A. As NYU students and petite powerhouses standing no taller than 5'2", we were very familiar with the pain caused by high heels. Classes, internships, NYC nightlife all led to painful, aching arches. When scouring the market for an "emergency footwear" product left us empty handed, we used Alibaba as a resource to create our own! With savings of $10,000, and by juggling classroom papers and corporate term sheets throughout our senior year, we brought CitiSoles to market this June. CitiSoles are patent-pending, foldable ballet flats that come in a compact carrying case. Retailing at just $24.99, they promise portability & comfort for the overworked feet of the everyday woman! The best part? The carrying case unfurls into a tote bag to carry those skyscraper stilettos home in. In the fashion market, women are seeking out problem-solving accessories. Since bringing CitiSoles to market, we have partnered with a large manufacturing company to ensure our ability to bring 3-4 creative and cost-effective new products to market annually.

B. Being small and agile in a recessionary environment has enabled us to respond quickly to market trends, reevaluating and refocusing our attention towards the most lucrative opportunities. Highly skilled professionals are willing to work at discounted rates, at times even for free. We saved almost $10,000 by hiring two interns from top universities, utilizing free portals like Alibaba, and employing VOIP technology such as Skype. Because of the speed of the internet, we were able to develop and bring an innovative product to market in a few months time, gaining instant recognition in national media outlets including Fox Business News, NY Daily News, Forbes, CNN, WCBS, and more. Within a few weeks of launch, we had over 22 retail accounts. Both of us were looking at the most dismal job market in decades. As former interns at Citigroup and Goldman Sachs, we recognized the differences in a corporate career path. The recession, oddly enough, only fueled our entrepreneurial passions, as there was simply less to lose. Instead of worrying about getting a job or losing a job, we were able to create our own.

C. Winning the grand prize would enable us to bring new products to a highly profitable niche market. In 2008, the $16.3B accessories market benefited from the consumer shift towards wallet-friendly accessories away from designer apparel. Winning this contest would allow us to order thousands of more units, cover the expenses to attend top fashion/gift trade shows, file a US Patent Application, and revamp our retail packaging and display options. We have been approached with the possibility to have CitiSoles become an As Seen on TV product, ensuring sales of a projected .5M units annually in big box retailers such as Wal-Mart, Target and Walgreens. With deals such as this one, however, upfront capital is required to ensure timely development and manufacturing, as well as proper inventory management. We see opportunities everywhere, but it is only through more access to funding that we can seize them.

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