One of the most well-known showcase events for all drone and UAS enthusiasts out there is back for a third edition at Syracuse, New York. The GENIUS NY showcase for Unmanned Aerial Systems is back for its third edition and looking to inspire up and coming entrepreneurs in the same way the previous two editions have. For this edition, the stakes are even higher, as a staggering 4 million USD is available to the be won by the participating teams.
Everything you need to know about the GENIUS NY showcase
The GENIUS NY is one of the most prestigious showcase competitions for Unmanned Aerial Services, also known as UAS. Held in Syracuse, Central New York, the completion initiated by Tech Garden, is now entering its third year, and has already produced some excellent results.
In the competition, the five teams in the final round compete for the right to be called the Winner of this year’s GENIUS NY, along with winning the prize money. The net prize money available to the winners is 3 million USD, out which 1 million goes directly to the winners of the current edition, while the rest 2 million USD is equally divided amongst the other four finalists. The availability of extra resources, sound coaching and adequate Workshops also helps the participating contestants in growing as a business
A highly regarded panel of judges critique and determine the quality of the presentations and ideas put forward by the finalists, and also decide the winner of the 1 million dollars worth of prize money.
Funding of the GENIUS NY
The funding of the overall competition is provided by the NYS Empire State Development group. The organization provides 5 million USD. Out of the total amount, 4 million is used for providing the 3 million dollars in prize money, as well as provide for the subsidized housing, extra resources and monthly stipends. The rest of the money is divided equally among the other finalists so that everyone gets a fair share of the prize money.
Procedure of the competition
The competition involves a well planned out schedule of events, spread across two separate stages, mounting to a total duration of 12 months.
The first accelerator phase of the competition event is 3 months long. During this phase, each of the finalists try to perfect their ideas to produce the best and most creative ideas regarding the Unmanned Aerial Services industry. It is also the primary competitive phase since the ideas the teams polish up during this period of time are the same ideas they have to present to the judges at the end of the three month period. The competitors are based in New York during this period and are provided with important facilities such as subsidized housing, a monthly stipend and lots of resources.
The first accelerator phase also acts as a grooming period, as various advisors are appointed to coach the competitors so that they are able to produce a polished off and complete idea in front of the judges’ panel, at the end of 3 months.
Once the first accelerator period is over and the participants have demonstrated their groundbreaking UAS ideas in front of the judges, they move onto the second accelerator phase. At the beginning of this stage, each and every competitor gets teamed up with a mentor, who provides useful guidance and the required know-how in the evolving market of UAS. The added advisory guidance, as well as the mentorship, helps the competitors in mastering the various aspects of the market such as marketing and management.
The second acceleration phase culminates in a large demonstration event, held in New York itself. And spread over 3 days. During this event, the participants get exposure to the best in the business from the UAS industry. At the end of the time 3-day event, their official participation in the GENIUS NY comes to an end. However, they are offered further incentives such as resources and manpower to continue working in New York.
The process of application is a relatively simple one. And involved the following steps:
- Online application: after registering yourself on the website of the GENIUS NY, the participants are required to answer a set of compulsion qualifying questions. The participants should mandatorily be able to answer each of the questions affirmatively to be considered eligible.
- In the next step of the application procedure, the participating company provides details about their idea and their company. These can include the next big idea in the UAS market or a perfect business plan. This is the step where the participants have to explain why their company or idea is special and different from the rest.
- If the contestant is successfully selected for the semi finals, they are required to give an interview to the selection panel. This can be done via a video conference, or directly, face to face, in New York.
- Based on these interviews, the finalists are selected by the selection panel. These finalists then go through the aforementioned two-stage competition scheduled to determine the winner of the GENIUS NY.
Now that we have discussed the scope and opportunities which GENIUS NY provides, it is time for you to step up. If you feel like you have the next groundbreaking idea or business model in the UAS industry, step up and register for the GENIUS NY third edition today. Please note, the last date for registration is October 1st, 2018.