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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

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.

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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



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



NJBIZ
Newark, NJ
Tuesday, January 17, 2017

NJBIZ

By Lyneir Richardson, executive director, The Center for Urban Entrepreneurship and Economic Development, Rutgers Business School.

Technology accelerators provide entrepreneurs with access to seed capital, business relationships, guidance and office space. Over the last 18 months, three accelerators have opened in Newark with great fanfare. The investors and corporations that have funded these accelerators have been praised for being committed to Newark's revitalization.

The individuals behind the accelerators have expressed their understanding of the importance of racial and gender diversity among the entrepreneurs with whom they'll be teaming. Tom Wisniewski, who is the managing director of venture capital fund Newark Venture Partners, said that his firm will "look to support a diverse set" of entrepreneurs, "including women and minorities."

While there's talk of diversity, the truth is that less than 5 percent of the teams that are admitted into Newark's accelerator programs are led by a Black or Latino owner. Many have approached the accelerators with tech venture ideas, but they've often been denied or deferred for a variety of reasons.

I've been contacted by well-educated and talented minority startup owners whose businesses offer valuable solutions for the ed tech, defense, and other large national markets. Unfortunately, their growth and revenue potential are severely constricted because of their inability to attain seed capital and early stage support from investors.

I believe that part of the reason why Black and Latino teams haven't been given a proper shot is due to unconscious bias in the accelerators' and investors' selection process. To remedy this challenge, here are four suggestions that would help accelerators in Newark (and beyond) to offers opportunities to Black and Latino entrepreneurs who are seeking to build promising technology companies:

1. Focus on inclusion in the selection/admission process
2. Add Black and Latino investors
3. Leverage minority-targeted events to foster outreach
4. Consider the local benefits that a $50M company can deliver

Full Article



Black Press USA
Newark, NJ
Monday, January 16, 2017

Black Press USA

Despite a plethora of economic and social challenges, African-Americans remain among the most optimistic consumer groups in the nation's economy.

A recent report by the market research firm, Packaged Facts, revealed that nearly half (47 percent) of African-Americans believe they will be better off financially 12 months from now.

"I work with African-American entrepreneurs each day who believe that they can create opportunity and generate profit. Words like hustle, ingenuity, faith, and luck almost always trump fear and pessimism," said Lyneir Richardson, the director of the Center for Urban Entrepreneurship and Economic Development, a research and practitioner-oriented center at Rutgers Business School in Newark, New Jersey.

Full Article



AXESS
Newark, NJ
Tuesday, January 3, 2017

AXESS

Shared office spaces are revolutionizing the way we work, transforming buildings into social networks.

Maybe it's the free cups of cold-brew coffee. Or the organic snacks. Or the communal kitchen. Or the lazy hammocks lounging in the low light of the quiet room.

From the minute you walk into WeWork and are greeted by the serious-smiling receptionist at the front desk, it's apparent that this is far more than a shared working space.

It's a community where freelancers, entrepreneurs, artists, writers, small businesses, and startups trade ideas, make connections, socialize, share lunch, and yes, even work together.

The collegial atmosphere is no accident. When Adam Neumann, who grew up on a kibbutz in Israel, and Miguel McKelvey, who was raised on a collective in Oregon, opened their first WeWork in New York City in 2010, they targeted the so-called We Generation, putting the We before the Work.

Joe Markert, an assistant professor in marketing at Rutgers Business School, says the influence of co-working, which syncs with ride-sharing in our e-commerce, smartphone-savvy world, goes far beyond the shared space.

"The traditional office has to be more flexible," he says. "Even large companies are renting their excess space out to short-term customers."

And some of them, he adds, are finding it profitable and even rejuvenating to rent spaces from innovative companies like WeWork.

Full Article



Irvine, Calif.
Thursday, December 29, 2016

Now that the holidays are over and the new year is in full swing, it’s time to head back to the lab to formulate fresh, smart, and effective ideas that will grow your organization. Whatever the size of your firm, whether you’re B2B or B2C, and regardless of the industry in which you operate, here are four must do’s that Lyneir Richardson, executive director of the Center for Unban Entrepreneurship and Economic Development at Rutgers Business School, says you need to launch if you’re aiming to increase profits and market share over the next 365 days:

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Rutgers Today
Newark, NJ
Monday, December 12, 2016

Rutgers Today

With a degree in gastronomy and a few years of startup experience, it wasn't easy for Rahul Anand to land a job at Google in India. But the Rutgers Business School student who runs a digital marketing company while taking a full course load has never shied away from a challenge.

"Rahul has the ability to rally a team and find ways to help everybody who is on his team," says Alfred Blake, assistant director of undergraduate entrepreneurship programs in the business school's Center for Urban Entrepreneurship & Economic Development. "He is a true entrepreneur who can draw people in by helping them see the value in it for them."

"Rahul has great analytical skills to begin with but he also couples these skills with outstanding intellectual curiosity, interpersonal rapport, and grit – that is a very powerful combination in any setting, and sets him apart," says Can Uslay, associate professor of marketing and co-director of the RBS Center for Market Advantage.

Full Article



Caldwell, NJ
Sunday, December 4, 2016

On November 15, Rutgers Business School's Center for Urban Entrepreneurship & Economic Development (CUEED) held its Third Annual Entrepreneurship Awards Ceremony and Etsy Craft Entrepreneurship Program graduation. The event auspiciously coincided with Global Entrepreneurship Week.

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