The CompetitionWhat is the 43North competition all about? Get the details.
A little about us:
43North is a startup competition in Buffalo, NY that invests $5 million each year in companies with a deployable product, strong team, and a desire to relocate to Buffalo for at least a year. We’ve invested in 44 companies since coming on the scene as part of Governor Andrew Cuomo’s Buffalo Billion initiative in 2014. After winning 43North, our companies have gone on to raise more than $100 million and create more than 300 local jobs. See our portfolio here.
Each year, our winners receive a cut of $5 million in investment. Our awards are:
- One investment of $1 million
- Seven investments of $500,000 each
- $500,000 in follow-on funding (to be invested in one or more companies at the end of 2019)
Our winners also receive:
- Mentorship from industry leaders
- 12 months of free incubator space
- Marketing and media exposure
- Freedom from New York State taxes for 10 years, both for their company and the personal income of their employees (for details and eligibility, please consult the STARTUP-NY website)
What characteristics does 43North look for in applicants?
We generally look for companies that have raised venture capital investment and have three or more team members. Many of our past winners are graduates of other incubators or accelerators.
That said, if you have an incredible startup that falls outside this description, we want to know about you.
There are a few things we can’t budge on, though:
- If you become a winner of 43North, you must:
- Provide 43North with 5% equity in your company, in the form of a warrant
- Agree to locate your CEO and 50% of your staff in Buffalo for at least 12 months
- The following businesses are not eligible for the competition:
- Retail businesses with brick and mortar storefronts
- Residential real property business
- Investment vehicles that invest in the securities of other entities
- Sports venues
- Gaming and gambling businesses
- Places of overnight accommodation
- Past 43North cash-prize winners
- Entertainment-related establishments
- Single-purpose entertainment or event productions (e.g. movies, albums, concerts)
Please give our Terms & Conditions a good look to make sure everything matches up.
Interested in applying to our next competition? Sign up to be the first to know when the application period opens here!