New Global Business Plan Competition Offers $5 Million in Prize Money
The city of Buffalo, New York has launched a business plan competition open to applicants from all over the world. The competition is called 43North, and it will distribute $5 million in prize money to entrepreneurs with winning ideas.
43North bills itself as “the world’s largest business idea competition,” and the values of the competition’s prizes certainly make it a contender for the title. The winner of 43North will receive $1 million, six runners up will receive $500,000 each, and four third place finishers will receive $250,000 each. In addition to the cash prizes, winners will receive guidance from mentors in their field, free incubator space for a year, and awards from other entrepreneurial incentive programs.
The competition is part of a $1 billion initiative from Andrew Cuomo, the Governor of the State of New York. The initiative is intended to spur economic growth in Buffalo, New York. The winners of 43North must agree to operate their business in Buffalo for at least one year.
After all the applications have been submitted, the judges will select semifinalists, and the semifinalists will present their business plans via webinar from September 15 to September 20, 2014. Finally, finalists will present their plans in Buffalo during a week of events starting on October 27. The competition will end with a grand finale on the 30th of October, which will feature the announcement of the winning businesses.
43North is accepting entries until May 31, 2014. The competition is open to applicants from any industry, except hospitality or retail. You can fill out an application to take part in the competition here. For more information about the competition, visit the 43North website or email the competition organizers at info@43north.org.
