellow students, says Alfred Blake, assistant director of undergraduate entrepreneurship programs in the Center for Urban Entrepreneurship & Economic Development in Rutgers Business School-Newark and New Brunswick. One of the challenges of scaling their model will be for other schools to do the same.

Full Article



The New Stack
Newark, NJ
Tuesday, January 24, 2017

The New Stack

Getting started with a new project, business or application idea is a challenge for anyone, but this challenge can increase exponentially if an entrepreneur is Black, Latinx or a woman. Many first-generation immigrant entrepreneurs miss out on the 'family and friends' seed funding round their Ivy League white male counterparts may get. Others are faced with the task of securing capital with a business potential that isn't in the billions.

Without minority entrepreneurs being able to access these resources, the technology ecosystem and the world as a whole will find itself lacking. "That means important, profitable businesses are not being launched and not growing to scale, and really that means that our world is losing out on innovations that we all want and we all want to promote and encourage," explained Professor Lyneir Richardson of Rutgers Business School’s Center for Urban Entrepreneurship and Economic Development (CUEED), speaking with TNS Associate Podcast Producer Kiran Oliver on the new episode of The New Stack Makers podcast.

CUEED aims to help minority tech entrepreneurs access resources such as capital, meeting spaces, business advice, and offers instruction on how to apply to a technology accelerator program or a government-funded grant for seed capital.

Full Article
Podcast