More funding was announced by Governor Andrew M. Cuomo as the 2015 season for the 43North business competition kicked off this week. 43North, which bills itself as “the world’s largest business idea competition”, will be offering $5 million in cash prizes this year, including a grand prize of $1 million. “Last year’s successful 43North competition brought some of the brightest and most innovative entrepreneurs to Buffalo – and we’re going to keep the momentum going with a second round”, Governor Cuomo said.
The announcement was part of a ribbon-cutting ceremony for the new incubator space located in the Thomas R. Beecher Innovation Center at 640 Ellicott Street, located next to the existing “D!G” co-working space for Buffalo entrepreneurs. This new incubator facility will provide offices for the eleven winners selected from the inaugural 2014 competition, where $5 million in prize money was awarded. The 43North competition will receive a total of $7 million in state funding for 2015, combining the incremental $1 million with the existing $6 million of funding provided by Western New York Power announced last December.
The competition also recently released a video documenting the 2014 finalists as they arrived in Buffalo, moved into their new homes, and established themselves in the new Innovation Center.
43North operates as part of the Governor’s “Buffalo Billion” initiative, and represents an effort lure entrepreneurs to Western New York to set up operations. The overarching goal of the program is to accelerate the development of a Buffalo-based “cluster of innovation and entrepreneurship” in order to attract further investment and jobs. Last year – the inaugural year of the competition – over 2,600 entries from 96 countries and all 50 states were submitted.
In addition to the cash prizes, 43North finalists also receive free incubator space in Buffalo for one year, guidance from mentors in related fields, and access to other business incentive programs such as Start-Up NY.
The competition is open to applicants of any industry outside of hospitality and retail, and applications come due on June 24, 2015 (readers are invited to see the 43North site for details).