Entire campus involved in Entrepreneurial Competition

SYRACUSE, February 19, 2003 — The 4th Annual 2003 Syracuse University Business Plan Competition has attracted sixty-eight teams competing for $40,000 in prize money. There are a record number of entries this year, with teams from every school and college involved. SU students from both undergraduate and graduate levels create growth business models with hopes of obtaining “seed” or start-up money for their ventures. This competition is presented by the Program in Entrepreneurship and Emerging Enterprises within the SU School of Management, and coordinated by the Falcone Center for Entrepreneurship.

The competition was created by a generous gift of $1 million from Mr. Henry A. Panasci, Jr. Mr. Panasci is currently chairman of Cygnus Management Group, a Syracuse-based venture capital and management consulting firm. He was a co-founder and CEO of Syracuse-based Fay's Inc. until 1996, when Fay's was sold to a national retail chain. Additional corporate sponsors of the Competition include the law firm of Bond, Schoeneck, & King, PLLC, and the accounting firm Ernst and Young LLP.

The competition began in December, with the finals scheduled for April 11 and 12. Teams go through five rounds of elimination as they submit initial concept summaries, first drafts of completed plans, final drafts of completed plans, and two rounds of oral presentations. Forty-four teams currently remain from the original sixty-seven, competing for the final awards.

The entries are judged on the innovativeness of their idea, the viability of the proposed venture, the quality and comprehensiveness of the written plan, and the quality of the oral presentation. Judging of the plans is based on the creation of an innovative business model, one that would have the possibility of attracting outside investment. A team’s potential for successful implementation and sustainability of its proposed venture is a crucial factor in determining this year’s award winners.

Dr. Michael Morris, Witting Chair in Entrepreneurship, notes, “We want this year’s finals to be a celebration of the entrepreneurial spirit at Syracuse. The huge level of interest in the competition lets us know that this spirit is alive and well on the campus. It reinforces our belief that entrepreneurship is a concept that has relevance for every student, no matter what their major or career direction is.”

The final rounds will take place on April 11-12, when a distinguished panel of independent judges will hear presentations from fifteen semi-finalists, which will then be cut to five finalists. These presentations will be in the School of Management building and are open to all members of the Syracuse community. Final announcements of the winners will take place at a luncheon on April 12. The winners will receive $25,000 (1st Place), $10,000 (2nd Place), and $5,000 (3rd Place).

The mission of the Program in Entrepreneurship and Emerging Enterprises is to teach and inspire the spirit of entrepreneurship as a way of life, doing business and thinking. Please visit www.som.syr.edu/competition for more information about the 20003 Syracuse University Business Plan Competition or for links to the EEE Program in the School of Management.