Media Advisory: Aspiring entrepreneurs to compete for more than $60,000 at UB

By Jacqueline Molik Ghosen

BUFFALO, N.Y. -- More than $60,000 in startup funding and in-kind services is at stake in the final round of the Henry A. Panasci Jr. Technology Entrepreneurship Competition (Panasci TEC).

Since the competition began, 13 local businesses have launched with the first-place prize money, and most remain in business today. The very 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.

What: The 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.

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.

Why: Facilitated by the UB School of Management’s Center for Entrepreneurial Leadership (CEL), 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.

Who: Selected from a record 28 first-round pitches, the finalists feature a diverse array of ventures: Overlays LLC, a platform presenting data overlaid on interactive maps; ResAcel, a producer of viruses for research labs; Laundry Box, a drop-off box providing a convenient alternative for doing laundry; Earth Risk Systems, prediction and risk assessment services for natural disasters; and EMVISS, an invention that removes problematic vibrations in high-precision devices.

When: 4:30 to 8 p.m. on April 2 (detailed schedule below).

Where: The Center for the Arts Screening Room on UB’s North Campus.

Details and Photo Opportunities:

• 4:30 - 4:45 – Welcoming remarks from Thomas R. Ulbrich, assistant dean and executive director of the CEL; Arjang A. Assad, dean, UB School of Management; Karl D. Fielbelkorn, associate dean for student affairs and professional relations, UB School of Pharmacy and Pharmaceutical Sciences; and Martin Casstevens, business formation and commercialization manager, STOR
• 4:45 - 6:30 – Team presentations
• 6:30 - 7:30 – Reception
• 7:30 - 8 – Presentation of awards and closing remarks from Ulbrich