The CompetitionWhat is the 43North competition all about? Get the details.
A little about us:
We are the $5 million startup competition based in Buffalo, NY. We’ve crowned 45 winners since coming on the scene as part of Governor Andrew Cuomo’s Buffalo Billion initiative in 2014. Since winning 43North, our companies have gone on to raise more than $90 million. See our portfolio here.
The basics of the competition:
Each year, our winners receive a cut of $5 million in cash. Our awards are:
- One grand prize of $1 million
- Seven $500,000 prizes
- $500,000 in follow-on funding (to be invested in one or more companies at the end of 2019)
Our winners also receive:
- 12 months of free incubator space
- A boatload of marketing 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 some money 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.
2018 competition calendar:
- General Application Period: April-May 2018
- Judging: June-September 2018
- Finals: October 3, 2018
- Winners Move to Buffalo: January 2019