Five UNLV graduate students are reinventing how parking is managed.
“Between the simplified design of the sensors and easy-to-use application, we have developed a product that is attractive to investors, parking managers and parking users,” ParkIt team leader Catherine Reid said. “More importantly, we have a diverse management team that works well in developing ideas, processes, and follow through.”
Reid said ParkIt sensors are parking meters that connect to a back-end software system.
“This allows for drivers to access an application that will show them available parking facilities and stalls, as well as provide managers with a way to easily see who is in a parking stall without paying,” she said.
Reid said once the team had an idea of how to develop parking sensors, it met several times to determine a business plan and design.
“Through meetings and brainstorming, trying to find an idea that would combine the engineering side of sensors and software development with the business side of developing a tech-related business, ParkIt sensors was developed,” she said. “By having an outline of what we wanted to accomplish, we were able to develop our company concepts relatively quickly.”
The SNBPC helped Reid and her team members — Ariel Rosen, Ashley Nichols, Tracy Sperry and Kurt Temple — realize that business plans and funding are a huge part of taking on new business endeavors.
“The SNBPC helps young people get a firsthand look into the process of business development, including idea creation, working with a management team, presenting to potential investors, and dealing appropriately with feedback,” she said.
Being named one of the five finalists has given Reid and her team confirmation that ParkIt is a successful idea.
“We were excited to have further validation given to the business concept,” she said.