For Scott Carter, inspiration struck at an unusual moment: while skiing.
The result of that inspiration was First Tracks, Inc., a business plan that won Carter, a graduate of the School of Management's MBA program, first place and $25,000 in startup capital at the 2003 Panasci Awards competition.
Each year, the Panasci Awards competition, sponsored by the School of Management's Center for Entrepreneurial Leadership, grants $40,000 worth of startup capital to two UB students and graduates who are starting a local business.
"Scott has an idea that is going to survive in Western New York," said Marianne Sullivan, executive director of the center. "He's dedicated quite a bite of time and money."
According to Carter, First Tracks will develop Web-based software that will assist elementary school teachers and administrators in tracking their students' literacy skills. An avid skier, Carter said he developed some of the business plan for his company, as well as its name, while on the slopes.
Yali Friedman, a graduate student earning his Ph.D. in biochemistry, won the $15,000 second-place award.
Friedman presented a plan for thinkPharm, an Internet database that will provide pharmaceutical data, such as the expiration dates of drug patents.
According to Friedman, his challenge when entering the competition was his lack of experience with the business world.
"As a scientist, you don't get exposed to the other half of the world," Friedman said. "My goal was simply to learn everything I could."
According to Sullivan, the winners stood out because of their commitment to their projects.
"Judges aren't looking for someone who will be working a full-time job on the side," Sullivan said. "They're looking for businesses that are going to support this area and employ people."
Sullivan frequently referred to Microsoft founder and Chief Executive Officer Bill Gates as an example of commitment to a business venture, though she noted that she does not encourage students to drop out of college, like Gates did.
"Early in his life, Bill Gates committed full time to a business," she said. "I don't think he is in a situation where he feels badly about it today."
The competition is funded through a grant given by Henry A. Panasci, Jr., a 1952 alumnus of UB's School of Pharmacy who co-founded Fay's Drugs in 1958.
Five executives from the Western New York business community served on the judges' panel. The law firm Harris Beach LLP, M&T Bank, Rand Capital Corporation, Seed Capital Partners and Strategic Investments and Holdings, Inc. were represented.
"They are very familiar with seeing business plans all the time and identifying what it takes to start a successful business," said Sullivan.
A new element of the Panasci Awards this year was the chance for competitors to select mentors, which Sullivan said ensured that participants were professionally prepared.
Local entrepreneur Gerry Murak, an alumnus from the School of Management and founder of the management consulting firm Murak & Associates, served as Carter's mentor.
Friedman said his mentor, Mark DeLisle of Merrill Lynch, was "indispensable."
"He provided me with a strong business background, something I was completely lacking in," said Friedman.
According to Sullivan, Carter will present the plan for First Tracks at the Southwest Business Competition next month, where he will have the chance to win another $15,000.
Sullivan said future Panasci Awards judges will look favorably upon groups with diverse majors.
"That diversity is our goal, and that's really what our judges will be looking for as we go forward," she said. "Start coming up with an idea that you think is unique."
Friedman said he plans to formally launch his company as soon as possible. Once the company is established, he will spend the start-up capital on marketing thinkPharm and developing its Web site.
"I'd like to achieve the point where I can devote myself to this company full-time," said Friedman.
Photo: Courtesy of Laron Fomby
