In the lobby of Seneca One Tower filled with past and current winners, 43North kicked off the application process for the ninth annual contest for seed-stage startups.
Board chair Bill Maggio reflected on the prominence of the 38-story building that has reclaimed its domination of the Buffalo skyline and mirrors the continuation of the 43North contest. Ten years ago, he said, Seneca One Tower was not the business beacon it now is.
"We have had a scarcity mindset in our DNA for decades," he said. "But I believe one of the greatest accomplishments of 43North was the role we played in changing that from one of scarcity to abundance and it’s because of this that I believe we will win the race for relevance."
43North President Colleen Heidinger said the tower is now filled with businesses and entrepreneurs.
"This is the change unfolding right before our eyes," she said.
Like last season, the hunt is on for the five companies that will be awarded $1 million in exchange for company equity and a physical-space commitment to Buffalo. The application process ends June 23. Finals are Oct. 12 at Shea's Performing Arts Center.
In a video, CEOs of 43North companies – Twipes, ShearShare Inc., Circuit Clinical and Kangarootime Inc. – listed reasons why entrepreneurs should become part of the organization.
After the presentation, entrepreneur Akruti Babaria, founder of Kulture Khazana LLC in Buffalo, said she is determined to enter the contest this year. Her company's mission is to create toys and storybooks for families to teach children about their culture and heritage.
"Why wouldn't I?" she said.
Since 2014, 43 North has backed 64 companies with a market value of $4.4 billion and raised more than $1 billion in venture capital.
