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The Business, Economics and Public Administration Department is pleased to announce that we are accepting student-developed, original business plans for the 2024/25 Kratus Entrepreneurship Award. The purpose of the award is to provide a measure of financial assistance to budding entrepreneurs as they graduate from university and embark on building their own businesses. 

The awards are given every spring to two graduating seniors in any major who have demonstrated the greatest potential for building their own business, demonstrated by currently owning or operating a business, or preparing to own and operate a business. You do not need to be a business student to apply.

Recipients are selected by a committee of three faculty members from the Business Department. 

To apply for the award:

• Please follow the attached business plan from the Small Business Development Center (attached). This must be a fully developed business plan in Word or PDF format, not just a PowerPoint presentation.
• Email your business plans to Dr. Joelle Leclaire leclaijj@buffalostate.edu no later than end of day, March 2, 2026.
• You must also present a 5-minute pitch plus Q&A of your business plan on Tuesday, April 1, 2026.

Amount: $1500+ each student

Due Date: Monday, March 2, 2026

Presentation Date: Tuesday, April 1, 2026. Location TBD

Award Notification: Monday, April 17, 2026.

Award Ceremony: April 24, 2026.

History of the Award

John and Tom Kratus were among the early graduates of the Buffalo State Business Program. John, Tom’s father, had been a successful businessman who decided to enter college at the same time as his son to pursue a business degree at Buffalo State. They both graduated with their business degrees in 1975. In 1977, John decided to move his business to the fast-growing area of Dallas, TX. Unfortunately, their success was short-lived. In 1984, John, at the age of 52, died suddenly from a heart attack. In 1986, at age 30, Tom died of leukemia. Despite this double tragedy, the rest of the family continued to run the business successfully until it was sold.

In the late 1980s, the Kratus family established a scholarship for business students at Buffalo State in honor of John and Tom and to thank the Business Department for the support they received from the business faculty while they were students. The Kratus Award is given annually to two students that best exemplify the entrepreneurial spirit that John and Tom possessed.