Startup competitions come in all shapes and sizes. Some offer capital that will help founders acquire the resources they need to keep their company moving forward. Others offer mentorship, which is more valuable than anything for startup founders that are new to the entrepreneurial landscape. But there's one startup competition that, in addition to all those prizes, offers a chance to avoid paying state taxes for an entire decade.
43North is an annual startup competition offering $5 million to truly remarkable startups around the world. They've crowned 29 winning startups from across North America and as far away as Taiwan and Israel. In addition to the sizable amount of capital, 43North provides winning startups with incubator space and expert mentorship to help grow their company. The goal of the competition is to foster the economy of the Buffalo area, which is made apparent by the necessity for company founders, along with at least half the staff to move to the area for at least a year.
“More than half of the new jobs that are coming into the United States are coming from entrepreneurs creating new businesses,” said Peter Burakowski, director of marketing at 43North. “So you’re also seeing millennials want to be involved in starting companies, or are already starting companies. So when we think about today, and what’s healthy for Buffalo, and for the next decade and beyond, we really need to be fostering this culture of entrepreneurship.”
In addition to the plentiful resources being made available through the competition, 43North also allows the winning startups to apply to START-UP NY, which allows New York-based companies to operate without paying state taxes for ten years on or near eligible university or college campuses in the state of New York. Not a bad perk for a startup competition.
“We’re honing in more on fit,” Burakowski said. “If you’re a startup that’s really ready to grow, what do we have here in Buffalo that we can provide?”
If you're interested in applying to the competition, you can head to their website and register here. Applications for the 2017 application period are being accepted until May 24. Make sure to read the terms and conditions before applying.