CMU student a finalist in national entrepreneur competition for ‘Hybrid Card’
Daniel Pearson was busy working on an invention to improve the lives of consumers while most other students were preparing for a new semester of college.
The Waterford junior entered his invention — the Hybrid Card — into Entrepreneur Magazine’s “College Entrepreneur of 2010” contest and is now one of five finalists in the competition.
Pearson created the idea for the Hybrid Card, which will enable consumers to integrate their debit, credit and rewards card onto one simple payment account. He said this card will allow them to save money and add security to protect them against identity fraud.
“I came up with the idea sometime in January when I realized I was using so many different cards just to reap the rewards that came with each of them,” he said.
He said when a consumer uses the Hybrid Card for everyday purchases the account will suggest a payment method to use and by doing so, will save them money with every transaction.
He decided to add in additional security features when he researched the number of people who become identity fraud victims annually, Pearson said.
He said there is not currently any sort of direct competition with such a type of card.
“Daniel is an extraordinary person,” said Jeffrey Hoyle, instructor of marketing. “He not only has a desire to learn but to apply what he learns.”
Pearson said he hopes to work with the CMU Research Corporation to develop the final product.
Washington senior Ryan Pawczuk said the increased safety would be desirable in a crowded market of payment options.
“I don’t want my identity stolen, so it’s a good idea,” Pawczuk said. “But if someone really knows how to hack well enough then they will still be able to steal that information.”
Focusing on the card
Though the Hybrid card is Pearson’s first invention, he has run a landscaping business in Oakland County since age 18.
“I just sold the company this summer so that I can focus on my studies and getting into graduate school,” Pearson said.
Pearson is the president of Collegiate Entrepreneurs’ Organization at CMU and sits on the Board of Advisors for Youtern.com, an internship search site for students looking to intern at start-ups and other entrepreneurial organizations.
Pearson said he has a strong passion for social entrepreneurship and the benefits new enterprises can bring to the world.
He said responsible business owners and entrepreneurs are what will carry the country out of recession and revolutionize the world as they have done since the beginning of time.
“Daniel possesses a genuine concern for society and I am convinced he will be a future leader with integrity and purpose — no matter he decides to pursue in the entrepreneurial realm,” Hoyle said.
Pearson’s ultimate goal is to teach business and entrepreneurship at the university level.
To view Pearson and other’s pitch and to vote on an idea, visit www.entrepreneur.com/e2010/vote/established.php
“Eventually,” Pearson said, “I think the Hybrid Card can revolutionize the way that people around the world make payments.”
