BUFFALO, N.Y. — New York Gov. Kathy Hochul announced that applications are being accepted for the 9th year of the 43North competition.
43North is a state-funded program that invests millions annually to bring entrepreneurs to grow their start up businesses in Buffalo.
"Buffalo has become an epicenter of technology and innovation thanks to programs like 43North's startup competition and the investments made by New York to foster economic growth and job creation," Hochul said in released statement.
"Since its launch, 43North has helped to revitalize this community and encourage the next generation of entrepreneurs and creators to build and participate in Buffalo's growth. I applaud 43North's continued work and our message is loud and clear to entrepreneurs around the world - New York State is home to the jobs of the future."
43North will select five beginner startups to receive an investment of $1 million each and join their immersive accelerator program.
Buffalo Mayor Byron Brown said, "The transformative economic success offered by 43North elevates our communities with innovative job creation, cutting-edge businesses, and the draw of diverse, top talent to our region. I look forward to supporting this year's applicants and I thank 43North for fueling an economic resurgence in Western New York."
A panel of Judges will consider pitches from the finalists and announced the five winning companies in October.
Those that are selected will receive $1 million dollar investment, office space, mentorship and support from 43 North.
43North President Colleen E. Heidinger said, "We are excited to launch year nine of 43North's competition. For nearly a decade, our mission has been to nurture a vibrant ecosystem in Buffalo where entrepreneurs can thrive. We are eager to build on the established positive momentum and continue to create opportunities for entrepreneurs right here in our Queen City."
Those companies selected agree to provide 5% equity to 43North and located their CEO and a minimum of half of their staff in Buffalo for at least one year.
For more information on the competition and terms, check out the 43North website.