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

By Jacqueline Molik Ghosen

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).

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

• An application that connects users with available storage space for their short- and medium-term storage needs
• A platform that provides automated, real-time patient tracking and surgical staff notification tools to streamline the perioperative procedure
• A portable, golf-inspired chipping game that uses a specially engineered, adjustable golf wedge
• A technology that generates hydrogen gas from water
• A cloud-based application used to capture and preserve a family’s oral history

What: Now in its 17th year, Panasci TEC was created by the UB School of Management and the UB Office of Economic Development, 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 team 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 worth $27,000 for legal services from Bond, Schoeneck & King PLLC; accounting services from Lumsden McCormick LLP; human resource startup services from the People Plan by HR Foundations Inc.; business development services from the UB Office of Economic Development; and office space from North Forest Office Space.

The second-place team will collect $10,000 in startup funding, and all teams will be offered space in dig, a co-working space in the Thomas R. Beecher Jr. Innovation Center.

Why: 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.

When: 4:30 to 8 p.m. on April 12 (detailed schedule below).

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

Details and Photo Opportunities:

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