Grow-NY business contest accepts applications through mid-July

Applications will be accepted through July 15 for the 2021 Grow-NY business competition. 

Grow-NY is a business contest that focuses on “enhancing the emerging food and agriculture innovation cluster” in Central New York, the Finger Lakes, and the Southern Tier regions of New York state, Empire State Development (ESD) said. 

The competition attracts “high-growth” food and agriculture startups from around the world and across the state, where they will compete for a combined total of $3 million in prize money. 

The program will select up to 20 finalists from among the submitted applications.

For additional information about the Grow-NY competition and to apply visit www.grow-ny.com.

ESD is funding the contest through Gov. Andrew Cuomo’s Upstate Revitalization Initiative connected with the three regions — CNY Rising, Finger Lakes Forward,  and Southern Tier Soaring. The competition is administered by Cornell University through its Center for Regional Economic Advancement.

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, along with additional training on presenting their live pitches. Barring travel restrictions, all finalists 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, which is set for Nov. 16-17 as a hybrid (in-person and virtual) event broadcast live from Syracuse.

Winners are required to contribute to the upstate New York economy in the Grow-NY region through “innovation, job creation and industry-ecosystem development” and commit to operating in at least one of the 22 Grow-NY counties for at least 12 months. 

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, ESD said.

Judging criteria

A panel of judges will evaluate the submissions on the potential for the entrant to generate revenue and maintain a cost structure that “allows for a competitive and sustainable business, demonstrate technological readiness or innovate to fulfill its value proposition.”

The criteria also include the team, or a “demonstration of a level of cohesion, completeness, and readiness within, and diversity and inclusion amongst the founders, employees, and advisors of the business that will allow the team to deliver on its potential,” ESD said.

Judges will also evaluate on customer value, or the “degree to which the entrant is providing something for which customers are willing to pay and addressing a substantial market.”

In addition, the judging criteria includes food and agriculture innovation, or “the extent to which the entrant is pushing what’s considered state-of-the-art in the food and agriculture industries and contributing to [upstate New York’s] status as a global leader in innovation in these markets.”

And the criteria also include the potential for creating “high-quality jobs in the Grow-NY footprint and relevance to the existing food and ag ecosystem,” per the ESD.