CALGARY - A University of Calgary student has won a national award in the Next 36 Elevator Pitch contest.

Adil Vegdanis SaveIt! idea - an electronic payment system for the eco-friendly consumer - captured the contest which asked post-secondary students to submit an elevator pitch for an innovative business that can be started with a maximum of $100,000 in funding in nine months or less.

SaveIt! gives consumers the option to have refunds from their recycled beverage containers directly deposited into their bank accounts or accrued for a year-end lump sum.

The 23-year-old Vegdani is in his third year at the University of Calgary studying economics and management with a focus on applied energy and sustainability.

Really the idea came to me after doing some research into the waste management industry, he said. What I discovered is that human beings are inherently wasteful . . . I think its more prevalent in Western society. People understand the concept of reduce, recycle. However I dont think we fully appreciate the magnitude of waste we create every day.

His idea is for a smartphone application coupled with a laser technology system.

The pitch needed to be a maximum of 100 words and applicants had a chance to win $2,500. The entries were judged on a combination of creativity, originality, content and the ability to thoughtfully present the idea in a direct and succinct manner.

The contest was presented by StudentAwards, The Next 36 and the Trajectory Brand.

Rob Henderson, president and chief executive of yconic, the parent company of StudentAwards, said the idea was to promote an entrepreneurial culture.

We wanted to capture some of the great ideas in 30 seconds or less, he said. Now the thing about an entrepreneur or even being a great business person being able to write down and consolidate and be very clear with your ideas in 100 words or less is an extreme talent which is why we wanted to base the whole competition on that criteria.

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U of C student wins national elevator business pitch award