Thursday, May 2, 2024 04:00 PM
Buffalo-based accelerator begins searching for five companies to receive $1 million investment
√ Celebrating 10 years of investing in world-class entrepreneurs in Buffalo
√ Interested founders can find applications for 43North’s 2024 Startup Competition here.
Governor Kathy Hochul announced that the 43North annual pitch contest is now accepting applications.
“This year marks 10 years of state-funded accelerators investing $5 million annually to attract world-class entrepreneurs and grow startups in Buffalo,” her team said. The accelerator is accepting applications until June 7th for the next five companies to secure the opportunity to receive a $1 million investment and participate in 43North’s immersive program.
Hochul said, “The 43North Accelerator Program is a collaboration between government agencies and the broader business community that has created a proven economic model that not only attracts but retains entrepreneurs from around the world. The fact that we are celebrating the 10th anniversary of this operating model is a testament to how successful this incubator program has been in driving jobs, communities, and the extraordinary economic revitalization of the Western New York region.”
“To begin this year’s application process, 43North will hold a press conference at Top Seeds, a seven-year $1 million award winner that recently opened a new global headquarters and production facility in downtown Buffalo,” the press release reads. The cracker company’s founder and CEO, Rebecca Brady, leveraged her investment in 43North to expand her team, invest in new equipment, and move into a newly renovated 35,000 square foot production facility. The new factory will bring 10 times the production capacity of the original factory and serve as the production base for gluten-free and vegan crackers, seeds, and the company’s new on-the-go snack-sized pouches. In exchange for a job commitment, we’ll help you grow your company with up to $315,000 through the performance-based Excelsior Jobs Tax Credit program.”
“Thanks to 10 years of hard work at 43 North, Buffalo is well-positioned as a center for entrepreneurial ventures,” said Empire State Development President, CEO and Commissioner Hope Knight. The success of the competition can be measured by attracting a diverse and talented workforce to Western New York and creating more than 1,000 jobs this year. We look forward to supporting our applicants and thank 43North for facilitating the region’s economic recovery.”
Justin E. Driscoll, NYPA President and CEO, said: Today, I am pleased to be able to cut the ribbon on Top Seeds’ expansion project and celebrate the company’s success in fulfilling its promise to create jobs and invest in downtown Buffalo. ”
The selection process will culminate in the finals on Thursday, October 10th, when 43North will host a live pitch event at Shay’s Performing Arts Center in Buffalo. In addition to a $1 million investment, each of the five startups selected to join the 2024 cohort will receive office space in Buffalo’s historic Seneca One Tower, where their founders will receive support and Gain access to 43North’s network of over 1,000 North American investors. Businesses will also have the opportunity to enroll in the START-UP NY program and his 43North mentorship and support program. This includes:
√ One-on-one coaching and workshops.
√ Access to recruitment support services to help you grow your team in Buffalo.
√ Local and national connections for business development.
√ Marketing and media relations support.and
√ Investor introductions.
The selected companies will provide 43North with a 5% stake and agree to keep the CEO and at least half of the employees in Buffalo for at least one year. Click here for the full terms and conditions.
43North President Colleen E. Heidinger said: Over the past decade, the program has evolved significantly, from idea contests to welcoming established startups. The growth of this program is directly tied to the development we have seen in Buffalo by bringing new businesses and talent to our vibrant community. In our 10th year, we bring decades of knowledge, data insights, and economic impact worth the hype. ”
Hochul’s team added, “Since 2014, 43North has been a signature effort demonstrating New York State’s commitment to investment strategies to grow Buffalo’s innovation and entrepreneurial ecosystem. , 43North has invested in a diverse portfolio of 69 companies, 46% of which have founders of color and 26% of which have female founders. Almost 60% of these companies maintain a significant presence in the Queen City, creating more than 1,000 jobs locally. , including the high-tech unicorn ACV auction that took the program to new heights as the first publicly traded portfolio company after its IPO on March 24, 2021.”
On Wednesday, May 8, 43North, in collaboration with the program’s alumni and founders, will host a “43North Why to apply” webinar where entrepreneurs can learn more about the competition and accelerator program. Interested founders can find more information about the webinar, program and application for 43North’s 2024 Startup competition here.
Startups interested in participating in the program must submit an application via 43North.org by Friday, June 7th at 11:59pm EST.
About 43 North
43North is an accelerator program that invests $5 million annually to attract and retain high-growth companies in Buffalo, New York. 43North’s portfolio companies will also receive a year of free incubator space for him in Buffalo, instruction from mentors in related fields, and access to other business incentive programs such as START-UP NY. 43North is operated through the support of the State of New York, Empire State Development, the Ralph C. Wilson Jr. Foundation, and several other sponsors. Learn more about 43North here.
