Buffalo attracts entrepreneurs by hosting the world’s largest business idea competition.
Encouraging entrepreneurial investment is one of the key elements for fostering economic sustainability. Achieving this takes multiple factors that attract and incentivize new business developers to an area. 43 North is hosting the world’s largest business idea competition within the City of Buffalo in order to enhance the economic performance of the region.
Currently, eleven entrepreneurs from around the globe are competing for a combined total of $5 million in cash prizes; including a grand prize of $1 million, six $500,000 awards, and four $250,000 awards. 43North Steering Committee Chairman Jordan Levy said, “43North attracted nearly 7,000 applications from 96 countries and all 50 states. After two rounds of judging, we are down to our 11 finalists. Each team is exceptional talented, and we are excited to see what they hold in store for us.”
The only requirements attached to the prizes are that recipients must agree to operate their business in Buffalo, NY for a minimum of one year (with free incubator space) and provide 43 North with a stakeholder position of 5% non-dilutive equity in their company.
43 North is a key component of Governor Cuomo’s Buffalo Billion plan to improve regional innovation performance as well as attract to entrepreneurs and investors. The plan describes how to distribute investment to various projects over 10 years in order to capitalize on the region’s assets and meet specific regional challenges.
The final ceremony will take place at Shea’s Performing Arts Center on October 30th from 5:30 PM to 7:30 PM. Attendees can hear the finalists pitch their ideas to a panel of expert judges either during the first session from 8:30 AM to 12 PM or the second session from 12:30 PM to 4 PM.
The week prior to the awards ceremony will feature multiple events throughout Buffalo’s Allentown neighborhood that celebrate entrepreneurship and innovation in the city.
43 North is an example of public and private sector cooperation that will lead to the economic sustainability of our region.
For more information about 43 North and its upcoming events, visit http://www.43north.org/
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