$2.5 Million in Additional Funding Awarded to Four Other Enterprises in Western New York
Governor Andrew M. Cuomo today announced that 43North, the world’s largest business-idea competition, will receive $6 million to continue its operation through 2016. The 43North initiative is designed to attract entrepreneurial talent to Western New York and showcase the assets Buffalo can offer to promising startups.
“43North uses a proven approach that partners aspiring entrepreneurs with the region’s resources to attract and expand their businesses in Western New York,” Governor Cuomo said. “With this additional funding, we will continue to attract innovative minds and promising start-up ventures to Buffalo that will create real economic opportunities and keep this region moving forward.”
The New York Power Authority Board of Trustees approved the 43North award at their meeting. The funding was one of several awards the trustees approved following recommendations made by the Western New York Power Proceeds Allocation Board. Those awards are made possible from net earnings from the sale of unused hydropower from NYPA’s Niagara power plant and stems from legislation signed into law by Governor Cuomo in 2012.
43North will offer up to $5 million in awards in 2016. The program includes global outreach through social media, in-person roadshows, and use of traditional media to promote the 43North competition and business investment in the Buffalo-Niagara region.
“By locking in the 2016 funding now, we’re ensuring 43North is able to sustain the positive momentum created over the last two years when the competition kicks off again in the months ahead,” said John R. Koelmel, NYPA Chairman. “A seamless and continuous storyline of success is important for the Buffalo-Niagara region and 43North is helping lead the way.”
“This additional funding will help ensure 43North continues to both attract the highest quality competitors and nurture the winners who are bringing their best business ideas to Western New York,” said Empire State Development President, CEO & Commissioner Howard Zemsky. “The incoming winners will add to the growing entrepreneurial vibrancy of the region while working to generate new businesses and ultimately create jobs.”
The NYPA board also approved four Western New York proceeds awards today to Tulip Molded Plastics of Niagara Falls, Martin House Restoration Corp. of Buffalo, D’Youville College in Buffalo, and Amos Zittel & Sons of Eden.
Tulip Molded Plastics, a manufacturer of plastic casings, will receive $1 million to relocate and install existing equipment to a new 70,000-square-foot, building it is leasing adjacent to its current facility in Niagara Falls. The $10.3 million project will support 21 jobs, including 10 new positions.
The Martin House Restoration Corp. will receive $700,000 to complete the final phase of restoration at the Darwin Martin House Complex, which suffered considerable damage after the house was vacated in 1937. The house, a national historical landmark, is a prime example of Frank Lloyd Wright architecture and will be a cultural tourist attraction once completed and returned to its original 1907 condition.
D’Youville College will receive $400,000 to convert the vacant Gateway-Longview building in Buffalo into a state-of-the-art school of arts, sciences, and education. The complex will house 19 laboratories and nine smart classrooms. The project supports Governor Cuomo’s Start-Up NY initiative and the Niagara Street Sustainable Corridor and Community Integration Project.
Amos Zittel & Sons will receive $380,000 to rebuild two acres of greenhouses that were destroyed by a severe snowstorm in November 2014. The improved greenhouse space will allow the firm to extend its growing season for finished crops of flowers and root vegetables. Plans include features that will allow the company to transition to growing organic vegetable crops in the greenhouse.
“These enterprises are making an indelible contribution to the economic, cultural and educational vibrancy of the region,” said Gil C. Quiniones, NYPA president and CEO. “The proceeds awards are a powerful testament to that.”
To be eligible for Western New York Power Proceeds Allocation Board awards, enterprises must be located within a 30-mile radius of NYPA’s Niagara power plant and the projects must support the growth of business and lead to the creation or protection of jobs. The allocation board also considers the extent to which an award would be consistent with the strategies and priorities of the area’s regional economic development council.
Contracts with awardees will include provisions for periodic audits to ensure the funds are used for agreed-upon purposes.
Including the latest awards, 33 enterprises have received nearly $30 million in funding since 2013. Through the end of September, NYPA has provided more than $41 million to the proceeds fund.
43North gives out $5 million in cash prizes each year to some of the best and brightest entrepreneurs and startups from around the globe.
We came on the scene in 2014 and now our first class of 11 winning teams is rolling up their sleeves and getting to work in our new incubator in Buffalo, NY. Keep checking back on this site, on Facebook and Twitter to watch as they make their dreams into reality. In addition to a piece of the $5 million pie, the winners received incubator space, mentorship opportunities and tax breaks.
43North is part of the Buffalo Billion initiative, which is driving new economic opportunities throughout Buffalo and Western New York. The competition operates through the support of the New York Power Authority and the Buffalo Billion initiative.
Chinese Translation 中文翻譯
French Translation Traduction française
Haitian Creole Translation Tradiksyon kreyòl ayisyen
Italian Translation Traduzione italiana
Korean Translation 한국어 번역
Russian Translation Перевод на русский язык
Spanish Translation Traducción al español