Applications are now being accepted for the fifth year of Buffalo's annual business startup competition, 43 North.
The $5 million competition was part of Governor Andrew Cuomo's Buffalo Billion initiative.
Over the past five years, 43 North has crowned 37 winning startups from across North America and as far away as Taiwan and Israel. Those companies have raised more than $80 million since becoming winners.
This year's competition will feature a revamped awards structure. There will still be $5 million in awards, but only $4 million will be distributed to winning companies upfront. The remaining $1 million will be divided into investments for multiple 2018 winners at the end of 2019.
The 43 North competition brings in entrepreneurs from around the globe to compete for business-related awards like free space in 43North's incubator, participation in an expanded mentorship program, marketing exposure and access to the START-UP NY program, which enables companies to operate free of New York State taxes for up to 10 years.
Interested startup companies can apply now via the 43 North website. Each applicant will describe their business concept, team, target customers, industry overview, competitive landscape and revenue potential. Applications will be accepted through May 31, 2018.
Finalists will compete on stage during the annual competition in October where they'll make a pitch to a panel of judges. Seven winners are selected with one company winning the grant $1 million prize and six others receiving $500,000 each.