Release date: April 9, 2015
More than $60K at stake in cash and services
BUFFALO, N.Y. -- Five teams will vie for more than $60,000 in startup funding and in-kind services in the final round of the Henry A. Panasci Jr. Technology Entrepreneurship Competition (Panasci TEC) on April 15 at UB’s Center for the Arts.
Selected from a record 33 first-round pitches, the finalists feature a diverse array of ventures: Buffalo Automation Group, a robotics startup that develops self-navigating technology for boats and ships; SMART WALLS, deployable, precast concrete walls used to protect buildings or entire neighborhoods against water-related hazards; PhotoZyne, a biotechnology venture that has developed a novel therapeutic agent delivery platform; College Underground, an app that connects college students with relevant on-campus information; and Pawraiser, a crowdfunding platform to raise money for animals in need.
Since the competition began, 14 local businesses have launched with the first-place prize money, and most remain in business today. The first Panasci TEC champs sold their business, Campus Labs, for $40 million in 2012.
This year, the team that presents the best plan for launching a viable new business in Western New York will earn $25,000 in seed money.
In addition, the winning team will receive in-kind awards worth $27,000 for legal services from Jaeckle Fleischmann & Mugel LLP; accounting services from Kopin & Co. P.C.; human resource startup services from the People Plan by HR Foundations Inc.; business development services from the UB Office of Science, Technology Transfer and Economic Outreach (STOR); and office space from North Forest Office Space.
The second-place team will collect $10,000 in startup funding.
In the finals, teams will deliver 10-minute presentations. They will be judged on how well they describe the feasibility and marketability of their venture, prove the need for their idea and present potential sources of capital.
Panasci TEC was created by the UB School of Management and STOR and is funded with a $1 million endowment from the late Henry A. Panasci Jr.
Facilitated by the UB School of Management’s Center for Entrepreneurial Leadership, the competition brings together UB students from science, technology, business and other disciplines to maximize their potential and create viable businesses in Western New York.
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The University at Buffalo is a premier research-intensive public university, the largest and most comprehensive campus in the State University of New York. UB’s nearly 30,000 students pursue their academic interests through more than 300 undergraduate, graduate and professional degree programs. Founded in 1846, the University at Buffalo is a member of the Association of American Universities.