UB names finalists in entrepreneurship competition

By Jacqueline Molik Ghosen

BUFFALO, N.Y. — The University at Buffalo has identified five teams as finalists in the 20th 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.

Selected from 32 first-round pitches and 11 semifinalists, the finalists represent a diverse array of business proposals, including:

• An immune cell isolation, analysis and storage company that provides basic cryopreservation services for healthy clients
• A leak-sensing film that works with an app to monitor patients who have had intestinal repairs
• An interactive virtual reality software platform that simulates stressful environments to better prepare health care providers
• An app that uses algorithms to recommend meal options based on health goals, taste preferences, budget and ingredient optimization
• A next generation wind turbine designed to revolutionize the small wind industry

Each of the five final teams will deliver a 5-minute, virtual presentation at the competition’s final round, which will be held  Sept. 18 from 2-4 p.m. 

The teams 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.

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 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.

Hosted by the UB School of Management’s Center for Entrepreneurial Leadership (CEL) and Blackstone LaunchPad powered by Techstars 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.