Buffalo, N.Y. (WBEN) - Thursday marks the finals of 43 North, a competition for startup businesses locally. Five of the eight finalists will receive a $1 million investment for their businesses, as they begin operations in Buffalo.
43 North's Maura Devlin tells WBEN Thursday's finals at Shea's will be the culmination of a month long search process for the next five companies 43 North will invest in. Devlin says applicants from around the world applied for a shot at a $1 million prize and says the field has been whittled down to 15 semi-finalists. "They're spending time here on the ground, really trying to get a lay of the land they're getting, they're getting to work with their mentors," says Devlin. "We assign them with local business professionals who help them refine their pitch and get ready for their big moment for the semi-finals."
What will the judges look for? "Who are the companies that are the right fit for Buffalo, and also who are the companies that we know are well suited to add value. There has to be that right balance of those businesses that want to be here, that see a real opportunity and value and building their business in Buffalo, and then considering are we equipped to help them and who are the right ones for that kind of special mix," explains Devlin.
Devlin compares the finals experience to a reality show. "It's a Shark Tank-like live pitch competition," says Devlin. "You have the top eight competitors pitching their business, telling the story of how they came up with their business and what exactly it is in front of 3,000 people at Shea's, and that night, we select those five $1 million winners." Devlin says there's something for everybody. "We want that fifth grader there just as much as we want the 75 year old there. I think this year's companies to lend itself to that broad audience," adds Devlin.
The winners will have a number of requirements to fulfill, says Devlin. Most of all will be basing the business in Buffalo for one year. But the money is just part of the package. "I think all the other things that come with our programming, the connections to customers, mentors, investors who can help them as they need more more funding to grow their business, those are all the things that our program provides for that year," says Devlin. She says the hope is that they come here for that year, but that they end up staying well beyond that, because of the value that they're getting from building in Buffalo.
Tickets are available at 43 north.org and are free. 43 North will also be live streaming it on the 43 North's Facebook and YouTube channel.
