Empire State Development (ESD) is now accepting applications for the 2020 Grow-NY agribusiness competition. Grow-NY — in the second year of its three-year initiative — targets the food and agriculture cluster in Central New York, the Finger Lakes, and the Southern Tier regions of New York. The competition attracts “high-growth” food and agriculture startups “from […]
Empire State Development (ESD) is now accepting applications for the 2020 Grow-NY agribusiness competition.
Grow-NY — in the second year of its three-year initiative — targets the food and agriculture cluster in Central New York, the Finger Lakes, and the Southern Tier regions of New York.
The competition attracts “high-growth” food and agriculture startups “from around the world and across the state” to the Grow-NY region where they compete for a combined total of $3 million in prize money.
ESD says it will accept applications through July 15. From the applications submitted, ESD will select up to 20 finalists.
The selected finalists will receive mentorship from a business advisor; marketing promotion and publicity support for their startup; an expenses-paid, three-day business development trip to the Grow-NY region for up to two finalists per team; and introductions to potential investors.
The competition
Beginning in August, selected teams will enter into a mentoring and business-development phase that will run from September to November. Finalists will pitch their ideas and business plans at the Grow-NY Food and Ag Summit, a public symposium and industry forum, on Nov 17 and 18 at a soon-to-be-announced location in Syracuse. One team will be awarded the top prize of $1 million. Two $500,000 prizes and four $250,000 prizes will also be handed out.
Judges will base their decisions on five criteria, including viability of commercialization and business model, customer value, food and agriculture innovation, regional job creation, and the “quality and completeness of the team and its readiness to deliver.”
Winners will be required to “create a positive impact” in the Grow-NY region by “growing” job opportunities, connecting with local industry partners, and contributing to the region’s economy.
Cornell University administers the competition through its Center for Regional Economic Advancement.
“The Grow-NY program helps Cornell achieve its land grant mission by leveraging the abundant natural, commercial, and academic resources in our region to attract innovations in food and agriculture that help our community grow, make, move, and sell food more sustainably and with greater efficiency,” Kathryn Boor, dean of Cornell’s College of Agriculture and Life Sciences, said in a statement. “This becomes even more vital as we look for ways to recover from the economic effects of COVID-19. We’ve already seen results from the year one winners that fulfil on the promise of the program, and we’re looking forward to more, diverse, high-growth potential applicants in year two.”
Empire State Development is funding the competition through its Upstate Revitalization Initiative connected with the three regions — CNY Rising, Finger Lakes Forward, and Southern Tier Soaring.