43North, part of New York Governor Andrew Cuomo's Buffalo Billion project, recently announced the winners of its 2016 competition. And why would we care about a startup contest in Upstate New York? Normally, we wouldn't. This year, though, there was a common thread tying the majority of the winning ventures: Five out of eight of them are from the Boston area.
The competition's prizes included investments ranging from $500,000 to $1 million, free use of 43North's incubator space and resource network, and the possibility of escaping state taxes for 10 years through Start-Up NY. According to 43North, it selected these startups based on the following characteristics:
- The overall strength of team
- Team’s knowledge of market
- A rating of the viability of the product/service/technology
- The product relative to the target market
- Revenue and financing plans
- Overall assessment of the opportunity
Here are this year's winners of 43North's competition, all of whom will be relocating to Buffalo for a minimum of 12 months, as part of the prize conditions.
Oncolinx - Prize Amount: $1 million (Grand Prize Winner)
Oncolinx has been working with the National Cancer Institute to develop targeted immunotherapies to combat cancer, called antibody-drug conjugates (ADCs). The MassChallenge alumnus plans to start clinical trials in 2017.
HigherMe - Prize Amount: $600,000
This venture offers hiring software to employers looking for high-quality, industry-specific hourly employees. Customers include companies like Dunkin’ Donuts and Panera Bread.
Bounce Imaging - Prize Amount: $500, 000
Bounce Imaging has developed a ball-shaped 360-degree camera that's throwable, so first responders can see potential dangers before they enter an area. It was a 2012 MassChallenge Gold Winner and has participated in the VIP program at the Harvard Innovation Lab.
PathoVax - Prize Amount: $500,000
PathoVax is making RGVax, an affordable vaccine that would prevent all HPV-associated cancers, as opposed to other HPV vaccines currently on the market, which only target sexually transmitted strains of the virus. It's been working out of the Harvard iLab all of 2016.
UltraCell Insulation - Prize Amount: $500,000
The Cambridge-based startup is working on a new low-cost, high-performance type of building insulation that's made from recycled corrugated cardboard, rather than a newspaper.
