Local 43North semifinalists to get boost from Pitch Prep

The 30 local startups in the semifinals of the 43North business idea contest may gain a leg up on their out-of-town competition.

That’s because they’re eligible for Pitch Prep, a series of events designed to help budding Western New York entrepreneurs sharpen their business skills and, ultimately, win some of the contest’s $5 million in cash prizes.

WNY Innovation Hot Spot (IHS), a consortium of the region’s eight business incubators, is organizing Pitch Prep, and the incubators are working together to produce the series. IHS is managed by UB’s Office of Science, Technology Transfer and Economic Outreach (STOR).

Pitch Prep events include, but are not limited to:

• A presentation on Aug. 6 by Rami Katz, chief operating officer of Excell Partners, a venture capital firm in Rochester. The event, at UB’s Clinical and Translational Research Center, included remarks from UB Vice Provost Robert J. Genco, who addressed regional trends surrounding the formation of startup companies.
• An online pitch session — using the same web conferencing platform and time allotments required in the 43North semifinals — with New York City investor David Hochman. Hochman is a consultant in technology-based economic development and serves as founding executive director of the Business Incubator Association of New York State.

Jonathan Moscato, founder of Programmable Equipment Company, participated in the 2014 Pitch Prep series. “Practicing my pitch was a real eye opener,” he says. “I knew I had a great business, but the venture capitalist pushed me to simplify my story. It motivated me to keep working on my pitch and ultimately helped me claim my place as a 43North winner.” His company received $250,000.

Glenna Bett, associate professor in the Department of Obstetrics and Gynecology, and Randall L. Rasmusson, professor in the Department of Physiology and Biophysics, co-founded UB spinoff company CytoCybernetics.

They were semifinalists in the 2014 43North competition and have again reached this year’s semifinals. Last year’s Pitch Prep sessions helped them improve CytoCybernetics; for example, they’ve been accepted in the tax incentive program, START-UP NY.

“We’re scientists and inventors who are building a business,” Bett says. “The Pitch Prep series was invaluable in helping us shift to the mindset of businesspeople. We’ve made five years’ worth of progress in the last 12 months.”

Martin Casstevens, business formation and commercialization manager at STOR, which supports nine of the 30 local semifinalists says 43North “pushes applicants to take a hard look at where they are and quickly step up their game to compete. Pitching is iterative and entrepreneurs get better with practice and perspective. It’s our job to make sure our companies have all the resources necessary to do just that.”

For Murdock, Pitch Prep is another way for the region to show its strength in incubating startups.

“We’re pulling all of this together in just a few weeks, and the volunteers are lining up to help our entrepreneurs. It’s clear that everyone is very serious about getting these companies ready to go,” he says.

“Last years’ experience shows us that local ventures can compete with the best from the world over. 43North does a fantastic job of drawing the world’s eyes to Buffalo. And when the whole world is looking our way, our local entrepreneurs are going to shine.”

To sign up for Pitch Prep, visit the IHS website. For more information, contact Tom Murdock, IHS manager, at murdock2@buffalo.edu or 645-7367.