Syracuse, N.Y. — Genius NY, a business competition based at the Syracuse Technology Garden, is expanding the kinds startup companies that can compete for its more than $2 million in funding.
The program is now open to startups specializing in “Internet of Things” technologies, and the deadline for applying has been extended to Oct. 16.
The term “Internet of Things,” or IoT, refers to networks of devices that autonomously collect and exchange data. According to two studies released by Cisco, it will become a $19 trillion industry within the next decade.
When the competition launched in June, it was opened to startup companies focused on data, cyber security, analytics, and unmanned ground, air and marine systems.
Program sponsors said IoT companies also can apply because those types of businesses complement the types the competition originally focused on.
“Genius NY aims to capture the spirit of emerging industries and help them succeed in Central New York,” Rick Clonan, vice president of innovation and entrepreneurship at CenterState Corporation for Economic Opportunity, which hosts the program. “IoT can enable and amplify the capabilities of unmanned systems, which makes companies that specialize in these technologies a natural fit for our accelerator.”
Beginning in January, six finalists will compete for the top prize of $1 million, followed by second- and third-place awards of $600,000 and $400,000. The remaining three teams will receive $175,000 each.
In addition, there will be opportunities for follow-on funding for all teams.
The money for the competition is coming from the state.
The six winners also will advance to a year-old “incubator” program, during which they will receive mentoring at the Technology Garden to help them develop and implement their business plans.
Startups can apply at www.geniusny.com. The first round of finalists will be notified in early November.
The Technology Garden is a business incubator in downtown Syracuse that is designed to stimulate high-tech entrepreneurship, foster the development of emerging growth companies and support technology commercialization in the Central New York region.
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