43North, which is Buffalo’s latitude on the world map, is literally putting us on the map in the startup world. The competition continues to operate as part of Governor Andrew M. Cuomo’s Buffalo Billion initiative, with funding supported by the New York Power Authority.
Year four of the competition culminated with a celebration of innovation and entrepreneurship at the 43North Finals event on October 5, 2017. The competition concluded when ten finalists presented their ideas and answered questions from a panel of judges with business and entrepreneurial expertise.
SomaDetect took home the 2017 grand prize of $1 million from 43North and the seven other winning teams were awarded cash prizes of either $650,000, $550,000 or $500,000. Each of these companies will set up shop in Buffalo, New York to further grow and develop their businesses. Oncolinx won the grand prize in 2016, ACV Auctions won the grand prize in 2015 and ASi, LLC was the 2014 winner.
For more information, visit 43north.org.
In addition to the $5 million in prize money, the competition winners will relocate to Buffalo where they will receive free incubator space for a year, guidance from mentors related to their field, and access to other exciting incentive programs such as START-UP NY, a program that enables companies to operate tax-free in New York State for 10 years. One 2017 winner will also be offered $300,000 in follow-on funding at the end of 2018.
The winners are entrepreneurial champions who are ready and willing to use their ideas to invigorate the existing business community, attracting additional startups to the region in the future. When that happens, the Buffalo Niagara region will also be a winner with a core of fast-growing companies and exciting new jobs.
In 2014 Governor Andrew M. Cuomo launched 43North, the most ambitious startup competition ever unveiled in the United States. The competition is designed to systematically generate new business ventures in Western New York, support early-stage firm growth, and attract additional venture funding to the region. With $5 million in cash prizes, including a top award of $1 million, 43North has set out to turn the best new business ideas from around the globe into a reality, right here in our region.