A few years ago Vincent Cheung, a doctoral candidate in ECE, created a software program called Shape Collage that automatically generates photo collages of any size and shape, starting it “as just a fun side project.”

Today, Shape Collage has three employees and annual revenues of approximately $750,000 — and Cheung has picked up a few awards along the way. In a recent article on BNET — CBS’s Interactive Business Network — Cheung explains why he’s chosen “a frugal, steady organic growth model” over venture capital.