$1 Million Gift From Henry A. Panasci, Jr. To Establish Entrepreneurial Award At UB

BUFFALO, N.Y. -- A pharmacist and business executive turned venture capitalist, University at Buffalo graduate Henry A. Panasci, Jr. has given $1 million to the university to create a competition that encourages students to become entrepreneurs.

Chairman of Cygnus Management Group, LLC, and former chairman and CEO of Fay's, Inc., Panasci has established the Henry A. Panasci, Jr. Entrepreneurship Award.

All UB students will be eligible for the competition, and may enter either individually or as teams. There will be two prizes awarded each year, $25,000 to the first-place winner and $15,000 to the second-place winner. These prizes will be used as startup capital for the new business ventures described in the business plans submitted by the award winners.

"The future depends on entrepreneurs, and we need to support their efforts," Panasci said. "The entrepreneurial award will encourage new business growth in Upstate New York by providing seed money for the new business ventures."

Announcing the gift and competition, UB President William R. Greiner noted that "Henry Panasci, Jr., like his father before him, has been a special friend of the University at Buffalo for many years, particularly their alma mater, UB's School of Pharmacy."

"Henry's latest gift will have a lasting, positive impact on all of our students who hope to become entrepreneurs, inspiring them to turn their dream of owning a business into reality. In the process, these students will acquire valuable skills to succeed in the business world. We are extremely grateful to Henry for this generous gift, which will nurture the development of future entrepreneurs and stimulate economic development in the state."

Saluting Panasci as a successful businessman and entrepreneur, Wayne K. Anderson, dean of the UB School of Pharmacy, from which Panasci earned a bachelor's degree in 1952, noted that "as he built the Fay's pharmacy chain, he never lost sight of his responsibilities to the profession of pharmacy.

"This award, with Henry as a role model, will always stimulate our students to remember that high standards of professional conduct are an essential ingredient of entrepreneurism," Anderson added.

Panasci hopes the competition will grow into a full-time, venture-capital effort that takes advantage of the resources of the university community. Modeling the competition after one that MIT has run for 10 years, Panasci expects it will be popular, attracting dozens of entrants each year.

"Entrepreneurs are the unsung heroes of the Upstate New York economy and their continued success is essential if our region is to grow and prosper," said Lewis Mandell, dean of the UB School of Management. "The Panasci award will be a very valuable component of efforts by the Center for Entrepreneurial Leadership (CEL) to encourage such growth in Western New York."

CEL, which is based in the UB School of Management, will administer the contest and coordinate a judges committee to be comprised of business executives and venture capitalists, as well as professors and students. CEL, which provides advice, counsel and business-education programs to entrepreneurs and family-business owners throughout Western New York, has helped more than 300 businesses since its founding in 1986.

Contest organizers plan to announce the first competition during the spring semester. Competitors will submit a business plan outlining the need for a product or service and its target market, including a description of the methods for bringing it to market.

A major part of the MIT model, and one that Panasci hopes will become part of UB's contest, is the idea of mentoring. "Investment dollars are only one need of a startup business," Panasci stated. "Equally important will be the potential for mentoring support and marketplace connections that judges and other interested parties can bring to such an effort."

Panasci, who received a bachelor's degree in chemistry in 1948 and returned to earn a bachelor's degree in pharmacy in 1952, realized his own entrepreneurial dream when he and his father, Henry Panasci, a 1925 graduate of UB's School of Pharmacy, co-founded Fay's Drugs in 1958. Under the younger Panasci's leadership, Fay's diversified beyond its core drugstore business by launching The Paper Cutter and Wheels Discount Auto Supply. At the time of its merger with a large national retailer in 1996, Fay's had grown to more than $1 billion in annual sales and more than 270 retail-store locations.

Panasci is a recognized community and business leader. He was chairman of the board of the National Association of Chain Drug Stores and won that organization's Lifetime Achievement Award in 1997. He serves or has served on numerous business and philanthropic boards, including the New York City Opera, Syracuse's Everson Museum of Art, Syracuse University and Niagara Mohawk Power Corp.

Panasci has long played an important role in the UB community. Both Panasci and his father have been generous supporters of the School of Pharmacy. In 1998, Panasci received the UB Alumni Association's Samuel P. Capen Award in recognition of his contributions to the university. In 1986, he received the UB Distinguished Alumnus Award.

He and his wife, Faye, are residents of Camillus, a suburb of Syracuse.

For information on how you can help support the University at Buffalo, go to http://www.buffalo.edu/giving.