Saturday, January 09, 2010

3 idea-tors from IIT bag NYC prize

A team of 3 idea-tors from the Indian Institute of Technology in Chennai has won New York City’s first annual “NYC Next Idea” prize, a competition among entrepreneurs presenting business plans to improve quality of life and create jobs, mayor Michael Bloomberg announced.

Greenext Technology Solutions, the winning team composed of Sriram Kalyanaraman, Vinayshankar Kulkarni, and Aashish Dattani, proposed a software system that utilities and energy producers might use to store electricity at times of low consumption and distribute it across the city when demand increases. They dealt with the electricity grid, proposing a software interface with the national electric grid to coordinate power distribution and electricity prices with consumer-demand.

The winners will receive $20,000 in cash, office space in a city-sponsored lower Manhattan “entrepreneur incubator”, and other help in setting up their business in the city — if they decide to come New York. None of them had even visited the city before they reached the finals of the competition and were invited to come to the Big Apple, a city that doesn’t particularly have a power crisis. “No one can say for sure whether the finalists’ ideas will translate into successful job-creating businesses,” Bloomberg said. “What a shame, though, if they and countless others are denied the opportunity even to try.”

Source: The Times of India, January 9, 2009 (Reported by Chidanand Rajghatta)

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