Aspiring entrepreneurs at UB will have a chance to team up and win big as part of the annual Panasci business contest.
UB alumnus and Fay's Drug Stores founder Henry A. Panasci, Jr. donated $1 million to UB, which accumulates interest to provide prize money for the competition according to Janine Tramont, coordinator for the Center for Entrepreneurial Leadership, a co-sponsor of the program.
The Henry A. Panasci, Jr. Technical Entrepreneurship Competition (PTEC) challenges students and alumni to create a business plan to present to a panel of judges at an April 23 event.
"[The goal is] for aspiring entrepreneurs to connect with the business community...and explore what it means to be an entrepreneur," Tramont said.
The winning team will receive $25,000, among other business services and a chance to win an additional $100,000 at the Golden Horseshoe Business Challenge, according to the contest Web site.
To enter, teams must have between two and five members. One member must be a current student or recent graduate of the School of Management (SOM), and come from outside the SOM.
The contest is more competitive for contestants this year, since SOM has widened eligibility to include more UB graduates. Alumni who graduated after May 2003 are now eligible to compete.
As one of the free services provided to contestants, each group receives a mentor to guide them through the entire process. Free workshops in presentation skills, funding, and intellectual property protection are also provided to contestants.
Johan B. Klarin, one of the 2004 PTEC winners, utilized all the services provided by UB and took criticism seriously. Now, he works at Merrill Lynch.
"The best advice I can give is to pay attention in the sessions and to listen to the critiques and criticism," Klarin said. "You are being judged by experts in the field who...are critiquing you on the same level as if it were the real world."
Resources aside, Klarin acknowledged that it takes a mental willingness to confront problems and solve them efficiently.
"I always compare it to an onion where you are constantly peeling it back - [you're] exposed to a problem then after that's solved, you immediately have a new problem to face," he said.
The first layer of the onion students must peel to contend for the prize in PTEC is to apply as a team. Applications will be accepted until Feb. 15 and are available online at http://mgt.buffalo.edu/cfdocs/Forms/ced/cel/TEC_appform.cfm.
Photo: Courtesy of Laron Fomby
