Five million dollars.
Have I got your attention? I thought so. This is how 43North has captured the attention of enthusiastic entrepreneurs across the country and around the globe. An excellent demographic to lure to Buffalo, don't you think? It was on the shoulders of entrepreneurs like Larkin and Schoellkopf and Goodyear that this city was built. Bringing creative risk takers to the Queen City on the cusp of this resurgence is critical to generating the momentum to keep it going.
With $5 million in prizes, 43North is in a league of its own. Founded in 2014, it's funded by the Buffalo Billion and the New York Power Authority. This is the third year that it is bringing positive international attention to the Queen City by awarding $5 million in capital – including a grand prize of $1 million – to startups from around the world. But the money is just the beginning. In addition to cash, 43North winners receive incubator space, mentorship, ten years of state tax relief, as well as access to the resources, infrastructure, and people of a city where remarkable things are happening.
How does it work? By June 1, more than a thousand applications had been submitted. The semifinals rounds last summer, with live video conference pitches, whittled the number of applicants down to 16:
Abcombi Biosciences Inc. - Buffalo, NY Andromium - San Francisco, CA Arthena - New York, NY Asarasi - Katonah, NY Bounce Imaging - Boston, MA CleanCapital - Washington, D.C. Formarum - Toronto, ON HigherMe - Boston, MA MobioSense - Taipei, Taiwan NeoReach - San Francisco, CA Oncolinx - Boston, MA PathoVax - Baltimore, MD Strawberry Energy - Belgrade, Serbia The Wealth Factory - Washington, D.C. UltraCell Insulation - Boston, MA WeDidIt - Brooklyn, NY
During the Finals Qualifying Round, these 16 carefully selected companies will pitch live and in-person, and you can watch.
Eight winners will be selected from these semi-finalists to receive a cut of $5 million in cash prizes, with the top start-up receiving $1 million. And you can be there to see that happen, too.
Be careful not to take this remarkable program for granted. Just one short decade ago, there was vitually no venture capital in Buffalo.
Christopher Smith tha,e suggested that we include a High Tech Investor and Entrepreneur Forum as part of the Buffalo Old Home ( event in 2007. Jan Barrett picked this up and ran with it during her global Explore Buffalo Niagara event in 2010. But it was when Marnie LaVigne at the New York Center for Excellence in Bioinformatics picked up the ball and ran with it that real momentum was gained in attracting venture capital to WNY. Major players like Jack McGowan of Insyte and the WNY Venture Association, and David Colligan, turned this into Bright Buffalo, and an extraordinary event that provided those excuting the Buffalo Billion with a solid foundation to build on.
A community without small businesses, without startups, without creative, driven entrepreneurs, is a hobbled, poor community. The resurgence needs the energy provided by entrpreneurism. And 43North brings entrepreneurs and the entrepreneurial spiriit to Buffalo is a very significant way. A huge round of applause to John Gavigan, Peter Burakowski and the entire 43North Team. Getting the word out around the world is no small feat, and the ancillary benefits of the associated promotional media has been invaluable.
43North is worth far more than a $5 million dollars to Buffalo.
