GENIUS NY, Drone Based Startup Competition, Enters 3rd Year Funding Drone Businesses with $3M

OlufisayoOctober 2, 201811,478 views

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Today I wanted to let you all know about a really exciting competition for drone enthusiasts and entrepreneurs interested in starting or growing a drone-based business! GENIUS NY, the world’s largest business accelerator for drone and UAS-based startups, is gearing up for their 3^rd annual competition.

GENIUS NY was started in Central New York in order to fuel the growth of innovative startup businesses in the drone industry. To date, they’ve handed out MILLIONS of dollars to exciting, groundbreaking drone businesses around the world. This year, they’re planning on awarding $1M to the top team, in addition to $500K to 4 separate runner-up teams.

“We have learned a lot through two rounds of this program and are in a position, thanks to the unprecedented investments being made by New York state, to make adjustments to create greater impact for the companies in the program and ultimately the region’s unmanned industry cluster,” said Robert Simpson, president of CenterState CEO. “We now know that teams need more immediate capital for manufacturing in the Central New York region, and additional funding to hire more employees. The increases in awards will result in a larger budget for companies to hire new employees, supports additional market research and product development, and generally creates a longer runway for companies to achieve revenue and follow-on funding. As these companies grow and evolve they become more integrated in the region’s larger efforts, and strengthen our position as a global leader for the unmanned systems industry.”

GENIUS NY is passionate about helping to grow the drone industry, and some winning teams from years past have turned into some of the most exciting drone-based businesses operating today. For example, Dropcopter out of California is a business that participated in the competition, and specializes in using drones for pollination of apple trees in the agricultural industry. This business is particularly important when you consider the declining population of bees which is having a devastating effect on agricultural communities. Companies like Dropcopter are leveraging drone technology to provide solutions to real-world problems that have the potential to effect the entire globe.

Fotokite, out of Switzerland combines aerial and ground-based robotics with flight control algorithms to create a kite-like tethered drone system that can fly fully autonomously for 24 hours. The applications for technology allowing long-term drone flight are endless.

And UsPLM out of Syracuse provides a collaborative environment to develop, test, deploy and safely operate a single or a fleet of unmanned aerial systems. You can read more about these and other teams from past competitions on GENIUS NY’s website.

GENIUS NY is funded with $5 million from NYS Empire State Development (ESD) and from contributing sponsors. Any entrepreneur would be excited by the prospect of having the chance to be funded by an organization with an unprecedented interest in growing the industry they’re working in. Add in the possibility of that funding being half a million to a million dollars, and the opportunity on the table for tech-focused startups is eye popping. I’d highly encourage any of our readers who have an interest in starting or growing a drone-based business to check out GENIUS NY. Its an incredible program providing opportunities to entrepreneurs with a passion for drone and UAS technology. Here are some details about how to apply:

Click the link above to visit GENIUS NY’s website to learn more about how to get involved with the program. There is so much opportunity for entrepreneurs in the drone industry. If you have an idea for a business, or if you know someone who is interested in growing a drone-based startup, click this link to visit GENIUS NY’s website and learn more about this incredible program.

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