Undergraduate and graduate students gathered in the Martin J. Whitman School of Management this weekend with the hopes of earning money for their startups, and one student walked away with $20,000.

The 13th Annual Panasci Business Plan Competition, hosted by the Falcone Center for Entrepreneurship and the Entrepreneurship and Emerging Enterprises program in the Whitman School, allows students to pitch their fully developed business plans to judges well-versed in the art of starting a company and selling products.

Cash prizes are awarded to the most innovative and viable ideas, said Lindsay Wickham, the events and communications manager at the Falcone Center. The top three ideas receive $20,000, $7,500 and $2,500, respectively. There are also prizes for plans that fit more specific criteria, which are funded by Whitman alumni and local businesspeople.

This year’s first place winner was Daniel Goldberg, a senior information management and technology major, for the global athletic wear company Diamond MMA, which he co-founded. Goldman said he has competed in close to 10 business competitions, including coming in third place at last year’s Panasci Business Plan Competition for a different undertaking.

When developing their ideas, Wickham said many students work in the Couri Hatchery Business Incubator, which is part of the Falcone Center. There, students are provided with the resources needed to craft a strong business plan from start to finish, including working professionals who can give expert advice to young entrepreneurs, she said.

Rita Reicher, a judge for the competition, added that young entrepreneurs should not discard new concepts too early. Reicher, who has been a judge for four years, is president and chairwoman of KS&R, a market research firm in Syracuse.

As a veteran judge, she said she looks at how well the team has assessed its product’s market and investigated possible competitors. She added that the best submissions were those that began with a great idea. Then they must outline a realistic plan of action and present with care and professionalism.

Jordan Dudden, a senior communications design major, was also a participant in the competition. She is the sole-owner of JoJo Rings and partners with Anthony Richichi, her high school sweetheart and creator of his own startup, ChronicleMe Inc., to manage the business.

Dudden’s business creates rings out of recycled keys and donates a portion of the profits to a different charity every month, something that cannot be found anywhere else.

Dudden said Wickham encouraged her to take part in the competition after they worked together through Women Igniting the Spirit of Entrepreneurship at the Syracuse Tech Garden.

Developing a business plan for the competition taught her much about her business, which was an experience she needed, Dudden said. JoJo Rings finished second in the competition, bringing in $7,500 of investment capital.

Nick Massa, an MBA candidate at SU and a competitor in the final round, said he decided to take part in the competition because he had nothing to lose. Massa, the co-creator of Target Golf, a digital system that helps serious golfers train, said his idea grew from talking with his brother about his struggles as a professional golfer.

Solstice Power, a company that has redesigned how solar power is generated, came in third place, in addition to earning the Goldberg Prize in Technology & Innovation, as well as the Fetner Sustainable Enterprise award. Combined, these awards will contribute $10,000 to Solstice Power’s future.

Published on April 12, 2015 at 10:00 pm

Contact Delaney: dovanwey@syr.edu