43 North


43North awards $5 million in cash prizes annually in a startup pitch competition. Founded by , its first Executive Director and CEO, in 2014, and located in Buffalo, New York, the competition is funded by New York State's Buffalo Billion initiative. It is supported by many additional sponsors including the New York Power Authority.

Program

In its main program, 43North runs an annual competition that results in the awarding $5 million to a group of eight companies. The application period to apply occurs every spring and lasts approximately two months. They accept applications from entrepreneurs all over the world ages 18 years and older, and are open to multiple industry sectors. Interested applicants apply online by filling out an online application.
The competition has 3 rounds of judging: an online written application, a live video pitch, and an annual pitch event for the final 20 companies in October at Shea's Performing Arts Center.
One first-place winner receives an equity investment of $1 million, the runner-up receives an equity investment of $650,000, the third-place winner wins an equity investment of $550,000, and the five other winning teams are awarded equity investments of $500,000. All winners receive workspace in 43North's business incubator located on the Buffalo Niagara Medical Campus, tax incentives through the state of New York, guidance from mentors and leaders in their field, media coverage, and connections in exchange for 5% equity.

Portfolio Companies

As of 2017, 43North had invested a total of $15 million in 29 companies from the life sciences, software, manufacturing, clean tech, and consumer products industries. Its 2015 $1 million grand prize winner, ACV Auctions, whose app allows dealers to instantly buy and sell wholesale inventory, has raised more than $100 million since winning the competition. The most recent Series D funding round raised $93 million in December 2018 that followed an earlier 2017 venture funding raise that had totaled $15 million, and was led by Bessemer Venture Partners, a $4 billion venture capital firm. This Series B funding builds on the $5 million in venture capital that ACV Auctions secured in 2016; that Series A round was led by Tribeca Venture Partners, with participation from SoftBank Capital NY, Armory Square Ventures and Rand Capital.

Finals Judges

43North has used judges help determine the winners since its inception. Notable judges include:
American broadcast news correspondent Luke Russert served as the 43North Finals Emcee in 2016, and Megan Smith, the 3rd Chief Technology Officer of the United States and Assistant to the President, serving under President Barack Obama, served as the keynote speaker.