43North offers an opportunity to scale your business with funding and an immersive accelerator program like no other.
Donor Name: 43North
State: New York
City: Buffalo
Type of Grant: Program
Deadline (mm/dd/yyyy): 07/08/2022
Grant Size: $1 million
Details:
The purpose of the Competition is to be part of an overall program aimed at systematically generating more start-up enterprises in Western New York by (i) facilitating applied research and development and enhancing mentoring and other supports for aspiring entrepreneurs, (ii) supporting early-stage firm growth and (iii) attracting more venture funding.
This Competition will award a total of up to $5 million in prizes, with $1 million per company. It will attract entrepreneurs from around the world to compete for prizes that will turn startup companies with high growth potential into funded enterprises in their region. The campaign will have three features: the Competition (described herein), an “incubator/accelerator” facility located in Western New York, and facilitation of investment in winners of the competition.
43North portfolio companies receive an investment of $1 million in exchange for 5% equity. Companies are required to relocate to Buffalo, NY for one year and work out of the 43North HQ where they’ll receive:
- One-on-one mentorship with experts in their field
- Class A office space in the newly renovated Seneca One Tower in Downtown Buffalo
- Access to customers, vendors, partners and an extensive network of nearly 1,000 investors
- Recruiting, fundraising, and marketing support from the 43North team
- The opportunity to operate tax-free as part of STARTUP-NY
What they look for?
Their startups are often seed-stage companies that have:
- Traction with paying customers
- Raised venture capital investment
- Three or more team members
The following businesses are not eligible for the Competition:
- retail businesses with brick and mortar storefronts,
- residential real property business,
- investment vehicles that invest in the securities of other entities,
- sports venues,
- gaming and gambling businesses,
- places of overnight accommodation,
- past 43North cash-prize winners,
- entertainment-related establishments, and
- single-purpose entertainment or event productions (e.g. movies, albums, concerts). For this purpose, “retail business” means a business that is primarily engaged in making retail sales of goods or services to customers who personally visit such facilities to obtain goods or services. In addition, generally excluded are the following: buy-outs, roll-ups, real estate syndications, tax shelters and franchise-based outlets.
For more information, visit 43North.
