SYRACUSE — CenterState CEO has announced the initial group of six teams that will compete in Germinator, which it calls the region’s “largest and most comprehensive annual business competition.” The organization on May 11 awarded each team $10,000 in initial funding. Over the next two years, the six teams will compete for additional […]
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SYRACUSE — CenterState CEO has announced the initial group of six teams that will compete in Germinator, which it calls the region’s “largest and most comprehensive annual business competition.”
The organization on May 11 awarded each team $10,000 in initial funding.
Over the next two years, the six teams will compete for additional funding at four different demo days, with one winner earning a total of $250,000 of investment over the course of the program.
Syracuse–based CenterState CEO, the region’s primary economic-development organization, represents 2,000 members in a 12-county area of Central New York.
The teams
The teams include Euphony Inc., which specializes in “natural-sounding text-to-speech synthesis software.” The firm is applying its technologies to speech-therapy applications and speech simulation, CenterState CEO said in a news release.
The second team is Life Source Health, Inc., a company that offers “real time vital health information to emergency responders in order to better assist them in saving patients.”
Another competitor is Sarita’s, a sister company to Sarita’s food truck, which will expand its business with a line of frozen empanadas available in grocery stores.
Trainer Engine will also compete for funding. The company works on a platform that allows personal trainers to practice their trade “virtually, managing and assigning goals to clients with a robust software platform.”
The group also includes Volu, Inc., a “volunteer-engagement” platform for nonprofit organizations and volunteers.
The sixth participant is VossVertical, a company creating new technology that “expands the distance and endurance of unmanned-aerial systems.”
“We are excited to welcome these finalists to the next phase of the competition,” Brian Anderson, lead economic developer at National Grid and Germinator-competition judge, said in the release. “National Grid supports innovation through programs like the Germinator to provide emerging start-ups with an opportunity to grow in Central New York and succeed in a thriving entrepreneurial ecosystem.”
National Grid is the competition’s presenting sponsor, according to CenterState CEO. CenterState CEO and Buffalo–based M&T Bank (NYSE: MTB) are the Germinator’s lead sponsors.
“We look forward to seeing these teams grow, learn and succeed as they begin the first round of the competition,” Timothy McDevitt, vice president of commercial lending at M&T Bank and Germinator-competition judge, said.
About the program
The Germinator is a two-year competition for startups with funding rounds every six months.
Industry experts will also train the teams on topics that include marketing, intellectual property, sales, financing, and fundraising.
Participants will have one-on-one mentoring with The Tech Garden’s team of experts and access to the DevBox, a team of in-house software developers that can assist in building software and application products.
Six months from now, teams will compete in the first of a series of “Greenhouse” pitch competitions.
Judges and sponsors will rate the teams’ progress and “potential for success” before choosing the teams that will earn additional funding and continue through the next round of the competition, CenterState CEO explained.
The teams that are eliminated from each “Greenhouse” during the judging process will have “additional opportunities” to develop their business ventures through the Germinator program.
The opportunities include obtaining space in The Tech Garden and support through its portfolio of service and networking opportunities.
They will also have a chance to compete for a “Best of the Rest” $50,000 investment during the final “Greenhouse” competition, when two teams battle for the investment grand prize of $100,000.
