Release Date: January 25, 2002
BUFFALO, N.Y. -- Five teams of University at Buffalo students and alumni will complete for $40,000 in prizes during the final round of the Panasci Entrepreneurship Contest on Jan. 28.
The first- and second-place winners will win $25,000 and $15,000, respectively, to start up a proposed new business in Western New York. The competition will be held from 4:30 to 6:30 p.m. in 280 Park Hall on UB's North (Amherst) Campus.
Organized by UB's Center for Entrepreneurship, the Panasci Competition -- now in its second year -- was created to encourage the entrepreneurial interests of UB students and recent alumni, and to promote the development and launch of new businesses in the Western New York area. The contest is funded by a generous gift from UB alumnus Henry A. Panasci, Jr., chairman of the Cygnus Management Group of Syracuse and former CEO of Fays, Inc.
This year's finalists were chosen from among 17 entrants and are drawn from various academic disciplines at UB, including business administration, economics, geographical information sciences and neurological communication. The businesses proposed by the finalists are: a financial-service delivery system, an HR outsourcing company, a teaching center for learning-disabled high school students, a wedding-planning service, and an equine service company.
During the final round, finalists must deliver 10-minute presentations to a panel of judges composed of local entrepreneurs and businesspeople. They will be evaluated on how well they present potential sources of capital, describe the feasibility and marketability of their start-up venture, prove the need for their product or service and on content of their written business plan.
Last year's first-place prize was awarded to a team of four MBA students who devised a plan for launching a market-research firm focused on college students. Second place went to a team of four MBA students and one UB alumnus who sought to develop an interactive inventory system for the grocery industry.
For information about attending the competition, call UB's Center for Entrepreneurial Leadership at 645-3000.