ROME — Companies from Albany and Syracuse captured the top two prizes in the IDEA NY business-accelerator competition. PreVision Corp. from Syracuse won $100,000 as the runner-up, while United Aircraft Technologies (UAT) of Albany won the grand prize of $200,000 during the event held Nov. 13 at Griffiss Institute in Rome, Empire State Development (ESD) […]
ROME — Companies from Albany and Syracuse captured the top two prizes in the IDEA NY business-accelerator competition.
PreVision Corp. from Syracuse won $100,000 as the runner-up, while United Aircraft Technologies (UAT) of Albany won the grand prize of $200,000 during the event held Nov. 13 at Griffiss Institute in Rome, Empire State Development (ESD) said in a news release.
PreVision focuses on real-time aerial 3D imaging technology, while United Aircraft Technologies is “modernizing the way aircraft wire maintenance is done through augmented reality and artificial intelligence,” as described in the ESD release.
Six teams from the current Air Force Research Laboratory (AFRL) Information Directorate Commercialization Academy participated in the competition. They pitched their startup ideas in cybersecurity, big data, information systems and unmanned aircraft systems for $300,000 in prize seed funding provided by IDEA NY.
ESD describes the AFRL Commercialization Academy as a “national leader for facilitating the transfer of military technologies into the commercial marketplace.”
UAT and PreVision will now participate in the yearlong IDEA NY accelerator program, which provides technical assistance to help grow their businesses. The Griffiss Institute will host the teams, which are required to reside in the Mohawk Valley for “at least one year,” ESD said.
The four remaining teams were awarded up to $8,000 in “consolation” prize money to reimburse expenses incurred during the incubation process.
About IDEA NY
The Innovation & Development Entrepreneurial Accelerator — known as IDEA NY Mohawk Valley — is a business-accelerator contest. It also involves a 12-month program that “incentivizes promising entrepreneurs to create and grow viable commercial businesses” in the Mohawk Valley region, ESD said.
IDEA NY Mohawk Valley will focus on the cybersecurity, big data, information systems and unmanned aircraft system (UAS), or drone, industries. It also builds on the Air Force Research Laboratory Commercialization Academy.
The accelerator program was made possible by a $2 million Upstate Revitalization Initiative grant from New York State, which was recommended by the Mohawk Valley Regional Economic Development Council.
The grant allows the Griffiss Institute to provide seed money to entrepreneurs and businesses over three years, with two groups of up to 10 teams per year competing for IDEA NY funding.