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43North
IndustryVenture capital
Founded2014
Headquarters
Buffalo, New York
,
United States
Key people
Andrew Cuomo
ProductsInvestments
Websitewww.43north.org

43North, awards $5 million dollars in cash prizes annually[1], in a startup pitch competition.[2] Founded by Andrew J. Pulkrabek, it's first Executive Director and CEO, in 2014, and located in Buffalo, New York, the competition was funded by New York State’s Buffalo Billion initiative. It is supported by many additional sponsors including the New York Power Authority.[3]

Program

In its main program, 43North runs an annual competition that results in the awarding $5 million to a group of eight companies.[4] The application period to apply occurs every spring and lasts approximately two months. They accept applications from entrepreneurs all over the world ages 18 years and older, and are open to multiple industry sectors.[5] Interested applicants apply online by filling out an online application.

The competition has 3 rounds of judging: an online written application, a live video pitch, and an annual pitch event for the final 20 companies in October at Shea's Performing Arts Center.[6]

One first-place winner receives an equity investment of $1 million dollars, the runner-up receives an equity investment of $650,000, the third-place winner wins an equity investment of $550,000, and the five other winning teams are awarded equity investments of $500,000. All winners receive workspace in 43North's business incubator located on the Buffalo Niagara Medical Campus,[7] tax incentives through the state of New York, guidance from mentors and leaders in their field, media coverage, and connections[8] in exchange for 5% equity.

Portfolio Companies

As of 2017, 43North had invested a total of $15 million in 29 companies from the life sciences, software, manufacturing, clean tech, and consumer products industries.[9] Its 2015 $1 million grand prize winner, ACV Auctions, whose app allows dealers to instantly buy and sell wholesale inventory, has raised more than $20 million since winning the competition.[10] Its most-recent venture funding raise totaled $15 million, and was led by Bessemer Venture Partners, a $4 billion venture capital firm. This Series B funding builds on the $5 million in venture capital that ACV Auctions secured in 2016; that Series A round was led by Tribeca Venture Partners, with participation from SoftBank Capital NY (SBNY), Armory Square Ventures and Rand Capital (Nasdaq: RAND).[11]

Finals Judges

43North has used judges help determine the winners since its inception. Notable judges include:

American broadcast news correspondent Luke Russert served as the 43North Finals Emcee in 2016,[16] and Megan Smith, the 3rd Chief Technology Officer of the United States (U.S. CTO) and Assistant to the President, serving under President Barack Obama, served as the keynote speaker.[17]

References

  1. ^ Rader, Bill. "How This $5 Million Business Competition Highlights The Best Of Entrepreneurship". Forbes. Retrieved 2017-07-13.
  2. ^ "Governor Cuomo Announces Finalists For 43North, the World's Largest Business Idea Competition". Governor Andrew M. Cuomo. 2015-10-22. Retrieved 2017-07-13.
  3. ^ "43North | Buffalo Billion". buffalobillion.ny.gov. Retrieved 2017-07-13.
  4. ^ "Governor Cuomo Announces $1 Million Grand Prize Winner 43North – the $5 Million Startup Competition". Governor Andrew M. Cuomo. 2016-10-27. Retrieved 2017-07-13.
  5. ^ "Frequently Asked Questions – 43North". www.43north.org. Retrieved 2017-07-13.
  6. ^ Cowley, Stacy (2015-11-04). "Buffalo Entices Start-Ups to Relocate With $5 Million Contest". The New York Times. ISSN 0362-4331. Retrieved 2017-07-13.
  7. ^ "Terms & Conditions – 43North". www.43north.org. Retrieved 2017-07-13.
  8. ^ "Frequently Asked Questions – 43North". www.43north.org. Retrieved 2017-07-13.
  9. ^ "Winners – 43North". www.43north.org. Retrieved 2017-07-13.
  10. ^ Robinson, David (2017-03-10). "43North tweaks prizes as it gears up for fourth year". The Buffalo News. Retrieved 2017-07-13.
  11. ^ "ACV Auctions - Live mobile auctions for new & used car dealers". www.acvauctions.com. Retrieved 2017-07-13.
  12. ^ Glynn, Matt (2016-10-28). "43North judges take stock of Buffalo". The Buffalo News. Retrieved 2017-07-13.
  13. ^ "Governor Cuomo Announces $1 Million Grand Prize Winner of 43North, the World's Largest Business Idea Competition". Governor Andrew M. Cuomo. 2015-10-29. Retrieved 2017-07-13.
  14. ^ "Governor Cuomo Announces Finals Award Judges for 43North Competition". Governor Andrew M. Cuomo. 2016-10-13. Retrieved 2017-07-13.
  15. ^ "Governor Cuomo Announces $1 Million Winner of the World's Largest Business Idea Competition". Governor Andrew M. Cuomo. 2014-10-31. Retrieved 2017-07-13.
  16. ^ "Governor Cuomo Announces Finals Award Judges for 43North Competition". Governor Andrew M. Cuomo. 2016-10-13. Retrieved 2017-07-13.
  17. ^ Watson, Stephen T. (2016-10-24). "President Obama's technology adviser to speak at 43North finals". The Buffalo News. Retrieved 2017-07-13.
43N 2016 winners
43 North 2016 winners on stage at Shea's Performing Arts Center
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