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Aspiring entrepreneurs enter final round of UB competition

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Fri, Apr 8th 2016 09:30 am

By the University at Buffalo

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) on April 13 at UB's Center for the Arts.

The finalists, pared down from 22 initial entries, feature a diverse array of ventures:

  • A medical product company that proposes a superior healing alternative for conventional tissue vessel grafts in vascular surgery
  • A robotics startup that develops self-navigating technology for boats
  • A cloud-based application to capture and preserve a family's oral history
  • A social network for learning new languages

Each team will deliver a 10-minute, public presentation at the competition's final round from 4-8 p.m. Wednesday 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.

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 Bond, Schoeneck & King PLLC; accounting services from Kopin & Co. PC; 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; 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 co-working space in dig, within the Thomas R. Beecher Jr. Innovation Center.

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, 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 [email protected].

Schedule:

  • 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 and closing remarks

The UB School of Management is recognized for its emphasis on real-world learning, community and economic impact, and the global perspective of its faculty, students and alumni. The school also has been ranked by Bloomberg Businessweek, the Financial Times, Forbes and U.S. News & World Report for the quality of its programs and the return on investment it provides its graduates. For more information about the UB School of Management, visit mgt.buffalo.edu.

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