43North doubled its applicant pool for the 2022 version of its competition.
The organization’s leaders say that’s evidence that Buffalo's story is starting to penetrate the broader startup zeitgeist.
“Founders know there’s something special going on here,” 43North president Colleen Heidinger said. “They know this isn’t just an accelerator program. It’s an opportunity to build something with the support of the entire community.”
Funded mostly by New York state, 43North is hosting its eight annual startup competition. The nonprofit entity welcomes startups to Buffalo with a large investment and the goal to build their business here.
43North switched up its prize structure this year – it will award five $1 million prizes to winners at its “Shark Tank”-style finale event Oct. 20 at Shea’s Performing Arts Center.
A total of 720 startup founders from across the world filled out applications with the intent of making it on that stage. More than 60 of those companies are based in Western New York.
43North has taken a “quality over quantity” approach to its application funnel in recent years, seeking companies with commercialized products, growing teams and previous investment rounds.
43North leaders said those principles were upheld during the application period. It’s just that the funnel got bigger.
“The money you get from 43North is just the beginning,” said Maura Devlin, 43North vice president of marketing, strategy and public relations. “The secret sauce is the mentorship and the connections to investors. In our road show this year, I felt that more and more. Founders are hungry to be part of that community.”
Heidinger said 43North’s 13-person team has traveled to conferences and called programs, investors and founders to drum up interest in the program.
Each application will be reviewed by three independent judges, who will spend the summer whittling the group to about 100. Those survivors will pitch virtually. And 50 of them will be sent to an internal 43North investment committee that will determine the final 15 finalists.
Those founders who don’t already live locally will travel to Buffalo to make live pitches in front of judges at Seneca One on Wednesday, Oct. 19, before a select group moves on to pitch the following night at Shea’s.
