BUFFALO, NY – Today, 43North–The $5 million startup competition-announced its 142 year-three semifinalists. 43North attracts entrepreneurs from around the world to compete for prizes that turn startups with high growth potential into funded enterprises in Buffalo, N.Y.
The semifinalists were vetted during a formal, month-long review period conducted by judges from an array of professional sectors. The 2016 semifinalist list is live on 43North.org.
The 2016 competition includes a revised prize structure that now features a grand prize of $1 million, a runner-up prize of $600,000, and six $500,000 awards. An additional $400,000 will be awarded to winners as incentivized follow-on funding. Part of Governor Andrew Cuomo's Buffalo Billion initiative, the competition operates through $6 million in support from the New York Power Authority and $1 million from Empire State Development.
“43North was born out of Governor Cuomo’s visionary Buffalo Billion initiative and over the last two and a half years, 43North has constantly improved its processes to ensure the best possible results for the Western New York community. This year, 43North doubled down on strategies designed to attract the highest quality startups to enter the competition and I’m very pleased with the caliber of our applicants,” said 43North Board Chairman William J. Maggio Jr. “I’m excited to see which companies make it through our semifinal round to join us at our finals in Buffalo in October.”
“43North is helping to put Buffalo on the map for quality startups, and that can be seen in this year’s class of semifinalists, which hail from across the U.S. and around the globe,” said 43North Executive Director John T. Gavigan. “Over the coming weeks, our semifinalists will each give live video pitches to a team of judges who will help us determine which are best of the best; these startups will become this year’s finalists.”
43North has an inclusive semifinalists set, with 37 percent of semifinalists having founders who identified themselves as being of African-American/Black, Asian, Hispanic/Latino or other non-white ethnicity and 23 percent identifying as women, which is significant, given that the Center for Venture Research states that only 7 percent of annual U.S. venture capital funding is awarded to women (TechRepublic, July 2014).
The 43North competition is broken down into three rounds:
- Round 1 (March 4 – May 31, 2016): Application period.
- Round 2 (July-August 2016): Live semifinals video pitches.
- Round 3 (October 26 & 27, 2016): Finalist teams will pitch their businesses in person to a panel of judges in Buffalo. The competition concludes with a celebration of 8 selected winners.
To learn more about the past 2014 and 2015 winners, click here.
43North is the $5 million startup competition, awarding cash prizes to some of the best entrepreneurs and startups from around the world. 43North winners also receive free incubator space in Buffalo for one year, guidance from mentors in related fields, and access to other business incentive programs such as START-UP NY. 43North operates through the support of Governor Andrew Cuomo's Buffalo Billion initiative and grants of $6 million from the New York Power Authority and $1 million from Empire State Development. Additional support comes from National Grid and several other sponsors. For a full list of sponsors and more information about 43North, visit www.43north.org.
Additional news available at www.governor.ny.gov
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