It’s not every day you get 30 venture capitalists from around the U.S. to gather in Buffalo.
In fact, it hasn’t happened since 2019.
The 43North business competition officially returns for a run of events the week of Oct. 25.
There is work to be done – whittling 20 finalist companies into eight award winners, which will split $5 million in prize money and win a coveted spot in the 43North portfolio.
But 43North leaders say symbolism also will be at play in the series of gatherings that will culminate with the Oct. 28 finale in front of a packed house at Shea’s Performing Arts Center.
They want to tell a story about how the pandemic couldn’t kill the fledgling momentum in Buffalo’s startup economy.
And they’re hoping more people join the effort.
“We’ve had a ton of traction,” 43North President Colleen Heidinger. “We’ve proven that we can do anything here. Now we have to come together as a community to move this thing forward.”
State-funded 43North was conceived as an economic development tool to support Buffalo’s startup economy. Hundreds of founders from around the world submitted applications this year, and 62 local judges spent the summer whittling that group to 20 finalists, including five startups already in Buffalo.
Here’s a closer look at what to expect:
First, a fair
Forge Buffalo – which is 43North’s talent and resources brand – will whet everyone’s whistle on Monday, Oct. 25, with a job fair at Seneca One Tower. The 716 Career Fair will take place from 3 to 6 p.m. which is expected to be well-populated with local employers looking for talent. 43North expects hundreds of people to attend.
Preliminary pitches
The action truly will get started Wednesday, Oct. 27, where the 20 finalists will get a chance to pitch their companies and answer questions.
They will make their case to 30 venture capitalists from around the U.S. – some of whom have been to 43North before but many making their first trip to Buffalo.
The pitches will take place all day at Seneca One Tower and be open to the public.
The judges will send half of those companies home. The other half will continue on in the competition.
Speaking of the VCs
The investors are a major part of the 43North festivities. A Wednesday evening dinner will take place at Hotel Henry (past dinners have been hosted at the Albright-Knox Art Gallery and Frank Lloyd Wright’s Martin House). New Hotel Henry owner Douglas Jemal – whose expansive real estate holdings in Buffalo include Seneca One – will make a presentation about the opportunities he sees in Buffalo. Civic and business leaders will attend.
The next day, the investors will spend time with George Chamoun, CEO of ACV Auctions, which won the 43North grand prize in 2015, went on to raise hundreds of millions in venture capital and went public earlier this year. They will tour the Tesla factory on South Park Avenue and also visit Oxford Pennant.
Thursday morning
As the 10 remaining finalists prepare for the big event, 43North will host a “Startup Showcase” on Oct. 28 that brings in startups from across Buffalo (not just those affiliated with 43North) to meet with visiting investors. The targeted networking event will take place from 10 a.m. to noon but is not open to the public.
The Super Bowl
The 10 finalists will take to the stage at Shea’s the evening of Oct. 28 to make their final pitches, this time to a group of celebrity judges. There will be a $1 million grand prize winner and seven $500,000 runner-up prizes, with an additional $500,000 held back for follow-on funding.
A max capacity crowd of about 3,000 people is expected to be on-hand for the show, which is free to attend. Attendees must be masked and vaccinated – tickets are available at www.43north.org. The event will be live-streamed as well.
Winning companies give up 5% of their company and pledge to operate from Buffalo for a year. The goal, of course, is to keep them here much longer.
“These companies understand there is something going on in Buffalo," Heidinger said, "and they want to be part of it themselves.”
