Programs » Startup Labs
About the Program:
Startup Labs Syracuse is a three week program providing seed capital, mentorship and technical support to teams in an effort to help validate their team and business model to later stage investors. Syracuse is the first US city to host Startup Labs’ intense 22-day program. Only five other cities have hosted the program worldwide including: Istanbul Turkey; Taipei, Taiwan; Mexico City, Mexico; Rio de Janeiro, Brazil; New Delhi, India. The goal of the new competition is to support the region’s entrepreneurs and accelerate their ideas to the marketplace.
Startup Labs is partnering with CenterState CEO and Excell Partners to bring its competitive program to Syracuse. Each partner invests an initial $50,000 to start the program. An additional $200,000 of support is provided by the competition’s lead sponsor, National Grid and ten private sponsors including: Eric Mower and Associates, Bristol-Myers Squibb, M&T Bank, Bousquet Holstein, Fust, Charles and Chambers, Hancock Estabrook, Harris Beach, pathfinder Bank, Professionals Inc., and Seneca Data.
How the Program Works:
- Teams will be chosen through a simple open application process that can be viewed on http://www.startuplabs.org/syracuse.html; It will serve as the first step of judging that includes an interview process with sponsors, Startup Labs and Excell Partners, Inc. representatives.
- Two rounds of judging will narrow the competitive field of applicants to five teams. These five teams will participate in the Startup Labs Syracuse 5 day boot camp and 22-day program.
- Each of the five teams receives a $30,000 initial investment and office space The Tech Garden for 6 months.
At the conclusion of the 22-day program, the five teams will pitch in a demo day competition. Teams will compete for two prizes: 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 in early 2013.
When one of these companies receives a future investment, Startup Labs will lead the investment by providing 20 percent of the raise - typically the most challenging for early stage companies.
Companies who successfully complete the program become part of a Startup Labs’ network. Businesses can connect with other companies, investors and mentors from any of its international programs. This increase the reach of these companies in a competitive global market.
Thank you to our amazing Sponsors!