The six finalists of the year-long residency will receive more than $5 million in investment in the unmanned systems sector, Cuomo’s office said.
The application period will run until Oct. 1.
“Following the success of the first two Genius NY competitions, we are announcing the third round today to continue to transform the economic landscape of Central New York by attracting the next generation of innovative entrepreneurs,” Cuomo said in the news release. “By investing in these unmanned aerial system businesses, we are ensuring that New York continues to establish itself as the leader in the burgeoning UAS industry, a central part of the regionally designed CNY Rising plan.”
UAS is short for unmanned aerial systems, which include an unmanned aerial vehicle, or a drone.
Beyond the pursuit of funding, participants will have access to some of the region’s “premier” startup programming. It includes business planning; “industry specific” mentorship; and access to “vetted” service providers offering “startup friendly terms,” Cuomo’s office said.
As part of this effort, participants will be “integrated into the larger regional effort to grow” unmanned aerial systems in Central New York and the Mohawk Valley and will have access to “world-leading” infrastructure and testing assets when they come online. Participants also receive stipends for operating capital and subsidized rent, and will also have opportunities to connect with investors for follow on funding.
Additional details on applying for the Genius NY program are available by clicking here.
Contact Reinhardt at ereinhardt@cnybj.com