Business students pitch ideas for new companies

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Updated: August 4, 2011 4:20PM

Judson University alumnus Kevin Noe told business students recently that one of the keys to his entrepreneurial success is his refusal to become a cynic.

Noe shared this and several other insights during the Elgin school’s business plan competition, attended by about 12 guests.

“I give everyone the benefit of the doubt,” said Noe, who discussed the difficulties of terminating employees and sometimes having to face wrongful termination litigation as a result. “When you have these things happen to you, it’s very easy to become a cynic, and I think the thing I am most proud of is that I don’t think my heart has been callused over. It happens to a lot of people after being in business 20 or 30 years.” Noe recently retired from Tata Technologies, where he served as the company’s chief marketing officer for the automotive, aerospace, construction and heavy engineering company, and holds a U.S. patent.

Noe’s discussion followed the business plan presentation, in which senior Kyle Pearson discussed his concept for a new company — mie car. The plan entailed owning a fleet of hybrid vehicles, and leasing them on an hourly basis to the public.

“Cities are crowded. Parking is limited and expensive. Studies indicate people are moving to the city. Larger carbon footprints are a problem,” Pearson said. “Mie car is a solution because one car shared replaces 15 privately owned cars. It’s about $7 per hour, including gas and insurance.”

Pearson said he thought Americans would respond to the idea because they are starting to accept that the cost of energy will remain high.

“Europe is 10 years ahead of us in developing alternative energy technology because they were affected by the higher costs of energy, and they responded,” he said. So this concept “is a mindset.”

Professor Keith Jenkins said challenges of business are opportunities to recognize spiritual faith. “Even though my cash flow is gone and my inventory is high, as an entrepreneur, in the midst of difficulty, that is when we can praise God,” he said.

Seniors Lela Delong, Lisa Reitz, Kristin Rukharberlen and Yeut Tsang presented a concept for a tea and cupcake shop, and senior Matthew McHenry presented a rubber band-bracelet fundraising endeavor.

Jenkins encouraged the students to focus on their ideas more than their numbers when presenting to potential investors. “You’re selling an idea,” he said. “If they like your idea, they’ll listen to your numbers. If they don’t like the idea, they won’t care about the numbers.”