BUFFALO, NEW YORK — Today, 43North – the world’s largest ($5 million) business idea competition – announced plans to locate a business incubator space on the Buffalo Niagara Medical Campus in downtown Buffalo, New York. Build-out of this innovative incubation space, which will house 43North’s 11 finalist companies for 12 months, will be funded through an $800,000 grant from Empire State Development Corporation as part of New York State Governor Andrew Cuomo’s “Buffalo Billion” initiative. In addition, Buffalo Office Interiors has agreed to donate various furnishings to further support the new space.
“It’s very fitting that the 43North business idea competition winners will be located in the Innovation Center,” said Kenneth Adams, Empire State Development President and CEO. “The building is a Buffalo Billion investment, and I look forward to seeing the ideas and jobs that will be generated by these award-winning startups working side-by-side in this unique space.
“43North recognizes the synergies that result when innovative start-ups share a physical setting that contributes to productive interactions and the percolation of ideas,” said John R. Koelmel, New York Power Authority (NYPA) Chairman. “The plans to locate an incubator space at BNMC will establish the most favorable conditions for the success of the finalist companies emerging from the 43North competition.”
NYPA has been a key supporter of 43North, providing roughly $5.4 million in funding for the global business idea competition’s implementation.
The 10,000 sq. ft. 43North incubator space site is located between the Buffalo Niagara Medical Campus’ Thomas R. Beecher Jr. Innovation Center and the Design Innovation Garage (dig) co-working space. The presence of these facilities and the density of startups and entrepreneurial activity within the medical campus were important components of 43North’s decision to locate an incubator space in this location.