The Observer, April 22, 2005
Volume XXXVII, Issue 26
Student-founded company recruiting undergraduates
Integrating management and entrepreneurship, the recently launched Lake Effect Innovation company was founded by six graduate students enrolled in the Master of Engineering and Management program (MEM) at Case.
Formed in March, Lakeeffect Innovation is a limited liability company with two main objectives: to help companies apply new techniques of innovation management and to reduce barriers to entry into the business world for entrepreneurs.
"We are an innovative consulting company that uses systematic methods and incorporates engineering and entrepreneurship," Lake Effect Innovation president Shehzad Ashfaq said.
The name of the company, Lake Effect Innovation, was inspired by the city of Cleveland and the weather phenomenon that creates a large amount of snow in the area during winter.
"When coming up with a name, we wanted to bring to mind what we do and who we are. Based in Cleveland, we thought Lake Effect would be appropriate. Our ideas are what make us innovative and different," vice president of sales Dave Hyson said.
Lake Effect's management team plans to strengthen and expand the establishment through partnership with a Fortune 500 company. "We have won the bid for this project from a Fortune 500 company and we are currently working with the company," Ashfaq said.
Though the idea for the company was originally formed as a group project, Case is not actually linked to the management or operations of the company. "We are completely separate from Case, but this company is a good example of experiential learning – you can take what you learn in class and apply it to the real world," Ashfaq said.
The founding members are set to graduate this May, but the company will be passed on to students in the MEM program as well as other undergraduates. "We are currently recruiting students to be a part of this company. This is a great opportunity for students who are interested in engineering and business. However, we are also open to students who are involved in other fields of study. We can provide opportunities for any student who has the initiative and drive," vice president of marketing Brad Kleinman said.
