SYRACUSE — Judges have chosen the five finalists for the first installment of Startup Labs Syracuse.
The teams moved into the Tech Garden in downtown Syracuse Monday to begin a 22-day program of working with more than 50 mentors and advisers to advance their ideas. The teams are competing for a total of $350,000 in cash and prizes.
CenterState CEO unveiled Startup Labs in September as the successor to the Creative Core Emerging Business Competition, which began in 2007 and awarded a total of more than $1 million to area companies over the course of six competitions.
The finalists for the first Startup Labs Syracuse are:
-Full Circle Feed of Syracuse, which takes nutritionally dense food leftovers from dining halls and processes them into dog treats.
-SnagMobile, LLC of Delmar, a mobile app that allows users to order and pay for food and drinks at live events without leaving their seats.
-Pretty Padded Room of New York City, which provides online therapy to clients on their own time and in their own space.
-Rosie of Ithaca, a service that predicts household items users need before they run out and orders them at the lowest price.
– Yorango, Inc. of Ithaca, an alternative to existing classified advertising sites aimed at renters and landlords.
Each finalist receives an initial investment of $30,000.
Startup Labs concludes Feb. 7 when the final five teams will pitch to a panel of judges in a public event. Teams will compete for a $150,000 cash prize and the Market Ready Award presented by Eric Mower + Associates, which will provide a suite of marketing and branding services valued at $50,000.
Both prizes will be presented at CenterState CEO’s annual meeting on April 8.
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 capital 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.
Syracuse is the first U.S. city to host the Startup Labs program, which grew from the Startup Weekend program. That effort brings together entrepreneurs in 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 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.
Contact Tampone at ktampone@cnybj.com