Research shows that new businesses account for nearly all net new job creation; that one innovation job creates an additional five in the service sector; that half of all jobs will be disrupted by automation by 2034; and that 54% of millennials want to start or have started a business. That’s why Gov. Andrew Cuomo’s visionary Buffalo Billion initiative called for the creation of 43North to help lead an entrepreneurial movement in Western New York – a process that Brad Feld claims takes 20 years. Since coming on the scene in 2014, we have done a great deal of work on that front (scroll down to learn about it) but we believe that being a good steward of public resources means taking a path of continuous improvement.
Each year, we invest $5 million in world-class entrepreneurs and provide them mentorship, incubator space, investor introductions, talent recruitment support, marketing exposure, and access to the START-UP NY program, with the opportunity to operate free of New York State taxes for up to 10 years.
We’ve attracted 44 winning startups to our community from across North America and as far away as Israel and Taiwan. These companies are doing ambitious work, from creating prosthetic knees, to helping farmers produce the best possible milk, to modernizing dealer-to-dealer auto auctions.
Since winning 43North, our portfolio companies have raised more than $240 million in venture capital, received more than $16 million in grants, and created more than 525 jobs in Western New York. More than half of our portfolio companies still have employees in Buffalo.
43North is a national leader in the diversity of our portfolio, with female founders leading 27% of our companies and founders of color leading 20% of our companies.
We give Western New Yorkers paths to participate in our entrepreneurial ecosystem as founders, investors, employees, customers, suppliers, service providers and mentors for startups through programming like our 43North Finals in October.
We shape perceptions of Buffalo as a city on the rise for entrepreneurship through media relations work that has generated more than 2,000 stories in outlets like The New York Times, Wall Street Journal, USA Today, Forbes, Fortune, Inc., Entrepreneur, Black Enterprise, the Financial Times, Yahoo News!, Fast Company and the Huffington Post. In 2017, we launched our Latitude podcast and our 43Forward vlog, and we have attracted more than 70 million social media impressions and 2 million video views.
Got an appetite for legal jargon and government filings? Then the following docs will be right up your alley!