The last few weeks have been quite busy throughout Western New York, and for our team at Invest Buffalo Niagara. Our team recently attended or participated in the 43North Finals, Retool WNY Conference, and New York State’s Innovation Summit. The Invest Buffalo Niagara team was at each event, rooting on the exciting new opportunities, companies, and innovations making their home right here. Here’s a few of the team’s takeaways from each event and why you don’t want to miss them next year!
43North Finals:
Since 2014, 43North has provided funding to help scale businesses creating an accelerator program like no other. Each year, they have invested $5 million into startups, in exchange for 5% equity which provides them with a host of support services - from mentorship to connections to investors, and inroads to customers. The winning companies relocate their companies to Buffalo and begin scaling here.
43North has invested in 59 startups since its inception. The portfolio companies have gone on to raise more than $1B, with a $4.4B market value.
Takeaways:
This year, the competition awarded five $1 million dollar prizes to the following companies: Otrafy from Chicago, IL, Agapé Wellness from Rochester, NY, AMPAworks, from Santa Monica, CA, Phood from New York, New York and Mod Tech Labs from Austin, TX.
We are thrilled to welcome these companies to Western New York! They represent important innovations across several key industries. And Buffalo Niagara boasts the ecosystem, resources, and talent to help them each succeed.
Retool WNY Conference:
Jamestown, NY hosted the first ever Retool WNY conference, focused on helping local manufacturing companies understand and get involved in the emerging clean-tech and clean-energy supply chain throughout the U.S.
Takeaways:
The manufacturing expertise in our region will play a major role in our State’s ability to attract emerging green technology companies. Western New York has long been a leader in innovation in manufacturing and that trend can continue through this next century as our manufacturers get involved in the green energy supply chain.
Localizing supply chain for climate goal products is a major opportunity to create long-lasting benefits in which the WNY expertise developed by electrifying our region can become an asset for exportable innovations and products
Just in the last few months Western New York has celebrated the announcements of Plug Power locating its new green hydrogen facility at Genesee County’s STAMP site and Electrovaya planning to open a lithium-ion battery operating in Chautauqua County.
New York State Innovation Summit:
The New York State Innovation Summit brought together hundreds of local innovators, business leaders and economic development stakeholders to foster collaboration, and accelerate tech-driven innovations in; Advanced Manufacturing, Advanced Materials, Digital Technologies, Cleantech, Energy, Life Sciences and Nanotechnologies, Optics and Photonics.
Takeaways:
Innovation within New York State very often starts at the university level. Dynamic ideas are emerging along with entrepreneurs from colleges across the state and these ideas will drive the budding entrepreneurial ecosystem in Buffalo Niagara.
The Innovation Summit pulls together important players in areas like available resources, incentives, automation solutions, and cyber security. These connections are invaluable for companies looking to succeed in emerging industries.
Our team at Invest Buffalo Niagara loves engaging with local partners and building coalitions that further the growth of our regional economy. Each of these events – and so many more – help to accomplish that goal and further put us on the map as an excellent place to do business.