Ten startups from eight states have advanced to the semifinals of the second annual Southeast BIO business plan competition.

More than 60 entrepreneurs from across the Southeast applied to participate.

SEBIO did not identify the semifinalists. The startups include medical device, biologics, diagnostics and therapeutics firms.

Georgia and Florida each have three semifinalists. Two are from North Carolina, one from South Carolina and one from Virginia.

Founding sponsor of the competition is H.I.G. Ventures.

“We continue to be impressed with the quality of the applications to this program,” said Aaron Davidson, managing director at H.I.G. Ventures. “The region’s academic institutions are relentlessly generating superior technology, and we look forward to their development over the coming months as they are honed into outstanding business opportunities.”

For the next stage of the competition, each semifinalist will receive mentoring services over the next six months from teams representing venture funds or angel groups, biotech entrepreneurs and managers and service providers.

Entrepreneurs also will receive business plan templates and guidelines, regulatory consultation and presentation guidelines and examples.

The ultimate goal of the mentoring process is the development of an executable business strategy and associated written plan. This rigorous mentorship process is the cornerstone of the competition.

After the mentoring program, the semifinalists will submit formal business plans to a panel of judges. Four finalists will be picked to present at the SEBIO Investor Forum on Dec. 4-5 in Palm Beach, Fla.

The winner will receive cash and services worth some $100,000.