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SYRACUSE, N.Y. -- A new business venture in Central New York was launched in hopes of attracting more jobs and money to the area.

Startup Labs Syracuse, which is partnered with CenterState CEO, is designed to support the region's entrepreneurs and accelerate their ideas in the competitive marketplace.

Companies can apply to the 22 day intensive acceleration program, but only five will be chosen for grants. The program then uses investments totaling $350,000 to help fund the five startup companies.

The ultimate goal of Startup Labs is to bring jobs and money into local communities within Central New York.

"We want companies here to be getting investments from entrepreneurs and innovators all around the world, but we want these companies to be born here, we want them to grow here and we want them to employ people here in Central New York and help us rebuild our economy," said Rob Simpson, President and CEO of CenterState CEO.

Startup Lab's sponsors include National Grid, M&T Bank and Bristol Myers-Squibb. The five companies selected will find out by mid-December.