8:47am

Wed September 19, 2012
Startups

New startup competition coming to central New York

There will be a new chance for hopeful startup enterprises in central New York to win some seed money this winter.

CenterState CEO, a pro-business group for the region, announced it is bringing the Startup Labs competition to the Syracuse region. On the line is $350,000 in cash and prizes for five companies.

This competition replaces CenterState's Emerging Business competition, which had a six year run.

Syracuse will be the first U.S. city to host Startup Labs, according to CenterState. Previously the competition has taken place in Mexico City; Taipei, Taiwan; Rio de Janeiro, Brazil; New Delhi and Istanbul, Turkey.

The five teams for the competition will be selected through an application process due in November. The teams will then go through a five day boot camp and a subsequent 22 day program starting in January. They will pitch their ideas in February 2013.

All five teams will be given $30,000 in seed money and office space at the Syracuse Tech Garden. The bigger prizes, one for an additional $150,000, will be announced at CenterState's annual meeting later in the spring.

You can follow reporter Ryan Delaney on Twitter @RyanWRVO