Xiao ’12 wins $1,000 in ‘Princeton Pitch’ competition

Instead of having just interior airbags to protect passengers, the cars of the future should have exterior devices that can predict a collision and then inflate to protect the vehicle from damage. Tony Xiao ’12 pitched a company based on this idea Wednesday night. And his company is now up $1,000.

Xiao was the grand prize winner of Princeton Pitch 2008, hosted by the Princeton Entrepreneurship Club in Friend 101. The event allowed student entrepreneurs to showcase their ideas in front of five judges, all experienced businessmen, and was co-sponsored by the Keller Center for Innovation in Engineering Education, the USG Projects Board, Greylock Partners and Sierra Ventures.

The students were given exactly 90 seconds to explain the basis of their business, why it would be profitable and why it should receive funding.

The judges presented Xiao with an oversized check for $1,000 from Howard Cox ’64, an advisory partner at Greylock.

The judges said they were so impressed by the students’ ideas that they felt compelled to name a runner-up, despite the lack of a second-place prize. Kofi Frimpong ’11 took second place with his Webcam Mentoring Program, designed for high school students who may fall behind without proper mentorship.

Some of the participants have been thinking about their business models for quite some time. James Hodson ’10 said the idea for his company, SmartUni.com, an online platform for international students to connect with American universities, was “born out of [the] experience” of his own college application process.

Others formulated their ideas specifically for the competition.

Michael Yaroshefsky ’12 said he came up with the concept of his company, AllTogether Systems, “five days ago.” He nevertheless came prepared with business cards and a company website.

Regardless of how much time the students spent coming up with ideas, Princeton Pitch was the place for them to hear advice from entrepreneurs in the audience.

During breaks, potential investors met with students whose ideas sparked their interest. Other students carried on conversations with New Jersey businessmen at the event about topics ranging from what should go on a business card to the proper length of a men’s tie.

The event also taught students how to pitch an idea effectively.

Before announcing the winner, judge Mario Casabona explained the criteria for judging a pitch. The panel picked the winner based on the student’s presentation of the company, the company’s business and technological merit, and the fundability of the venture.

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Xiao said the win was “unexpected.” The idea, which he’s had for a year, had two sources of inspiration. The concept of an external airbag has been tested on the NASA Mars Pathfinder, but Xiao really saw a need for such a device on a vehicle after his father was involved in a car accident. His father was unharmed, but the car was totaled.

So, what’s a college freshman going to do with $1,000?

It could cover “one-and-a-half years of [my] cell phone plan,” Xiao said jokingly but added he hadn’t quite decided yet.