SYRACUSE — Businesses and entrepreneurs who applied to compete in the Grow-NY competition will now wait for the announcement about finalists in August. Applications were due July 15. Grow-NY is a multi-million dollar global business competition that serves to “identity, attract, support” and fund startup businesses and entrepreneurs “looking to put down roots” in New […]
SYRACUSE — Businesses and entrepreneurs who applied to compete in the Grow-NY competition will now wait for the announcement about finalists in August.
Applications were due July 15.
Grow-NY is a multi-million dollar global business competition that serves to “identity, attract, support” and fund startup businesses and entrepreneurs “looking to put down roots” in New York’s food, beverage and agricultural cluster,” per a July 9 news release about the program deadline.
Cornell University administers the program. Empire State Development provides funding for the competition through the Upstate Revitalization Initiatives connected with the three regions — Finger Lakes Forward, CNY Rising, and Southern Tier Soaring, per the competition’s website.
The program will choose up to 20 finalists and they will be paired with a “connected and knowledgeable” business mentor from the industry.
“The final pitches will occur Nov. 17 and 18,” Jenn Smith, program director, said in a May 14 virtual briefing about this year’s competition. “We’re planning to feature the pitches at the Grow-NY Summit at the Oncenter in Syracuse, along with a symposium of enriching panel conversations and an exhibit hall showcasing food and ag innovation and the resources that help startups thrive. We’re also planning an awards ceremony as our grand finale where we’ll be giving out a combined total of $3 million in prize money.”
Smith also acknowledged that having a live audience at the competition or a large number of participants at the Grow-NY Summit will be contingent upon New York COVID-19 safety guidelines at the time.
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 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: 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.
In Grow-NY’s inaugural year, the program received 199 applications from across the globe. In the U.S., 23 states were represented, including 112 entries from New York, females comprised 32 percent of applicants, and among those that indicated an ethnicity, 46 percent were non-white, per the July 9 news release.
Ultimately, 17 finalists moved on to the next round with RealEats America, a meal-based delivery service company from Geneva that works with local farms, winning the $1 million grand prize.
Six other businesses also won prize money, including Tiliter from Germany; Dropcopter of Syracuse; and Capro-X, Whole Healthy Baby, and Combplex, all of Ithaca.