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UB, School of Management to Invest $525,000 in CEL

By Jacqueline Ghosen

Release Date: June 27, 2012

BUFFALO, N.Y. -- The University at Buffalo and the School of Management have announced plans to invest $525,000 in the school's Center for Entrepreneurial Leadership (CEL) to expand both the scope and reach of its activities.

Funding will be provided in equal shares by the School of Management and UB's "3 E Fund," a competitive program created by UB President Satish K. Tripathi to spur collaborative initiatives that will enhance the institution's impact around the "3 Es" -- excellence, engagement and efficiency -- that serve as the guiding principles of Tripathi's vision for UB.

The center will use the money over the course of the next three years to expand its role in economic development efforts at UB as a partner with regional business and industry that require entrepreneurial strategies to survive and thrive in today's economy. The following initiatives are key components of the CEL's expansion plan:

• Enhance the High-Tech CEL program. The CEL will continue to partner with the New York State Center of Excellence in Bioinformatics and Life Sciences to provide an expanded series of workshops and classes featuring entrepreneurial and industry-specific speakers. Investment in this program is critical to emerging life sciences activity in Western New York.

• Grow the Panasci Technology Entrepreneurship Competition (Panasci TEC). A joint venture between the UB School of Management and the UB Office of Science, Technology Transfer and Economic Outreach, Panasci TEC awards seed money and business services annually to the teams that present the best plan for launch of a viable new business in Western New York. Eleven local ventures have been launched with first-place prize money since the UB competition began, and most are still in business. With additional funding, the CEL seeks to elevate the profile of this event, engaging students, faculty and researchers across multiple disciplines, as well as businesses and the surrounding community. The CEL also plans to provide additional support to UB's Entrepreneurship Academy, which is designed to enhance the undergraduate experience at UB and harness students' creative and innovative spirit.

• Significantly enhance the programs and services provided by the CEL with a focus on entrepreneurship and growth-related partnerships. This includes both external clients, engaging more companies with the center through consulting activities and providing them with resources throughout their lifecycle, as well as working within UB to provide expertise in strategic and financial planning.

"Advancing entrepreneurship is vital to invigorating the university and Western New York," says Arjang A. Assad, dean of the UB School of Management. "This additional support will help the CEL bring its expertise to the region's culture of entrepreneurship, fostering communication, collaboration and cooperation between faculty, researchers, regional businesses, community leaders, employees and students."

Established in 1987, the UB Center for Entrepreneurial Leadership promotes business growth through leadership development and experiential learning.

"We are excited to have such an outstanding opportunity to strengthen the center and take things to the next level," says Tom Ulbrich, executive director of the CEL.

To foster the development of entrepreneurship in the region, the CEL provides a number of programs across a range of entrepreneurial environments. Nearly 900 CEL alumni employ more than 22,000 Western New Yorkers, and their businesses are worth more than $2 billion to the local economy. For more information, visit http://mgt.buffalo.edu/cel or contact the CEL at 716-885-5715 or mgt-cel@buffalo.edu.

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 has been ranked by Bloomberg Businessweek, the Financial Times, Forbes, U.S. News & World Report and The Wall Street Journal 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 http://mgt.buffalo.edu.