For the 26 years now , the University at Buffalo has hosted its Panasci Technology Entrepreneurship Competition. It offers UB students the opportunity to utilize their education and skills to turn ideas into real-world products.
Six teams are in Thursday’s final round for a shot at $75,000 worth of seed money and business resources. They range from a dried apple snack business, an AI-driven plastic recycling software, to an innovative life-saving ventilator for cardiac patients, and everything in-between.
That includes a team co-founded by engineering student Arjun Kodial. His venture, LAZZCO Rocketry, is developing rocket motors for hobby and educational consumers. Kodial said the idea was born from an issue he and his friends ran into in high school when their interests in science, technology, engineering and math field, or STEM, were first developing.
"We branched out into propulsion and all sorts of engineering concepts, and we realized that there was really a gap in the hobby rocketry motor market, and that limited us from flying as much as we wanted to," Kodial said.
But a great idea and product only gets you so far in the world of business. That’s where UB’s Startup and Innovation Collaboratory comes in with partnerships for Panasci Competition winners.
CoLab’s director Hadar Borden said in addition to $25,000 in seed money, they also unlock a wealth of in-kind resources.
"Legal and patent work and accounting and marketing, we've got office space and strategic planning resources to really develop the entrepreneurs as founders," Borden said. "They have this idea, but how do you scale this idea and establish it and make sure that it's sustainable here in Western New York?"
For Kodial, Panasci has been a learning experience. He sees the bridging of engineering into entrepreneurship as an important tool in accomplishing his aspirations for advancing technology for youth.
"I remember in middle school, this is a memory for me, my teacher had asked me, 'what did I want to be?,''" recounted Kodial. "And I just felt like I couldn't choose one thing. There were just so many things I wanted to experiment with. And I think being an entrepreneur really allows you to do that."
Win or lose, Borden said competitors through the years have found the Panasci Competition invaluable, even if their product doesn’t turn into a lifelong venture.
"The learning that they take away from it as individuals, as business leaders, you find that they translate and transfer to other experiences, and they often have founded other companies," she said.
The six finalists make their last pitch to judges Thursday at 4:30 p.m. at UB’s Center for the Arts.
