A contest that bills itself as the world’s largest business plan competition announced the conclusion of its application process Monday. 43North attracted 6,932 applicants from across the world to take part in the competition in Buffalo, which includes applicants from all 50 states and 96 countries.
Contestants are competing for $5 million in cash prizes, including a top award of $1 million. The winners would be required to stay in Buffalo, specifically in a Start-Up NY zone, for one year and grow their business, while receiving mentoring and support services.
43North Executive Director Andrew Pulkrabek says the next step in the competition is to go through the qualified submissions and choose more than 100 semifinalists by the end of the month.
“We will go back to those semifinalists and they will complete online a full business plan. What they’ve done, to date, is essentially create an executive summary. So, we need additional information in terms of the judge’s ability to vet them as perspective ultimate awardees. So, we’ll do that during the summer. They will then pitch and the judges will have all of this information, the business plan, the executive summary and all additional information they want to provide," said Pulkrabek.
In September, the applicants will pitch to the judges, who will then select 11 semifinalists. In October, they will be invited for a week at the Albright Knox Art Gallery and will pitch live in front of the judges and a live audience.
Pulkrabek says 43North received applications for business ideas in the advanced manufacturing, software, mobile app and life sciences fields. The applications came from countries including the United States, Canada, Israel and India.
The competition is part of Governor Cuomo’s pledge of $1 billion for Buffalo. The New York Power Authority is one of the sponsors of the competition. NYPA Chairman John Koelmel says the contest is helping to put Buffalo on the map in a positive way.
“People are now talking about Buffalo in many ways that have just never been in their vocabulary, historically. There’s evidence that it is a new Buffalo, there is a new focus, there is a new direction [and] there are new opportunities. So, there’s clear evidence of that in everything that is happening whether you look on the medical campus, down at the waterfront, and elsewhere in our community," said Koelmel.
"I couldn’t be more proud, I couldn’t be more excited as a leader in this community.”
