Applications are open for the 2021 Grow-NY business competition, which connects innovators and investors in food, beverage, and agriculture across Central New York, Finger Lakes, and Southern Tier regions of the state.
Since its inception in 2019, 37 finalists have been named, with 14 winners sharing $6 million in startup funding as well as the mentorship and networking benefits.
"The Grow-NY competition brings together the best entrepreneurial minds in the world to boost job growth and make our agricultural industry even stronger in New York State," said New York Lieutenant Governor Kathy Hochul, in a statement. "While we continue to build back better for a more sustainable post-pandemic future, round three of the Grow-NY competition will bring investment and opportunity to New York's farmers and rural communities."
Empire State Development is funding this year's competition, with economic development support from the Upstate Revitalization Initiative's three regional entities: CNY Rising, Finger Lakes Forward, and Southern Tier Soaring. Cornell's Center for Regional Economic Advancement team will manage and administer the event.
"This third round of Grow-NY will build on the success of prior competition winners whose entrepreneurial spirit is fueling economic growth," said Empire State Development acting commissioner and president and CEO Eric Gertler, in a statement. "These innovative companies have attracted significant investment, including $11 million in follow-on funding from successful Series A rounds and National Science Foundation grants, that in turn is helping to lay a foundation for even more opportunities throughout the Grow-NY region and around the world."
Winners are required to contribute to a thriving Upstate economy in the Grow-NY region through innovation, job creation, and industry ecosystem development. One finalist will receive a top prize of $1 million; two others will be awarded $500,000 prizes, and four more will be given $250,000 prizes. Winners will also receive tax incentives and publicity support to announce their achievements across the Grow-NY region and in their home regions.
Applications must be submitted by Thursday, July 15. In September, up to 20 finalists will be assigned mentors and enter the business development phase. All finalists will receive entrepreneurial support and regional introductions, additional training to hone their live pitches, and barring travel restrictions, will join an expenses-paid, three-day business development trip to the region for up to two team members.
The finalists will then present their business plans during the Grow-NY Summit, taking place November 16-17 in a hybrid in-person and virtual event broadcast live from Syracuse, New York.
Related: Target Launches Accelerator Program; The Kroger Co. Seeks Second Innovation Fund Cohort.
Image: Grow-NY