If you are a startup in the business of unmanned systems, then now is your chance to escalate your business. GENIUS NY is an all expense paid competition, and are currently accepting applicants up until October 1, 2018.
This year, they are giving away a total of $3,000,000 in direct investment funding to five winning teams. Aside from the direct funding, exposure to marketing and technology experts are provided. Also, intense workshops and mentors are provided to help grow your business.
Sign up now, and you may be the next big thing that wins the competition.
What Is GENIUS NY?
GENIUS NY stands for “Growing Entrepreneurs In Upstate New York”. It’s the world’s largest “unmanned systems” based business competition in the world. The business accelerator lasts for a year and the program begins every January at the Tech Garden.
First, they gather all the applications from a competitive pool of submissions across the globe. Then, a group of evaluators will select five teams that will move on to the semi-final round. The in-residence accelerator program has two phases.
Phase One (Semifinals)
Phase one is the competitive stage of GENIUS NY. This is where teams battle for the prize investment. Each team will receive a monthly stipend of $10,000 per month. In addition, a housing subsidy is provided to the participants during the incubation process.
To prepare for their business cases, each team will be exposed to speakers, instructors, and workshops. Also, Each team will be required to give a business pitch at the end of the 3-month mark in front of the judges.
Then, the judges will determine which team will get the $1,000,000 1st prize. Moreover, the other four teams will get $500,000 each as a consolation prize.
Phase Two (Finals)
Phase 2 is the non-competitive part of the program. In fact, this phase is all about business execution and getting ready for the Demo Days.
It starts with the signing of the official GENIUS NY Terms and Conditions.
At this point, specialized mentors will be assigned to each team based on their business cases. In addition, more intense workshops, resources, and advisers are provided by the program.
How To Apply?
The application for the GENIUS NY competition is online. All you have to do is register your company on their website.
The program has a set of qualifying questions to ensure your business fits the program. If you do not fit the program, then you cannot go through the next step. However, if your business does fit the program, you will then be allowed to proceed.
Then, you will have to provide an in-depth guide to your business plan. In your own way, convince the evaluators to pick your business for the semifinal round.
GENIUS 3.0 Qualifications
- Your business must be a startup company or an existing business with less than $500,000 in annual revenue.
- Unmanned systems should be the focus of the business proposal (software, hardware, analytics or IoT.)
- Participants should be able to communicate in English.
- The business should have a technical founder. Someone who engineered the idea and can communicate with them in a technical manner.
- Participants should be able to travel to the United States with proper documentation.
- Participants should be willing to live in New York full time for a year.
AutoModality was the first ever winner of GENIUS NY. The company developed a technology that allows their drones to fly within 3 feet of the objects they are inspecting, without collisions.
Furthermore, they claimed that their drones use computerized optics to control their movements and not GPS. Because of this, they are able to inspect structures in situations not possible for manual controls or commercially available drones.
Fotokite grabbed the prize this year with their very promising technology. They have combined aerial and ground-based robotics with patented flight control algorithms to create a kite-like tethered drone system.
In short, Fotokite has created a fully automated, limitless flight time drone. Fire and rescue, law enforcement and other security requirements are the focus of their technology.
GENIUS NY Review
This program has boosted a lot of companies and these are just a few examples. Over the past 2 years, GENIUS NY has invested nearly $6,000,000 in 12 high-quality teams. Think of the possibilities you can achieve with the help of the program. Truly, this is the best case scenario for your startup business that is just waiting for the right push.
Visit GENIUS NY Homepage for more info.
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