Creative business minds were in full gear Jan. 28 as the top five contestants of the Panasci Entrepreneurship Contest entered the final round. When the smoke cleared, however, only one remained: Jo Ann Johnson, a recent MBA graduate from UB's School of Management.
"I was very excited [to win], the competition was an excellent opportunity to write a business plan and thoroughly think through my ideas," said Johnson. The UB grad plans to begin the first phase of her proposed business, "The Western New York Equine Services," in the next few weeks.
Organized by UB's Center for Entrepreneurship, the Panasci competition was created to encourage the entrepreneurial interests of UB students and recent alumni and to promote the development and launch of new business in the Western New York area.
In the annual contest, now in its second year, students and alumni compete for $40,000 total in prize money - first-place prize of $25,000, second-place of $15,000 - to use toward a proposed business in Western New York. All applicants were required to attend one of the five two-hour workshops on business-plan writing offered at the Jacobs Management Center on North Campus.
Johnson's venture will provide emergency on-call services to off-duty or overworked equine veterinarians in the Western New York area, serving a combined total of nine vets and 15,000 horses.
Second prize went to Russell Van Brocklen, a UB undergraduate studying neurological communications. Van Brocklen's proposed business is called "Thinking Methodologies." Van Brocklen's business will aim to assist learning-disabled college students make the transition to college studies.
"It was impressive to see these students put to use talents and ideas they honed from their experiences at UB," said John Della Contrada, spokesman for the School of Management.
The final round consisted of finalists delivering 10-minute presentations to a panel of judges composed of local entrepreneurs and businesspeople. Finalists were evaluated on how well they presented potential sources of capital, described the feasibility and marketability of their start-up ventures, demonstrated the need for their products or service and on the content of their written business plans.
The judges of the contest impressed Della Contrada.
"They took their jobs very seriously and asked some very tough questions of the finalists," he said. "Their expertise reinforces the credibility of the contest, and reflects the important role the Panasci Awards can play in enhancing the entrepreneurial spirit and economic vitality of Western New York."
The Panasci contest is funded by a $1 million endowment from UB alumnus Henry A. Panasci Jr., chairman of the Cygnus Management Group of Syracuse and former CEO of Fays Inc.
