GENIUS NY Increases Investments

GENIUS NY Increases Investments in Third Round

8/20/2018

Teams Will Now Compete for One of Five Investments; $1 million Top Prize and Four awards of $500,000 Each

GENIUS NY has implemented a new investment structure for round three of the innovative unmanned aerial systems (UAS) business accelerator. Five finalist teams will be selected from a pool of applicants to participate in the third round of this world-class acceleration experience in Central New York. A total of $3 million in direct investment funding will be awarded, with one grand prize of up to $1 million and four $500,000 awards. Previously, the program awarded three grand prizes of up to $1 million, $600,000, and $400,000 and three runner-up prizes of $250,000 with $250,000 available for follow-on funding. Doubling the investment for the finalist teams will provide them with an even greater opportunity to succeed and grow their business in Central New York.

Round three of the GENIUS NY program will begin in January 2019 and will run for 12 months. It is the largest business accelerator competition for the UAS industry in the world. The advancement of the GENIUS NY program builds on the progress of CNY Rising, the region’s comprehensive strategy to revitalize communities and grow the economy. The UAS industry accelerator program is administered by CenterState CEO’s The Tech Garden in Downtown Syracuse.

“We have learned a lot through two rounds of this program and are in a position, thanks to the unprecedented investments being made by New York state, to make adjustments to create greater impact for the companies in the program and ultimately the region’s unmanned industry cluster,” said Robert Simpson, president of CenterState CEO. “We now know that teams need more immediate capital for manufacturing in the Central New York region, and additional funding to hire more employees. The increases in awards will result in a larger budget for companies to hire new employees, supports additional market research and product development, and generally creates a longer runway for companies to achieve revenue and follow-on funding. As these companies grow and evolve they become more integrated in the region’s larger efforts, and strengthen our position as a global leader for the unmanned systems industry.”

Beyond investments, GENIUS NY participants have access to some of the region's premier startup programming, including business planning, industry specific mentorship, and access to vetted service providers offering startup friendly terms. 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 incubator space, stipends for operating capital, and will have opportunities to connect with investors for follow on funding.

Over two years, the program has invested nearly $6 million in 12 high-quality teams, all of which have benefited from the program. In addition to these investments, teams benefit from the region’s multi-dimensional ecosystem that combines technology, innovation, standards and certification and public policy.

Applications for round three are now open and will be accepted until October 1 , 2018. To apply click here.

1 Comment

Chancy Dzama link

8/29/2018 01:55:47 pm

Chancebiz software application summary
I am Chancy Dzama an entrepreneur, bespoke systems designer and Chancebiz architect.
I as an innovator wish to be considered in your organisation for funding of my international trade messaging software application.
I noted that any individual whether traveling abroad or locally has challenges in finding services or trades and options of trades or services available. Currently the only means of contacting trades once googled is via email or actual calling. The concept is to expedite this communication gap by giving an app user direct messaging and app calling options to the trade sought in real time.
e.g Suppose you travelled to Italy and had a tooth ache and needed a dentist you would need emediate information on
1, Which dentists are available in the area you are or wish to visit.
2, Whether they speak english or language conversant to you.
3, There surgery GPS location.
4, What dental services they offer.
5, What price they offer there services
6, How is the company structured and method of payment of services.
7, A list of dentist available in the said area selected
Or using Chancebiz you are informed of what your local butchery has in store and can even make payment for meat items found there!
The app is designed at two user level:
1, As an individual app user.
2, As a company/organisation.
A,At an individual level its a messaging app offering users to message each other while also using the app features such as the app "website" feature for those that like to "display" themselves or conduct private small businesses while able to communicate with trades locally and internationally.
B, At a company/organisational level the app has features that facilitate the app user public visibility and offer direct marketing and interaction with clients and potential business clients

I thus developed a concept with a budget and sketches that puts mainly SME companies/trades accessible by any app user via messaging or app calling using a bespoke designed trade directory.
The concept also has a revenue generating option as naturally companies or trades listed on the app will have advertising options at an average of $.30 per click. Since each app user has an app notice board and with advertising options and goods payment options on licencing basis hence a viable revenue generation.
As advised by Chancebiz advisory team(Current advisory board has two members namely, Steve Salaniponi(PhD UK) and Hasha Dube(BSc MW);
1,The app will be downloaded for free but its the SME advertising there trades that generate revenue for the app with a break even subscription per country of 50,000 app subscribers.
2,The objective is to eventually decentralise the app so each country or county has an app administrator to monitor app usage and data management inclusive of advertising revenue collection.
3,To safeguard the intergrity of Chancebiz app all persons privy to Chancebiz internal operations intent and methodology should sign a none disclosure document.
The current team does not have the finances nor resources to adequately code or develop Chancebiz app. Hence the approach to your office for possible funding in exchange of equity or any funding arrangement your office offers.
Thus Chancebiz requires funding or an investor in two categories.
1, To code, test, implement Chancebiz international app with reputable app developer would cost $100,000 to $250,000.(The objective is to engage an agile app developer to insure fluidity in development hence no fixed price has been set) A full strategy and proposed method of operation is available in the concept document and since reputable developers such as Appster do not fund start ups hence the approach to organisations such as your office to later approach app developers such as Appster or reputable app developers. The concept of engaging reputable app developers is to give credibility to the investors and ensure a top class app is developed coupled with the app developers app feasibility input.
2, The total overheads till break even point as budgeted is $4,166,700(break even point to be achieved in the18th month of operation) a cumulative budgeted profit of $49,632,100 in 36 months of operation.
Any Chancebiz app concept reader will note that no such trade find/ business app exists on the international market.
The app being international in nature hence as budgeted the need to eventually enter the Chines market under Foreign Investment Partnership Enterprise (FIPE) and India market to target the 600,000,000 smart phone mobile users as potential partners are being communicated. The objective is to have a legal presence in the respective countries and to also avoid "copy cats". It also makes business sense to enter the said market.
Hence our thought of having Appster or reputable app developers as the primary app development partner. Once we have organisations such as your office to come on board as partners.
I would be great full if your office can

GENIUS NY Increases Investments in Third Round

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