Albany Business Review | Andrew H. Roiter

Western New York’s state startup competition 43North has begun accepting applications, Gov. Andrew Cuomo announced today.

The competition, which is in its third year, encourages entrepreneurs to apply for prizes from a pot of $5 million. The first place winner receives $1 million, $600,000 goes to second place and $500,000 goes to six runners-up.

Applications will be accepted through May 31. Semifinalists will be announced this summer and finalists will make a final pitch to judges in October.

The competition, which is part of Cuomo’s Buffalo Billion initiative, is funded by $6 million from the New York Power Authority and $1 million from Empire State Development, the state’s main economic development arm.

Past winners include alternative power company Energy Intelligence and human resources company Plum.

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