This is a sponsored post by 43North.
The 43North Business Plan Competition is going to give $5 million in cash– one $1 million prize, six $500,000 prizes, and four $250,000 prizes – as a prize for winning the competition. The event will take place in Buffalo, New York, and 43North recently opened their applications to any entrepreneur aged 18 and older in any industry with the exception of retail and hospitality.
The competition winners will also receive free incubator space for an entire calendar year, guidance from mentors in their field, and access to incentive programs like Start-Up NY. In return, 43North will take 5 percent non-dilutive equity in the winning companies regardless of how much funding they are awarded.
The competition itself will include three separate rounds of judging. 43North will be accepting applications now through May 31 for the first round. The second round will see semifinalists present their plans via webinar, and the ultimate round will bring the finalists to present their plans during a week-long series of events in Buffalo.
With the prize money, mentorship, incubator time, and incentive program access, 43North is hoping to give entrepreneurs, startups, and teams from across the globe a chance to turn their business ideas into reality. And as part of New York Governor Andrew Cuomo’s Buffalo Billion Initiative, 43North hopes to drive economic opportunities through Buffalo and Western New York with the competition.
Winning companies will be required to relocate to Buffalo by January 2015; the winners will be announced in October 2014. All you have to do is make sure you apply by May 31.