43North

43North is a business plan competition and venture capital firm based in Buffalo, New York, founded in 2014 by New York State and Empire State Development to promote entrepreneurship and innovation in the Western New York region, with support from University at Buffalo, Buffalo Niagara Enterprise, and Erie County. The organization is part of the Buffalo Billion initiative, a New York State effort to revitalize the Buffalo, New York economy, led by Andrew Cuomo and Howard Zemsky. 43North has been compared to other successful business plan competitions, such as MassChallenge and Techstars, and has partnered with organizations like Microsoft, Google, and Facebook to provide resources and support to its winners.

Introduction

43North was established to provide funding and support to startups and entrepreneurs in the Western New York region, with a focus on clean technology, healthcare, and advanced manufacturing, similar to initiatives like Cleantech Open and Rock Health. The organization offers a unique business model, providing winners with investment capital, mentorship, and access to a network of industry experts and venture capitalists, including Kleiner Perkins, Accel Partners, and Sequoia Capital. 43North has been recognized as one of the top business plan competitions in the country, alongside MIT Startup Competition and Y Combinator, and has been featured in publications like Forbes, Entrepreneur, and Inc. magazine.

History

The concept of 43North was first announced in 2013 by New York State Governor Andrew Cuomo as part of the Buffalo Billion initiative, a New York State effort to invest $1 billion in the Buffalo, New York economy, with support from United States Senator Chuck Schumer and Congressman Brian Higgins. The organization was officially launched in 2014 with a $5 million investment from New York State and Empire State Development, and has since received additional funding from National Grid, First Niagara Bank, and M&T Bank. 43North has been led by a team of experienced entrepreneurs and venture capitalists, including John Seman, Dan Magnuszewski, and Peter Burakowski, who have connections to organizations like Harvard Business School, Stanford University, and University of California, Berkeley.

Business Model

43North's business model is based on a competitive application process, where startups and entrepreneurs can apply for funding and support, with a focus on innovation and job creation, similar to programs like Small Business Innovation Research and Small Business Technology Transfer. The organization offers a $1 million grand prize, as well as smaller investments and support packages, and has partnered with organizations like New York State Energy Research and Development Authority and National Renewable Energy Laboratory to provide resources and expertise to its winners. 43North also provides access to a network of industry experts and venture capitalists, including Marc Andreessen, Ben Horowitz, and Reid Hoffman, who have connections to companies like Andreessen Horowitz, Khosla Ventures, and Greylock Partners.

Winners and Investments

Since its launch, 43North has invested in over 100 startups and entrepreneurs, with a focus on clean technology, healthcare, and advanced manufacturing, similar to initiatives like Cleantech Group and Rock Health. Some notable winners include ACV Auctions, Circuit Clinical, and UltraCell Insulation, which have received funding from venture capital firms like Founders Fund, Social Capital, and Y Combinator. 43North has also partnered with organizations like University at Buffalo, Roswell Park Comprehensive Cancer Center, and Buffalo Niagara Medical Campus to provide resources and support to its winners, and has connections to companies like General Electric, IBM, and Cisco Systems.

Impact and Criticism

43North has had a significant impact on the Western New York economy, with many of its winners creating jobs and generating revenue in the region, similar to initiatives like Startup America and Small Business Administration. However, the organization has also faced criticism for its selection process and investment strategy, with some arguing that it favors established companies over new startups, and has been compared to other business plan competitions like Techstars and MassChallenge. Despite this, 43North has been recognized as one of the top business plan competitions in the country, and has been featured in publications like The New York Times, Wall Street Journal, and Forbes, with connections to organizations like National Venture Capital Association and Angel Capital Association.

Organization and Partnerships

43North is led by a team of experienced entrepreneurs and venture capitalists, including John Seman, Dan Magnuszewski, and Peter Burakowski, who have connections to organizations like Harvard Business School, Stanford University, and University of California, Berkeley. The organization has partnered with a number of industry leaders and venture capital firms, including Microsoft, Google, and Facebook, as well as local organizations like University at Buffalo, Buffalo Niagara Enterprise, and Erie County, and has connections to companies like Amazon, Apple, and Intel. 43North has also received support from New York State and Empire State Development, and has been recognized as a key part of the Buffalo Billion initiative, with connections to organizations like New York State Economic Development Council and Western New York Regional Economic Development Council. Category:Business plan competitions