Media advisory: Aspiring entrepreneurs to compete for more than $52,000 at UB

By Jacqueline Molik Ghosen

BUFFALO, N.Y.– Five teams will vie for more than $52,000 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 12 semifinalists, the finalists feature a diverse array of business ventures:

• On-demand refrigerated food storage compartments for health-conscious and commuter students
• An immune cell isolation, analysis and storage company that provides basic cryopreservation services for healthy clients
• A patient-specific cell therapy used as an alternative to orthotopic liver transplantation
• A device that measures fascial tension, assisting in the closure of surgical incisions and improving abdominal surgery outcomes
• A location-based messaging app that facilitates real-life interactions between users.

What: Now in its 19th 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 to $25,000 in seed funding, the winning team will receive in-kind awards valued at $27,000 for legal services from Colligan Law LLP, accounting services from Lumsden & McCormick LLP, human resource services from the People Plan from HR Foundations Inc., business development services from the UB Office of Business and Entrepreneur Partnerships, and Western New York Incubator Network, and office space from North Forest Office Space.

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

Why: Hosted by the School of Management’s Center for Entrepreneurial Leadership and UB’s Blackstone LaunchPad powered by Techstars, 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 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 at launchpadub@buffalo.edu or 716-645-8111.