Syracuse region businesses compete for $200,000
The New York's Creative Core Emerging Business Competition has increased its first place prize money to $200,000 as an incentive to entrepeneurs starting businesses. The prize has doubled from a year ago thanks to the increased contributions from several private companies in Central New York. The top prize goes to the most innovative and growth oriented business in the region.
The announcement was made this morning in the lobby of the M & T Bank in downtown Syracuse by the president of the Metropolitan Development Association Rob Simpson. Simpson said, "Central Upstate New York is home to some of the world's leading academic institutions, engineers, scientists, and designers. By supporting their endeavors, we can help ensure that ideas that are born here can become successful businesses."
New York Lieutenant Governor Richard Ravitch came to support the program. He said he would like to see it copied by other regions across New York State. M & T Bank Syracuse President Allen Naples said, "this is probably one of the most exciting days for me based upon the essence of the competition and that it is generated and supported by the business community in its totality."
The deadline for start up business submitting applications for the competition is January 22nd. The finalists will present their proposals in front of a panel of bankers and venture capitalists with extensive experience in lending and investing in up and coming companies. The New York Business Development Council is also one of the primary sponsors of the program. There are 31 sponsors and partners for the 2010 competition, including newsponsors Otis Technology, Inc., SRCTec, Delta Air Lines, National Grid, and Erie Materials. WSTM and WSTQ are media sponsors of the competition.
