The competition seeks innovative, ambitious startups with scalable business ideas, and is open to applicants that are 18 years and above, from anywhere in the world, in any industry, other than retail and hospitality.
According to 43North, “We will award one $1 million grand prize, six $500,000 prizes and four $250,000 prizes. Winners also receive incubator space for a year, mentorship, tons of marketing exposure and access to START-UP NY, which offers freedom from state taxes for 10 years”.
As part of the terms of the competition, 43North stated that winners agree to locate in Buffalo, NY for a minimum of 12 months. Also, 43North will take a 5% equity stake in each of the winning companies.