Release Date: February 25, 2003
BUFFALO, N.Y. -- Six teams of students and alumni from the University at Buffalo will compete for $40,000 in prizes in the final round of the Panasci Entrepreneurial Competition on March 3. The competition will be held from 3-6:15 p.m. in the Jacobs Executive Development Center, 672 Delaware Ave.
The first- and second-place teams that devise and present the best plan for a viable business will win cash prizes of $25,000 and $15,000, respectively, to launch their enterprise in Western New York. The winning team will go on to compete in the Southwest Business Competition at Rice University in Houston.
The Panasci Competition, now in its third year, was created to encourage the entrepreneurial interests of UB students and recent alumni. The competition is organized by UB's Center for Entrepreneurial Leadership and funded with a $1 million endowment from UB School of Pharmacy alumnus Henry A. Panasci, Jr., chairman of Cygnus Management Group and past chairman and CEO of Fay's Inc.
This year's finalists, chosen from among 16 entrants, are drawn from a variety of academic disciplines at UB, including business administration, biochemistry, geographic information systems and electrical engineering. The six final teams were chosen based on the content of their written business plans.
The finalists will deliver 10-minute presentations and 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.
The competition will be judged by representatives from Strategic Investment & Holdings, Inc., Harris Beach, LLP, M & T Investment Group, Rand Capital Corp., and Seed Capital Partners. Winners will be announced following the last presentation.
Those interested in attending the presentations should register with UB's Center for Entrepreneurial Leadership at 645-3000 or firstname.lastname@example.org.