Rev. Brian J. Shanley, O.P. President | St. John's University website
Rev. Brian J. Shanley, O.P. President | St. John's University website
A pair of events at St. John’s University’s new Venture & Innovation Center (VIC) recently engaged students, faculty, administration, and staff, providing valuable insights into the world of entrepreneurship. The events, held at the Queens, NY, campus, featured discussions on the challenges and triumphs of starting and growing innovative businesses.
During the events, Ariella Trotsenko, Director of the New York City Innovation Hot Spot, part of the US National Science Foundation’s Innovation Corps (I-Corps), shared valuable insights. "Why do start-ups fail?" she asked. "There is no market need, the founders fail to protect their patents, and they eventually run out of money." Trotsenko emphasized the importance of understanding that start-ups cannot simply be small versions of big companies.
The VIC, opened in January 2024, aims to support members of the St. John’s community in bringing their product ideas to market. Providing resources such as creation space, marketing strategies, and funding, the center is part of the university's commitment to fostering entrepreneurship and experiential learning.
Puya Ghazizadeh, an Assistant Professor at St. John’s, highlighted the benefits of programs like I-Corps in fostering entrepreneurial growth. "You learn a great deal on the I-Corps journey," Ghazizadeh shared. "I-Corps took me out of my comfort zone, but I knew it would help me grow."
The events also featured the success story of Bareburger, a restaurant franchise founded by St. John’s alumni Jimmy Pelekanos and John Simeonidis, along with Euripedes Pelekanos and another partner. The founders shared their journey of starting the organic burger bistro in 2009, which has since grown to 28 locations.
Reflecting on their experience, Jimmy Pelekanos emphasized the importance of strategic decision-making in business. "We have that entrepreneurial spirit in us and we believed in taking the chance when we were young," he said. "We knew that if it didn’t work it was not going to destroy us."
The founders also acknowledged the lessons learned from unsuccessful international expansion attempts. Euripedes Pelekanos admitted, "The decision to expand overseas was not strategic at all. It was totally opportunistic." He emphasized the importance of thoughtful planning and execution in business endeavors.
Overall, the events at St. John’s University’s Venture & Innovation Center served as a platform to inspire and educate aspiring entrepreneurs, providing valuable insights into the challenges and rewards of venturing into the world of business.
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