A UB graduate with a business plan for an internet-based surveillance company won the 2004 Panasci Entreprenurial Competition awards and walked away with $25,000 in startup capital.
The annual Panasci awards, now in their fourth year, provide $25,000 in seed funding to the UB student or alumnus who presents the best plan for a new business in Western New York. A total of 17 teams competed in this year's competition.
The winner, Michael Blumenson, is a Williamsville native and a 1998 graduate of UB's Master of Business Administration program.
Blumenson presented a plan for Digital Surveillance Services, a company that would provide internet-based surveillance products aimed initially at several specific markets, including school systems and retail industries.
Blumenson said the surveillance field has vast possibilities of expansion in the near future.
"The DSS business plan has broad appeal because video surveillance is already pervasive and there is a strong movement for greater security in all sorts of businesses and institutions all over the world," he said.
Video surveillance can play a key role in prosecuting a criminal case, Blumenson said, so increasing its use will be a crime-fighting tool.
"Visual evidence is usually the ironclad proof that decision makers need in order to do something about a problem whether its theft, vandalism or violence," he said.
Blumenson said the winning aspect of his plan is its internet-based products and services, which give it a distinct advantage over traditional forms of surveillance.
"The technology we are working with is superior to existing solutions in terms of cost, accessibility of images, flexible deployment and range of applications," he said. "I think the Panasci judges recognized that our products will sell."
But Blumenson can't rest on his laurels just yet. From here, he and his DSS concept move on to the Southwest Business Plan Competition at Rice University in Houston, Texas, where he will have the opportunity to compete for one of three top prizes of $15,000, $10,000, or $5,000.
The road to the top doesn't stop there, either. Should Blumenson place in Houston, he would be headed to yet another competition, this time on the international stage. The worldwide MOOT CORP competition holds a prize purse of $100,000.
Still testing his feet in the businessworld waters, Blumenson said he has seen definite benefits from participating in the competition.
"DSS is my first start-up as the principal. I was involved with another start-up about 10 years ago that failed," he said. "That experience taught me a lot of critical lessons about what are acceptable amounts of risk and the importance of a solid business plan."
The competition is funded by a $1 million endowment courtesy of UB School of Pharmacy alumnus Henry Panasci Jr., a co-founder of local retailer Fay's Drugs.
"The Panasci Competition was well run and the Center for Entrepreneurial Leadership is a classy organization with the extremely important goal of improving the economy in WNY by helping grow local businesses," Blumenson said. "I look forward to starting my business and drawing from and contributing to the CEL for years to come."
Photo: Courtesy of Laron Fomby
