Local Business Competition Receives Worldwide Attention

April 8, 2014 Updated Apr 9, 2014 at 8:20 AM EDT

By Mitch Simon

April 8, 2014 Updated Apr 9, 2014 at 8:20 AM EDT

BUFFALO, N.Y. (WKBW) - One of the world's largest business idea competitions happening right here in Buffalo has received worldwide attention.

Today, Governor Cuomo announced that officials from "43North," a business plan competition that will give out a total of $5 million to promising business models to be built in The Queen City, have received thousands of applicants from 56 countries all over the world.

The competition includes a top award of $1 million.

Winners will receive free incubator space in Buffalo for a year, guidance from mentors related to their field and access to other exciting incentive programs.

The competition is broken down into three rounds, with each round being independently judged:

· Round 1 (February 5 – May 31): Applications from prospective businesses will be accepted via the competition’s website, 43North.org. Round 1 is for applicants to provide a vision for their venture, including their business concept, target customers, industry overview, competitive landscape and revenue potential. This submission is not intended to be as comprehensive as a detailed business plan, but should provide the judges with a summary of the major elements of the venture.

· Round 2 (September 15 – September 20): The semifinalists will present further detail on their plan and a 10-minute online presentation to 43North’s judging panel, which will be followed by 10 minutes of questions. The plans put forward in Round 2 will include the venture’s business concept, value proposition, competitive analysis, communication and distribution channels, client relationships, key stakeholders, resources and activities, cost structure, revenue streams and financial considerations.

· Round 3 (October 27 – October 31): The final stage of the competition is for finalist teams to pitch their business in person to a panel of judges in Buffalo. Each team will have 10 minutes to sell their business idea, followed by 10 minutes of questions. Teams will be assessed on overall organization of the presentation; the team’s ability to ‘sell’ the idea and need for the company; the team’s ability to defend the plan and be responsive to questions; and the quality of the overall plan. The competition concludes with the selection of winners and celebrations.

More information on 43North can be found on their website!

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.