43North accepting applications for $5 million startup competition

43 north

43North, an annual Buffalo, New York-based innovation competition offering $5 million in funding prizes, has opened up applications to founders.

The competition is offering a $1 million grand prize and six $500,000 runner-up prizes. There is also $1 million set aside for potential follow-on funding; the money will be divided into investments for select 2018 winners at the end of 2019.

“43North has attracted high quality startups, bringing world-class talent to grow in Buffalo,” said Buffalo governor Andrew Cuomo. “Through this competition, we will continue to bring cutting edge, innovative businesses to this region to help the local economy continue to thrive.”

43North winners receive free space in 43North’s incubator, participation in an expanded mentorship program, and access to the START-UP NY program, which enables companies to operate free of New York State taxes for up to 10 years.

There is an application fee of $100. Winners must relocate their businesses to Buffalo for a minimum of one year beginning in January 2019, and provide five percent equity to 43North. Last year, Fredericton-based SomaDetect received the $1 million top prize.

“43North and the entire Buffalo community provide incredible support to 43North companies – it’s a prize that extends far beyond the financial investment,” said Bethany Deshpande, CEO of SomaDetect. “43North is access to networks, mentorship, and a community that is there to help. At SomaDetect, we are working to bring value and support to dairy farmers and the dairy food system. Buffalo and 43North are playing a major role in helping us bring our vision to life.”

Applications are being accepted until May 31.