Media Advisory: Aspiring entrepreneurs to compete for more than $62,000 at UB

By Jacqueline Molik Ghosen

BUFFALO, N.Y. — Five teams will vie for more than $62,000 in startup funding and in-kind services in the final round of the Henry A. Panasci Jr. Technology Entrepreneurship Competition (Panasci TEC).

Who: Selected from 33 first-round pitches and 11 semifinalists, the finalists feature a diverse array of business ventures:

• A software solution that improves the visualization and integration of electronic health records to save time and prevent misinterpretation and medical error
• A platform that assists with the placement decision process for elderly loved ones who need care
• A portable, golf-inspired chipping game that uses a specially engineered, adjustable golf wedge
• A device for a guitar that allows a user to control digital sound effects right on the instrument
• A management platform to streamline group work for teachers

What: Now in its 18th year, Panasci TEC was created by the UB School of Management and the UB Office of Business and Entrepreneur Partnerships, and is funded with a $1 million endowment from the late Henry A. Panasci Jr. to facilitate and promote the commercialization of UB-generated technologies.

Each of the five final teams will deliver a 10-minute public presentation, and they will be evaluated on how well they describe the feasibility and marketability of their venture, prove the need for their product or service and present potential sources of capital. 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 valued at $27,000 for legal services from Bond, Schoeneck & King; accounting services from Lumsden & McCormick; human resource services from the People Plan from HR Foundations Inc., business development services from the UB Office of Business and Entrepreneur Partnerships; and office space from North Forest Office Space. The first-place team also will have the opportunity to pitch to investors at the Bright Buffalo Niagara Expo.

The second-place team will collect $10,000 in startup funding.

Why: Hosted by the School of Management’s Center for Entrepreneurial Leadership and Blackstone LaunchPad at UB, the event brings together UB students from science, technology, business and other disciplines to maximize their potential and create viable businesses in Western New York.

When: 4:30 to 8 p.m. on April 10 (detailed schedule below).

Where: The Center for the Arts Main Stage Theater on UB’s North Campus.

Details and Photo Opportunities:

• 4:30-4:45    Welcome remarks
• 4:45-6:30    Team presentations
• 6:30-7:30    Reception
• 7:30-8        Presentation of awards

Anyone interested in attending the presentations on April 10 should register with the CEL at 716-885-5715 or mgt-cel@buffalo.edu.