UB Panasci startups keep returning to the competition

More startups founded by University at Buffalo students are finding value in returning to participate in the Henry A. Panassi Jr. Technology Entrepreneurship Competition.

RHM Innovations, founded by the husband-and-wife team of Brandon and Courtney (CJ) Burris, won the championship a year after finishing second in last year’s Panassi Competition at UB. The company participated in the contest for three years.

And this year, Exerge, a company developing a compact renewable energy technology to replace residential solar panels, took home the runner-up prize of $10,000 for the second year in a row. This is also the third year that founders Daniel Chan and Dominique Lavigne are participating.

Panasci startups are encouraged to build on what they have learned through their first experience to compete again the following year and achieve even better results.

UB officials see growth opportunities as a key factor in creating products and companies that are ready to take on more advanced pre-seed and seed funding rounds.

“Students can take advantage of programs offered throughout the year to develop their ideas and confidence in preparation for Panasci, the biggest competition of the year,” said Hadar Borden, director of UB’s Startup & Innovation Collaboratory, which uses Blackstone LaunchPad. I encourage you to evolve.”

“Some students are looking to develop their ideas and start their own companies early in their university careers,” she added. “More than half of the finalist team members this year were undergraduates, so they were able to participate in the competition over multiple years, each time further refining their venture concept.”

And Empasta’s victory at the latest Panassi competition on Thursday was an even more impressive feat.

It was the first time founder Matthew Mullens and tournament partner Neharika Koradi pitched together.

Mullens was also able to raise the first significant amount of funding for his company, which makes plant-based cheese sauce alternatives that are free of irritants such as nuts, gluten, soy and dairy. His first place winner in the Panasci contest will receive $65,000 in start-up funds and in-kind business for his services.

Founded in 2019, Empasta was one of three finalist teams in the competition, which features products and concepts that contribute to sustainability goals.

The two MBA students met in class, and Mullens, impressed by Corradi’s creative vision and artistic skill, asked her to pitch together in a competition.

Mullens saw the contest as his first legitimate opportunity to launch a business, and has sold about 500 jars of cheese sauce so far, but he needs funding to scale and improve the product. He said that.

“There’s a sense of relief, there’s excitement. It’s a happy feeling that anyone would feel, but right now there’s a thousand things going through your mind about what’s going to happen next,” Mullens said Thursday. spoke after the competition.

Empasta had one competitive advantage. They were able to show the products to the judges and have them try them out. Being able to get a taste of what the startups were pitching gave the judges a different perspective. The judges ultimately determined that out of the six finalists, Empasta was selected based on the feasibility and marketability of the venture, potential demand for its products and services, and potential sources of capital.

Corradi says she learned a lot about presenting ideas. This was her first time pitching a business.

Mullens said he will consider other projects and funding opportunities after getting advice from competition judges and mentors. Among the companies they were able to work with through their participation in Panasci is Lloyd Taco Factory.

In the past, $1,000 has been awarded to People’s Choice winners chosen by viewers. It was not announced this year.

UB Vice President for Student Life Brian Hamruk said. “These are invaluable skills that will help[the startup]in its future advancements and business endeavors.”

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Applications for the Grow-NY International Business Competition are being accepted until May 15th.

Now in its sixth year, Grow-NY is looking for high-growth food, beverage and agriculture startups to compete for a total prize pool of $3 million. The competition will support his 20 finalists through the business development phase. This year, the final pitch competition will be held in Ithaca on November 6th and 7th.

Last year, FoodNerd of Buffalo was selected as one of 20 finalists out of 323 applicants. One finalist will receive a maximum prize of $1 million. Her other two will receive a $500,000 prize. In addition, four people will receive a prize of $250,000.

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The Buffalo Next team provides a complete picture of regional economic revitalization. Email your tips to buffalonext@buffnews.com or contact Buffalo Next editor David Robinson at 716-849-4435.

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