Buffalo, N.Y. (WBEN) - This week entrepreneurs come to Western New York to pitch their business to investors as part of the 43North competition. The finals will reward five finalists with $1 million each.
43North's Nicole Camarre says there are several events this week. "For the public, we will be hosting our semifinalists pitching all day Wednesday, right in the mezzanine at Seneca One," says Camarre. Camarre says the 15 semifinalists will pitch to a panel of 30 venture capitalists. On Thursday will be the main event at Shea's. Before that, she says there will be a first ever community showcase. "We will be hosting companies from across upstate New York, from some of the accelerators and other investors around the state, and we will be letting those companies do a quick five minute pitch to those same judges that had flown in. So, it's a really great opportunity to showcase all of the companies from across upstate New York, as well as the ecosystem that we're building here," says Camarre.
Camarre says this is a huge opportunity. "You think about the traditional venture markets that exist in New York, Boston, Silicon Valley, it's hard to get in front of as many venture capitalists as you can get in front of this week. So to be able to get time, even if it is only a few minutes, is a huge opportunity. And hopefully those lead to more conversations that lead to some great investments," says Camarre.
What do the judges look for? "First and foremost, we really need to get some validation that there's massive upside potential for these businesses to grow. So we're looking for traction in terms of revenue, or they have major pilots or contracts that we're aware of. They're validating that. They're validating the caliber of the team, their backgrounds and the conviction around their ability to scale these businesses," explains Camarre. "We're also having them look at just their capital efficiency. Do we feel that they've got sufficient runway to really make it over the course of the next several years? And then last but certainly not least, is really how Buffalo and the upstate community can be a strategic lever for these companies in achieving that scale."
On Thursday, five finalists will win a $1 million investment. "$1 million dollars isn't necessarily what it used to be, but at the same time, it's become exceedingly difficult to raise money so that million can go a really long way. We really encourage our companies that, when they come here and take part in this program, not only do they look to use that million dollars, but they think about how they can leverage a really capital efficient market like Buffalo, which would be much more difficult to grow in places like New York or Boston. So it's a huge opportunity for them, and presents a lot of great opportunities to grow in this region as well."
Tickets to watch the finals are free.