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You have the idea. You have the passion to improve the world around you with the IoT. You have the skills you need to build your solution.
But, where will you be next fall if you don’t get the cash you need to develop, prototype and produce your solution? Likely nowhere. That’s why so many of your peers in the startup arena court investors, often giving away precious equity at a far too early (and cheap) stage. Sometimes the plan is as basic as hoping to meet that angel investor at the local Starbucks. I’m looking at you, folks paying thousands a month for a closet in Silicon Valley.
Of course, you could get a loan to raise capital. Well, no, you couldn’t because banks seem pretty cagey about lending to new, unproven companies, don’t they? Did you notice that, too? I noticed you noticing. And debt is probably not something you really want to support at this early stage, as mentors are probably telling you on every call.
Finally, there’s the family loan and all the strings that come with that kind of help. I think that’s enough said about that, don’t you?
So, where is a brilliant entrepreneur supposed to find the capital she needs to get that bright idea shining?
Well, if you know that your idea is the best one out there, it’s time to phone a friend in the form of the Growing Entrepreneurs & Innovators in Upstate New York, or GENIUS NY, technology business accelerator. This competition, which is open to any entrepreneur, startup or early-stage business regardless of location, is now accepting applications for competitors looking to get a slice of the more than $2 million pie, including three grand prizes of up to $1 million, $600,000 and $400,000. This competition, administered by CenterState CEO in Syracuse, NY, is one of the largest in the world and builds on the “CNY Rising” program, which is the region’s strategic plan to generate robust economic growth and community development.
The competition is specifically targeting companies in the unmanned aerial, ground, and marine systems and cross-connected platforms sectors. That’s the IoT, folks. This includes precision and remote sensing, data collection, guidance systems, communication systems, sensors, and data analytics.
To find out if you qualify to compete, you can register for free at bit.ly/geniusapply
The applications will be evaluated by a panel of judges who will select a dozen semi-finalists from all the entrants in November. This set of outstanding competitors will be invited to present their pitches this fall. Half of those will advance to the final stage, a unique programmed incubator experience at the in-residence business accelerator space at CenterState CEO’s Tech Garden. There, the six finalists will be immersed in the incubator's events, resource pool, and mentoring.
Throughout the program, companies will also engage with civic groups, including Leadership Greater Syracuse and the Downtown Committee of Syracuse, to learn about the Central New York community. The goal is to encourage all participants to establish roots in Central New York. Participants will be required to operate their business in Central New York for one year during the competition.
There’s no time to dilly-dally either, because the application deadline is October 16. To apply, visit GENIUS NY.com.
Oh, and three finalists that don’t get one of the three grand prizes will still win $175,000 in funding. A key element of the program is that it’s not all about the cash, either. Empire State Development has committed more than $2 million in programmatic support for all six finalists, which will provide access to business planning, educational programming, speakers, advisors, developers and other entrepreneur-consumed resources. Additionally, participants will receive $10,000 monthly stipends for operating capital and subsidized rent, and will also have opportunities to connect with investors for additional funding, if required.
“GENIUS NY offers significant potential to attract world-class startups to Central New York by going beyond substantial direct investment and offering resources, programming and connections not found in previous businesses competitions,” said Howard Zemsky, President, CEO and Commissioner, Empire State Development. “These resources and investments, combined with an alignment to the CNY Rising plan and exposure to Central New York’s exceptional quality of life, will give startups the best possible chance for success and create sustainable businesses headquartered in the region.”
The IoT is a key arena for this program, according to CenterState CEO. The program hopes to draw this vital industry to find a home in upstate New York, and knows that the best way to do that is to attract the smartest and most determined developers working today.
“GENIUS NY aims to capture the spirit of emerging industries and help them succeed in Central New York,” said Rick Clonan, VP, Innovation and Entrepreneurship at CenterState CEO. “IoT can enable and amplify the capabilities of unmanned systems, which makes companies that specialize in these technologies a natural fit for our accelerator.”
CenterState CEO President and Central New York Regional Economic Development Council Chair Robert Simpson said, "To advance our goal of fostering innovation and relationships between startups and the business community, we have aligned GENIUS NY with the CNY Rising initiative that calls for the establishment of a Global Center for Unmanned Systems and Cross-Connected Platforms, for which we proposed a significant investment through the Upstate Revitalization Initiative. With this intentional alignment with the URI award, GENIUS NY startups will find greater synergies and opportunities to grow their businesses in the region, now and into the future."
So, what’s going to be your final answer?
This article is sponsored by GENIUS NY
GENIUS NY is an in-residence business competition accelerator at The Tech Garden in Central New York, operated by CenterState CEO, which goes beyond substantial direct investment. In addition to three grand prizes of up to $1 million, $600,000 and $400,000, the program also offers company stipends, housing, resources, programming, and connections, making it among the largest competitions of its kind across the globe. Catering to business proposals in the categories of Unmanned Systems, Data-to-Decision Applications, and Internet of Things (IoT), GENIUS NY brings together some of the most promising startups to help shape the future of Central New York. www.geniusny.com
CenterState CEO is an independent and forward thinking economic development strategist, business leadership organization and chamber of commerce; dedicated to the success of its members and the prosperity of the region. We serve as an advocate and resource for smart business, catalyze and facilitate regional growth, and promote community prosperity through results-driven partnerships, planning and problem-solving. www.centerstateceo.com
The mission of CenterState CEO’s Tech Garden is to stimulate high-tech entrepreneurship, foster the development of emerging growth companies, and support technology commercialization throughout the region. Startup technology businesses are offered business plan assistance, mentoring and marketing advice, targeted referrals, networking opportunities and state-of-the-art office space from which to grow their businesses. http://thetechgarden.com
Edited by
Alicia Young
