SYRACUSE — CenterState CEO today launched the second round of Startup Labs Syracuse, which will award a total of $260,000 in cash and prizes to three teams.
A CenterState CEO news release described it as “the region’s largest business competition.”
Startup Labs is intended to support the region’s entrepreneurs and accelerate their ideas to the marketplace. A network of local mentors supports the teams throughout the competition by helping them develop their business plans, CenterState CEO said.
Syracuse remains the first and only city in the U.S. to host this “unique” program, Robert Simpson, president of CenterState CEO, said in his remarks during the morning announcement at the Syracuse Tech Garden.
“It is part of a network that includes Istanbul, Turkey; Taipei, Taiwan; Mexico City, Mexico, Rio de Janeiro, New Delhi, and others around the world,” Simpson said.
Startup Labs has a “unique” formula that makes it so “successful,” he said.
“From seed capital, which is provided to every team participating, to mentorships and technical support, to continued investments and connections after the program is over, this program validates the team’s business model to later-stage investments,” he said.
Early-stage or seed-stage companies can apply to the program by Dec. 1.
A panel of judges will select the three teams for the Startup Labs Syracuse “intense” 22-day program, according to CenterState CEO.
The three teams will work with mentors and prepare to pitch their business plan at Demo Day before a live audience and panel of judges.
CenterState CEO will provide all three teams with an initial investment of $20,000, but only one team will emerge as the program’s top company and grand prize winner, which CenterState CEO will announce at its annual meeting in April, the organization said.
CenterState CEO, lead sponsor National Grid, and 11 additional sponsors are investing $260,000 in cash and prizes to continue the momentum of the Startup Labs Syracuse program, the organization said.
Organizers awarded last year’s winner, Rosie, a cash prize of $150,000 and the Market Ready Award from Eric Mower + Associates for a suite of marketing and branding services valued at $50,000, according to CenterState CEO.
Ithaca–based Rosie is an online-shopping tool that tracks household items that customers buy most and alerts them when they are running low.
Startup Labs is a global, seed-stage investment fund aiming to “disrupt the startup scene” by reinventing the traditional investment process and helping companies launch in various countries, according to its website.
Startup Labs focuses mainly on emerging markets and co-invests with the top local investors in respective markets while operating post-investment boot camps with top mentors, the website says.
Contact Reinhardt at ereinhardt@cnybj.com