SYRACUSE — Startup Labs Syracuse, a new business competition unveiled today, will award $350,000 in cash and prizes to five teams.
Syracuse is the first U.S. city to host the Startup Labs program.
“Startup Labs is thrilled to bring our well tested program to CenterState New York. We are looking forward to working with the region’s incredible entrepreneurial talent,” Clint Nelson, Startup Labs founder, said in a news release. “The investment partners for this program are dedicated to helping these teams succeed. The region’s entrepreneurs will see how this program facilitates their growth and accelerates their potential.”
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Organizers will choose five teams for the program through an application process and two rounds of judging.
Those groups will then move on to participate in a five-day boot camp that introduces them to the program and mentors. A 22-day program of work with mentors and advisers to advance their business plans follows.
Each of the five teams will receive $30,000 in seed funding and office space at The Tech Garden in downtown Syracuse for six months.
The teams will then pitch on a demo day competition. The groups will compete for a cash prize of $150,000 and $50,000 in marketing and branding services from Eric Mower and Associates.
The winner of the competition will be announced at the CenterState CEO annual meeting in April 2013.
In addition, when one of the five final companies receives a future investment, Startup Labs will lead the investment by providing 20 percent of the raise, according to CenterState CEO. Companies who complete the program will also become part of Startup Labs’ network, connecting them with other companies, investors, and mentors from its international programs.
Startup Labs is partnering with CenterState CEO and Excell Partners of Rochester to bring the program to the region. Each partner invests an initial $50,000 to start the program. An additional $200,000 of support is provided by the competition’s 10 private sponsors including lead sponsor, National Grid.
Other major sponsors include M&T Bank and Bristol-Myers Squibb.
“Attracting a national organization like Startup Labs to Syracuse speaks to the quality of entrepreneurial talent in this region,” CenterState CEO President Robert Simpson said in a news release. “This region is rightly being recognized as an emerging market, ripe for venture capital investment. We are proud that Syracuse is the first in the nation to host a Startup Labs program. It is a tremendous opportunity for our region’s emerging companies.”
Startup Labs grew from the Startup Weekend program, which brings together entrepreneurs weekend-long events around the world aimed at developing new business ideas. The Tech Garden has hosted the events in the past.
Startup Labs is based in Seattle and has run its program in Turkey, Taiwan, Mexico, Brazil, and India.
Startup Labs Syracuse replaces the Creative Core Emerging Business Competition, which began in 2007 and awarded a total of more than $1 million to area companies. That contest’s grand prize grew to $200,000.
Winners included MicroGen Systems, Sound Reading Solutions, Widetronix, e2e Materials, and Mezmeriz, all based in Ithaca. The winner of the 2011 competition, BrandYourself.com, is based in Syracuse.
More information and applications for Startup Labs Syracuse are available at syracuse.startuplabs.org. The application deadline is Nov. 16.
Contact Tampone at ktampone@cnybj.com
