Behold the world’s largest business idea competition.
With $5 million in cash prizes, including a top award of $1 million, six $500,000 awards and four $250,000 awards, 43North set out to turn the best new business ideas from around the globe into reality.
The 11 winners are set to receive free incubator space for a year, guidance from mentors related to their field and access to other exciting incentive programs. They have agreed to operate their business in the Buffalo, New York for a minimum of one year and provide 43North with 5% non-dilutive equity in their company.
The competition included three rounds of judging, running from February to October:
1. Feb. 5, 2014 to May 31, 2014: 43North accepted applications via 43North.org.
2. August and September 2014: Semifinalists presented their plans via webinar
3. Oct. 30, 2014: Finalists presented their plans during a live pitch event in Buffalo, NY
43North is part of New York Governor Andrew Cuomo’s Buffalo Billion initiative, which is driving new economic opportunities throughout Buffalo and Western New York. The competition operates through the support of New York Power Authority and Launch NY.