43 North
 | |
| Industry | Venture capital |
|---|---|
| Founded | 2014 |
| Headquarters | , |
| Products | Investments |
| Website | 43north.org |
43North is a startup accelerator founded by Empire State Development Corporation and the New York Power Authority in Buffalo, NY.[1] The organization hosts an annual startup pitch competition, investing $5 million per year to attract and cultivate high-growth technology startup companies in Buffalo, NY. 43North portfolio companies also receive free incubator space for one year, guidance from mentors in related fields, and access to other business tax incentive programs such as START-UP NY. 43North operates with the support of Governor Kathy Hochul, Empire State Development, the Ralph C. Wilson, Jr. Foundation, and several other sponsors. [2]
Program
In its main program, 43North runs an annual competition that results in awarding $5 million to a group of five companies.[3] The application period occurs every spring and lasts approximately four months. 43North accepts applications from entrepreneurs all over the world, ages 18 and older, and are open to multiple industry sectors.[4] The competition has three rounds of judging: an online written application, a live video pitch, and an annual pitch finals event.
Every year, five winners receive an equity investment of $1 million each, free workspace in 43North's business incubator located on the Buffalo Niagara Medical Campus, tax incentives through the state of New York, guidance from mentors and leaders in their field, media coverage, and connections in exchange for 5% equity.[5]
Portfolio companies
As of 2024, 43North has invested $45 million in 69 companies, created over 1,000 jobs in the Western New York region and nearly 3,000 globally, and has a portfolio of companies that raised of over $965 million subsequently. 43North's portfolio includes notable growth by ACV Auctions, which achieved "unicorn" status in 2019 and went public, listing on the Nasdaq in March 2021; Squire, which closed a series C in 2020 at a $250 million valuation. LabCorp supported Circuit Clinical's latest raise.[6]
Finals event
43North culminates every year with a live finals pitch event for 20 shortlisted companies in October at Shea's Performing Arts Centre.[7]
American broadcast news correspondent Luke Russert served as the 43North Finals Emcee in 2016,[8] 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.[9]
Notable finals judges include:
References
- ^ Robinson, David (2016-11-14). "43North in line for $2 million in NYPA funding". Buffalo News. Retrieved 2024-08-23.
- ^ "43North | Buffalo Billion". buffalobillion.ny.gov. Archived from the original on 2017-07-14. Retrieved 2017-07-13.
- ^ "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.
- ^ "Frequently Asked Questions – 43North". www.43north.org. 4 February 2016. Retrieved 2017-07-13.
- ^ "43North Frequently Asked Questions". 43North. Retrieved 2024-08-23.
- ^ "Portfolio Companies Archive". 43North. Retrieved 2024-08-23.
- ^ 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.
- ^ "Governor Cuomo Announces Finals Award Judges for 43North Competition". Governor Andrew M. Cuomo. 2016-10-13. Retrieved 2017-07-13.
- ^ Watson, Stephen T. (2016-10-24). "President Obama's technology adviser to speak at 43North finals". The Buffalo News. Retrieved 2017-07-13.
- ^ Glynn, Matt (2016-10-28). "43North judges take stock of Buffalo". The Buffalo News. Retrieved 2017-07-13.
- ^ "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.
- ^ "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.
