Applications are now being accepted for the 5th annual 43North START-UP Competition. It includes a top prize of $1 million and six runner-up prizes of $500,000. All winners also receive free space in 43North's business incubator.
Board Chairman Eric Reich says, instead of trying to draw a large number of applicants, 43North is working to recruit companies that are a good match for the resources available in Buffalo.
"At the end of the day, you want companies who don't just want the money but they also want to be a participant in an ecosystem that is one where companies can quickly grow. I think, Buffalo is under appreciated in its economics of what it takes to run and scale a company, in Buffalo, is much less than it is in other cities. And we have this dynamic incredible work force who are ready to work for some of these companies," Reich said.
For the first time, this year, he says, there's also $1 million in follow-on funding to help winners who need a little more funding make it to the next phase. The deadline to enter 43North's STARTUP Competition is May 31.