Two organizations working together to attract startups that use medical gases to Buffalo, NY
Engagement is part of a new 43North initiative to pair established companies in Buffalo with startups
Buffalo, NY – 43North, the $5 million startup competition based in Buffalo, NY, has announced a collaboration with Praxair, Inc., a global leader in the production and supply of industrial and medical gases. This engagement is part of a new 43North initiative to help established companies in Buffalo identify startups that are aligned with their business objectives.
43North is part of Governor Andrew Cuomo’s visionary Buffalo Billion initiative. The competition, which is in its fourth year, awards cash prizes to startups from around the globe to locate their companies in Buffalo. Winners also receive incubator space, mentorship, tax breaks and marketing exposure. 43North’s cash awards are as follows: a grand prize of $1 million, a first runner-up prize of $650,000, a second runner-up prize of $550,000, and five prizes of $500,000. One of 43North’s 2017 winners will also receive $300,000 in follow-on funding at the end of 2018. The competition is open to submissions from startups located around the world, in most industry sectors. Submissions for the 2017 competition are due by May 24 at www.43north.org.
This year, 43North is proud to collaborate with Praxair, a Fortune 300 company with customers in 50 countries and $11 billion in annual sales. Praxair’s largest global R&D facility is located in Tonawanda, NY, a suburb of Buffalo.
The two organizations are working together to encourage startups that use gases in healthcare applications to enter the 43North competition. If any of the 2017 43North winners are well aligned with Praxair’s technology and innovation objectives, the company may opt to offer them various co-incubation services and resources, in addition to what 43North provides.
“43North is building on Buffalo’s strengths to drive innovation and entrepreneurship in our community. We are excited to collaborate with Praxair to attract startups that use medical gases to enter this year’s competition,” said 43North Executive Director John Gavigan.
“Having called the greater Buffalo area home for over 110 years, Praxair is excited by the high energy and innovative environment that 43North is building in the business community. When you visit the startup incubator, you feel the energy and want to be a part of it,” said Stephan Gamard, director of Healthcare Technology Commercialization for Praxair. “The goals of the competition are directly aligned with our strategy of tapping into innovation and entrepreneurship to grow our healthcare portfolio and we are looking forward to working with the 43North competition and the community on this endeavor.”
43North is the $5 million startup competition, awarding cash prizes to some of the best entrepreneurs and startups from around the world. 43North winners 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. 43North operates through the support of Governor Andrew Cuomo’s Buffalo Billion initiative and grants from Empire State Development and the New York Power Authority. Additional support comes from National Grid and several other sponsors. For more information about 43North, visit www.43north.org.