110 startups advance one step closer to a shot at $1 million in the world's largest business idea competition
43North - the world's largest business idea competition - HAS announced the 110 semifinalists in its 2015 competition. The list of startup companies and their hometowns can be found at www.43north.org/semifinalists.
43North offers $5 million in cash prizes, in the form of one $1 million award, six $500,000 awards and four $250,000 awards. Winners also receive free incubator space in Buffalo for a year, guidance from mentors related to their field and access to other incentive programs, including START-UP NY.
Gov. Andrew Cuomo's "Buffalo Billion" initiative is the primary funding source for 43North, with support from the New York Power Authority.
The 110 semifinalists were selected from a pool of 3,007 qualified submissions (defined as teams that met all requirements of the 2015 round one application process and formally submitted their application) and 11,356 registrants (individuals who started or completed the 2015 round one application).
"As of today, 110 startups are one step closer to a shot at $1 million, $500,000 or $250,000 to turn their dreams into reality," 43North Executive Director John T. Gavigan said. "Thank you to all the volunteer judges who brought us to this point in 43North's 2015 application process. I can't wait to see which of our semifinalists advance to the 43North finals on Oct. 29 in Buffalo."
A breakdown of the application and judging process is as follows:
•March 25 through June 24: 3,007 qualified submissions from a pool of 11,356 registrants were received via the competition's website, 43North.org. The purpose of round one was for applicants to provide a vision for their venture, including their business concept, target customers, industry overview, competitive landscape and revenue potential.
•August and September: Semifinalists will be asked to complete a more in-depth round two online application and then present their business ideas to a team of 43North judges via a videoconference.
•Oct. 29: 43North's 11 finalists will pitch their business ideas in-person in front of a high-profile panel of judges at Shea's Performing Arts Center in Buffalo. That same day, 43North will hold its awards ceremony to announce which awards its finalists will receive. "43North Week" - a celebration of entrepreneurship and innovation in Buffalo - will take place over the course of the week that precedes the finals.
43North operates through grants of $6 million from the NYPA and $1 million from the "Buffalo Billion." Additional support comes from National Grid, Orange Capital, Buffalo Niagara Enterprise, Buffalo Office Interiors, Ernst & Young, Lumsden McCormick, Performance Management Partners, Kavinoky Cook, Superior Group and several other sponsors. For a full list of sponsors and more information about 43North, visit www.43north.org.