Release Date: April 15, 2015
BUFFALO, N.Y. – An app that allows voters to voice their opinions to politicians. A 3D metal printer. And a chemotherapy treatment without the unpleasant side effects.
Once the ideas of University at Buffalo students, these startups are now a step closer to reality after taking first place in the annual UB Elevator Pitch Competition.
Their prize: $1,000 in seed funding and the reassurance that they have a potential million-dollar idea.
“I think it’s exciting to have the opportunity to make up to a $1,000 in 90 seconds, but more than that, it’s awesome to pitch your ideas and get your voice out there in front of so many distinguished members of our community,” says Minahil Khan, an undergraduate who took first place with her politically themed app, Branches.
The Elevator Pitch Competition returned on April 9 for its third year – Shark Tank-style. The competition followed the premise of a student obtaining a chance meeting with an investor in an elevator.
Armed with nothing more than their voices, 60 student teams stepped from an eight-foot-tall vintage elevator to pitch their businesses in 90 seconds to a panel of judges from Buffalo’s entrepreneurial community.
Judges were not allowed to ask follow-up questions and judged contestants solely on the strength of their pitches.
“This competition gives students a chance to develop the skills that allow them to become good at selling themselves, and making their ideas strong and understood,” says Provost Charles Zukoski. “To some extent, the competition is about raising money, but part of it is students sharing their ideas to develop these communication skills.”
The first place prize winners who took home $1,000 are:
Second place winners, who received $500, are:
The third place winners, who were awarded $250, are:
Winning teams were encouraged to further their ideas through one of several classes at UB; participating in the Henry A. Panasci Jr. Technology Entrepreneurship Competition; or interning with the Buffalo Student Sandbox program, which provides students with a weekly stipend to build their own startup.
“UB is in a unique position to encourage student entrepreneurship, given that we have a great blend of talents in arts, sciences, engineering, management and other disciplines,” says Yong Li, PhD, associate professor of operations management and strategy in the School of Management and academic director of the Entrepreneurship Academy. “Entrepreneurship stimulates innovation, job creation and economic growth – exactly what Western New York needs.”
The event was sponsored by the UB Academies, the School of Management and the Office of Science, Technology Transfer and Economic Outreach (STOR). The elevator was constructed by students and faculty in the UB School of Architecture and Planning. The awards were made possible by funding provided through an anonymous donation to the UB School of Management.