43North, a startup competition and accelerator program, is looking to invest $5 million in high-growth companies willing to relocate to Buffalo, New York. Since 2014, the initiative has invested in 44 companies with $800 million total in their portfolio and created 400 plus jobs in Western New York.
What’s the criteria?
- Your company must be in the seed or post-seed stage
- The founders and/or company team must be uniquely qualified to solve a problem
- The company must have had earned revenue or have a clear path to revenue within the next 12 months
- The company must have a deployable product.
In addition to a financial investment, the winners of the competition will receive free workspace in their incubator, the opportunity to operate free of state taxes through STARTUP-NY,* mentorship from industry leaders, access to their network of investors, customers, vendors, and alumni and marketing and recruiting support.
So what do they want in return?
The company must provide 5% equity to 43North and the CEO and at least 50% of the company staff must relocate to Buffalo for 12 months.
43North believes that Buffalo’s strategic location, infrastructure, and workforce make it a place where startups can truly make their mark. They boast that it’s not only an amazing place to live—with great nightlife, world-class art, an eclectic food scene, vibrant waterfront, and super-affordable housing—but is also quickly becoming a startup hub.
Back in 2017, two black founding teams took part in the competition and they both came out on top. The teams were Femi Secrets, a company that provides the ultimate protection to women of all ages during their monthly menstrual cycle, and Squire, a B2B all-in-one platform that powers barbershop operations.
Combined, the two companies took home a total of $1,150,000. This was also the first time in the history of the competition that two African American teams took home top prizes simultaneously.
To apply, click here.