As Global Entrepreneurship Week comes to an end, we speak with Peyman Moeini, the co-founder of Peytec and a current Ryerson undergraduate student in the biomedical engineering program.
By Angela Serednicki
The Eyeopener: What is Peytec?
Peyman Moeini: Paytech is an engineering company that has created a wireless based security solution for retail based stores. We use a Tamper-Aware RFID tag that attaches to products in order to prevent shoplifting. The tags are sensitive to tampering, and systems are able to detect if someone tries to remove it. The tags can automatically count and track all items in the store, making inventory a lot easier.
Eye: How have retail stores reacted to Tamper-Aware RFID technology?
P.M.: Last year, Canadian retail stores lost five billion dollars due to shoplifting. It’s a very common problem; a lot of money is lost when shoplifters take things into washrooms and fitting rooms. Our database can automatically track and instantly count all items, making it much more dynamic. Only high end products are currently being tagged.
Eye: Do you have advice for university students interested in entrepreneurship?
P.M.: People who want to do entrepreneurship must be very strong in terms of personality and characteristics. In business there is a dynamic environment, there is a lot going on, there is a lot to control. In order to be able to handle everything, you need to be knowledgeable in the business that you’re studying.
Risks are good, but can be fatal if it’s not an educated one, making it essential to have knowledge and expectation to oversee the situation. Find good advisors, have passion, and be sure to network.
Eye: How has Ryerson’s Digital Media Zone helped shape your business?
P.M.: Business is like a building, the foundation is the most important part and must be done correctly. Most people don’t have the background base knowledge when they start a business, but the advisors here teach you what to watch out for and help you get through the learning curve and experience. The DMZ helped me to build a strong foundation in entrepreneurship.