SYRACUSE, N.Y. — Gov. Andrew Cuomo has announced the Genius NY business competition that the Syracuse Tech Garden will host.
It’s a business-accelerator program for startups with a focus on data, cyber security, analytics and advanced data-driven manufacturing, Cuomo’s office said in a
Empire State Development, New York’s primary economic-development agency, and CenterState CEO also announced the competition during a Thursday event at the Tech Garden.
The competition, which is open to startups around the world, will create “a world-class acceleration experience in upstate New York for high quality companies that are creating innovative, data-intensive, scalable businesses,” as described in the news release from Cuomo’s office.
Genius NY is short for (Growing ENtrepreneurs & Innovators in UpState New York). It will be the” key business accelerator program” at The Tech Garden, Cuomo’s office said.
The competition will continue for a 24-month period and will include nine months of program development, marketing, startup company applications, judging and selections followed by 15 months of two, tiered rounds of competition.
The program will invest more than $3 million in participating companies and contribute “significantly to the evolving innovation ecosystem” in and around Central New York by “finding, supporting and investing in some of the best startup companies in the world,” Cuomo’s office said.
It will also provide about about $1 million in additional program support throughout the competition to help with expenses that include rent for startups; entrepreneurs in residence; coding assistance; and sales and marketing support, it added.
“This is really a $5 million commitment from the state that focuses on startups that have a data, cyber security, analytics, and advanced data-driven manufacturing focus,” Howard Zemsky, CEO and commission of Empire State Development, said in his remarks Thursday at the Tech Garden.
About the competition
The Genius NY business competition is building on the “successes” of a similar program in Western New York.
The program 43North is part of Cuomo’s Buffalo Billion initiative, which is “driving new economic opportunities” throughout Buffalo and Western New York.
The 43North competition gives out $5 million in cash prizes annually to some of the “best and brightest entrepreneurs and startups from around the globe,” according to the news release.
Genius NY is open to startup companies across the state and country, and around the world with data-intensive business models in industries that include unmanned-aerial systems and guidance systems; cyber security; analytics; bio-informatics for health and wellness applications; gaming and simulation; and advanced data-driven manufacturing, according to Cuomo’s office.
Unmanned-aerial systems are also known as drones.
The competition will include two rounds, each “judged independently,” with a final grand-prize round.
Round 1 will be a “short and intensive regional” competition in spring 2016. It will involve 16 Central New York companies competing for entry into a three-month “experiential qualifier accelerator.” Round 1 will serve as a “preparatory experience” for companies from eight different classifications to compete in the at-large Round 2, Cuomo’s office said.
Round 2 will immediately follow Round 1 and last for 12-months, starting in summer 2016. This round is “at-large” and offers “higher value” prizes and “longer, more focused business-acceleration programming.”
By the summer of 2017, six companies will compete for three grand prizes valued at $1 million, $600,000, and $400,000.
“These will be structured as investments,” Seth Mulligan, vice president of innovation services at CenterState CEO, said in his remarks explaining the program.
In addition to the three-tiered grand prizes totaling $2 million, Genius NY will award 16 prizes of $15,000 in the first round and six investments of $120,000 during the 12-months of the second round.
The program will also have a $275,000 “Follow on Fund” available to grand-prize winners to participate in future equity-investment rounds.
CenterState CEO and its partners will also seek to engage and match, “to the extent possible,” the competition investments through corporate sponsorship; angel or private investors; and “other supporting resources,” Cuomo’s office said.
Genius NY requires grand-prize winners to operate their business in Central New York for at least one year after the competition’s conclusion, Cuomo’s office said.
“We will keep you updated through [website] geniusny.com and you can expect that by the fall, applications will open for the competition,” Mulligan added in his remarks.
Contact Reinhardt at ereinhardt@cnybj.com
PHOTO CAPTION: Howard Zemsky, CEO and commissioner of Empire State Development, on Thursday talked about the Genius NY business competition during the announcement at the Syracuse Tech Garden. (Eric Reinhardt / BJNN)