Three takeaways from UB’s Panasci startup contest

“Ready, set, pitch,” the audience called out as each of the University at Buffalo’s best student startups began their two-minute presentations.

Five of UB’s top entrepreneurial teams competed April 20 for a $25,000 grand prize in the Henry A. Panasci Jr. Technology Entrepreneurship Competition.

Team Real Talk, an ed-tech startup that helps organizations pursue diversity, equity and inclusion in the workplace, walked away with the giant check while RHM Innovations won the $10,000 second place prize for its shower chair attachment that helps the elderly and disabled bathe independently .

The annual startup contest is a celebration of innovation and entrepreneurship on UB’s campus and an opportunity for student entrepreneurs to make connections with people in the local tech and startup community who can help them grow their businesses.

Here are three takeaways from this year’s Panasci competition.

Of the five finalist teams, four were tech-based, which are exactly the types of companies the Buffalo-Niagara region is looking to attract.

Once they get off the ground, tech companies have the potential to scale up rapidly, injecting money into the local economy and creating well-paying jobs.

“The Panasci competition helped us solidify how we will contribute to the region’s economic development – ​​providing new jobs and opportunities to upcoming professionals,” said Malkijah Griffiths, one of the founders of Team Real Talk who is currently pursuing master’s degrees in public health and business administration at UB.

In addition to Team Real Talk and NetWorthy, the other tech companies that competed at Panasci were Sentrify and Open Beats.

Sentrify is a platform digital content creators can use to centralize their content so their audience can find their videos, podcasts and blogs all in one place. Open Beats is a cloud-based collaborative music studio that lets artists work on projects remotely in real time.

2. Taking cues from 43North

Organizers changed this year’s Panasci finale to be more similar to the 43North startup competition’s finals.

Each of the final five teams had two minutes to pitch their company to a panel of judges and a room full of spectators, followed by two minutes of questions from the judges. They were evaluated on how well they described the feasibility and marketability of their venture, proved the need for their product or service and presented potential sources of capital.

The day before, the entrepreneurs gave longer presentations to the same judges and got detailed feedback and advice.

This new format was not only more entertaining for the audience, but gave the student entrepreneurs experience giving different kinds of pitches – a skill that will help them as they go on to grow their companies outside of UB.

Panasci organizers added for the first time a people’s choice category, selected by the audience. NetWorthy, a personal finance tool aimed at college students, took home the $1,000 prize.

3. Building a better future for generations

The Panasci contest can be a steppingstone for students to launch their businesses to success beyond UB.

Campus Labs, originally called Student Voice, was the first winner of Panasci in 2001 and is among Western New York’s biggest startup successes. The company sold for more than $90 million in 2015 and later merged with two other companies to form Anthology.

Previous winners and finalists have also gone on to raise millions in funding from investors and other startup contests.

Any of this year’s finalists could go on to see the same success as Campus Labs. Such success could not only change their lives, but the lives of future generations, said LaTanya White, a racial equity entrepreneurship expert and educator. She also served as a judge.

“What UB is doing with Panasci is literally changing the course of generations to come,” she said.

“It’s amazing to see what students are thinking about and the ideas that you were presenting to us,” White said. “So hats off to you for that.”

Want to know more? Two stories to catch you up:

Welcome to Buffalo Next. This newsletter from The Buffalo News will bring you the latest coverage on the changing Buffalo Niagara economy – from real estate to health care to startups. Read more at BuffaloNext.com.

Five reads from Buffalo Next:

1. Energy road map calls for sweeping changes for WNY homeowners. A new statewide energy plan being debated would gradually phase out the use of natural gas in homes and buildings, in favor of greater reliance on electricity.

2. Workers hard to find? Auto dealers build direct path from college to a job. SUNY Erie Community College has partnered with two local car dealers on a program to train badly needed auto technicians.

3. M&T is about halfway to the hiring goal of 1,000 technologists. The bank is hiring tech talent from outside Buffalo, from universities the bank has targeted, and now, from underserved populations in Buffalo, too.

4. Newly licensed Western New York marijuana growers anxious to be on the forefront of the state’s cannabis market. The Releaf Market in Jamestown and Yager Farms in Eden are among the 52 growers granted the first licenses to cultivate adult-use recreational marijuana in the state.

5. Developer Paul Bliss seeks Amherst tax breaks for suburban mixed-use project. Bliss wants to construct an 80,000-square-foot building and six attached townhomes on a pair of vacant lots on Main Street, near the intersection with Transit Road.

The Buffalo Next team gives you the big picture on the region’s economic revitalization. Email tips to [email protected] or reach technology and startups reporter Natalie Brophy at [email protected]

Was this email forwarded to you? Sign up to get the latest in your inbox five days a week.