July 30, 2024
Two new technology projects supported by St. John’s University’s Venture & Innovation Center (VIC) and assisted by students and recent graduates could soon be accessible to members of the University community.
Financially Lit, a financial literacy app targeted to college students and developed by soon-to-be sophomore Alexandra Cicala, could be available as soon as late summer, before most students return to the Queens, NY, campus.
Meanwhile, ChipServer, a portable, Wi-Fi-based file-sharing server developed by a local entrepreneur and currently being tested by two recent graduates and Anthony Brandimarte, a current student in The Peter J. Tobin College of Business, should follow shortly after that.
Both projects are in testing stages after receiving technological, marketing, and networking support from the VIC, which opened on the St. John’s campus earlier this year.
“Mine was truly a once-in-a-lifetime opportunity that would not have been possible without the VIC,” Alexandra said. “I have connected with several important resources inside and outside St. John’s. Having these networking opportunities where I can discuss my app has been especially important.”
ChipServer is being tested for vulnerabilities and other security issues by Nicholas Sakatis ’24CCPS and Rafael Haque ’24CCPS. Nicholas is studying the applicability and potential markets. “It’s a very versatile app that could revolutionize travel and entertainment,” he said.
About St. John’s University’s Venture & Innovation Center
The VIC, housed on the first floor of Tobin, is the latest initiative in the University’s commitment to entrepreneurship, business development, and experiential learning. Led by Director James M. Kinsley, M.B.A., Professor of Management, Entrepreneurship, Consulting, and Operations (MECO) at Tobin, it provides entrepreneurs inside and outside of St. John’s with business resources and product-development support, including creation space, marketing strategies, and even funding.
Alexandra’s app will offer financial advice on matters of interest to college students, including debt repayment, ways to economize on campus, how to manage part-time employment while in school, and strategies for handling finances after graduation. Additionally, the app will reward students who complete the literacy modules with financial incentives redeemable on campuses for textbooks, food, and more.
Student-Developed Financial Literacy App
A member of the Thomas J. Cox, Jr. Honors Program and the Catholic Scholars program, Alexandra came upon the idea at a high school civics conference in 2021.
“Through that experience and others, I received a foundational understanding of what financial literacy looked like in America,” Alexandra, of Westfield, NJ, said. “We discussed how only about 25 percent of college students believed they had a sufficient knowledge of finance.”
Alexandra used VIC resources to research the market, craft a business proposal, refine her pitch, meet an app developer, and connect with industry leaders, including Thomas K. Rudzewick, Chief Executive Officer of Maspeth Federal Savings. Both were surprised to discover how few personal finance apps target college students exclusively.
“There’s great potential here,” she said, “and great room for expansion.”
Mr. Rudzewick and other members of Maspeth’s board listened to a financial pitch from Alexandra earlier in the summer.
“Alexandra’s app has incredible potential to help students gain financial empowerment,” Mr. Rudzewick said. “We were proud to be asked to participate in the project. Alexandra shows incredible drive, expertise, and entrepreneurship that is rarely seen at such a young age.”
Financially Lit is near completion with a tentative release date of August 2024. Under her ideal business plan, Alexandra will release the app exclusively to colleges and universities for a licensing fee. The colleges then would offer it free to students.
Metropolitan-area colleges and universities will be offered licensing options first before the app is released nationally. Alexandra has already met with Red Storm athletic department members, who are considering offering the app to student-athletes.
“We always want to offer resources that we think will be valuable to our student-athletes, including for their financial education,” said John A. Diffley, Ed.D., Interim Athletic Director. “The VIC is a great collaborative resource for us.”
A Portable Wi-Fi Port
ChipServer’s Wi-Fi port is small enough to fit in a user’s hands. It allows multiple users to simultaneously share files from otherwise incompatible devices, such as an Apple iPhone and a Dell computer. It also serves as a portable Wi-Fi connection, allowing users internet access in areas where conventional Wi-Fi is unavailable.
Anthony sees broad applications for the technology in the developing world, where schools often lack Wi-Fi, and for travelers eager to avoid in-flight Wi-Fi charges. Closer to home, he imagines wedding guests, for example, being able to access ceremony photos on their phones in real time through ChipServer. Current technology requires a USB drive to be connected to a television at the venue.
Plans call for ChipServer to be released directly to consumers through a merchandising website the developers are creating. The port will cost less than $200, according to Anthony. The developers hope to offer it eventually to big-box retailers such as Best Buy and Target.
“I think it could do the most good in education,” Anthony explained. “We take classroom Wi-Fi for granted in this country, but that is often not the case in the developing world.”
Mr. Kinsley said these are precisely the innovative product ideas the VIC seeks to cultivate.
“These are examples of entrepreneurs who had business ideas to pitch and used the resources of the VIC to help bring those ideas to life,” Mr. Kinsley said. “Their dedication should inspire all St. John’s community members who have ideas they would like to pitch."