It may be the middle of winter in snowy Buffalo, N.Y., but for the past four years, the new year has also been a time when the city’s resurgent economy gets an additional dose of spring-like startup energy. The infusion comes in the form of the eight latest 43North business development competition winners, whose entrepreneurial founders relocate some or all of their staff to Buffalo for 12 months to soak up ideas, foster mentoring and grow their businesses.
“Two years ago, 43North introduced a series of enhancements to its outreach and incubation processes,” said 43North Board Chairman Bill Maggio in a statement late last year. “I’m happy to say that we are now seeing the fruits of those decisions, as our Year Three winners performed very well in 2017 and they all plan to keep employees in Buffalo—including, in many cases, their CEOs.” Maggio was also encouraged by the fact that this year’s winners had already sought 17 new hires in Buffalo before they arrived.
Year Three winners received cash investments totaling $5 million – part of Governor Andrew Cuomo’s Buffalo Billion initiative – along with mentorship, complimentary incubator space and access to the START-UP NY program resources, including 10 years of tax-free operations. These are among key reasons for remaining in Buffalo. According to program organizers, each company has generated enough traction in their first year in Buffalo to keep employees in Western New York State through 2018. And many are also setting up manufacturing sites in and around Buffalo.
