UB entrepreneurship competition enters semifinal round

BUFFALO, N.Y. — Nine teams led by University at Buffalo students have been identified as semifinalists in the annual Henry A. Panasci Jr. Technology Entrepreneurship Competition (Panasci TEC), taking them one step closer to the $52,000 in startup funding and business services that will go to the group that presents the best plan for a viable new business in Western New York.

After watching 22 first-round pitches, preliminary judges pared down the number of teams to nine.

Ideas from the semifinalists represented a wide range of business plans:

In health care, a medical product company proposes a superior healing alternative for conventional tissue vessel grafts in vascular surgery, and another produces a more efficient pacemaker battery that eliminates the need for battery replacement surgery.

High-tech ideas include a robotics startup that develops self-navigating technology for boats; a technology that generates hydrogen gas from water; a precious metal retrieval unit to recover and reuse pricy metals; and a system that uses ultrasound signals to detect how close a user’s smartphone is to a computer for increased digital security.

In the cyber realm is an idea for an online network for finding real estate development and professional service opportunities; a cloud-based application to capture and preserve a family’s oral history; and a social network for learning new languages.

Each of the semifinalist teams has been matched with a coach from the business community to prepare for the next round, when they will submit written materials along with a video pitch.

Judges will evaluate those materials and select five finalists by March 30.

Each of the five final teams will deliver a 10-minute, public presentation at the competition’s final round from 4-8 p.m. on April 13 in the Center for the Arts Screening Room on UB’s North Campus.

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.

Winners will be announced at a reception immediately following the last team presentation.

Now in its 16th year, Panasci TEC was created by the UB School of Management and the UB Office of Science, Technology Transfer and Economic Outreach, 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.

Hosted by the School of Management’s Center for Entrepreneurial Leadership (CEL), 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.

Anyone interested in attending the presentations on April 13 should register with the CEL at 716-885-5715 or mgt-cel@buffalo.edu.