Companies and entrepreneurs interested in getting involved in the Grow-NY food and agriculture competition have until mid-June to apply. Grow-NY has started accepting applications for the fifth round of the business contest, Empire State Development (ESD) announced March 31. The application period continues through 5 p.m. on June 15. To apply and learn more about […]
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Companies and entrepreneurs interested in getting involved in the Grow-NY food and agriculture competition have until mid-June to apply.
Grow-NY has started accepting applications for the fifth round of the business contest, Empire State Development (ESD) announced March 31.
The application period continues through 5 p.m. on June 15. To apply and learn more about the Grow-NY competition, those interested can visit www.grow-ny.com.
ESD describes Grow-NY as a competition that attracts “high-growth” food and agriculture startups to compete for $3 million in total prize money each year and supports 20 finalists through a business-development phase that connects them with the region’s resources.
The Grow-NY region covers a 22-county area spanning Central New York, the Finger Lakes, and the Southern Tier. It has already seen the addition of more than 200 new jobs and tens of millions of dollars in follow-on investment as a result of the competition, per the ESD announcement.
Winners are required to commit to operating in at least one of the 22 Grow-NY counties for at least 12 months and must agree to “pay-it-forward” provision in the form of an equity agreement.
One finalist will earn 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 publicity support to announce their achievements across the Grow-NY region and in their home regions.
Funding for the program comes through Empire State Development from the Upstate Revitalization Initiative’s three regional entities — CNY Rising, Finger Lakes Forward, and Southern Tier Soaring — and is administered by Cornell’s Center for Regional Economic Advancement.
After four rounds of competition, the Grow-NY effect has resulted in the addition of “hundreds new jobs, the revitalization of commercial space, the development of agrifood infrastructure, and the follow-on of over $82 million in new investor activity lifting the critical ag sector throughout the region. It goes beyond the startups in our portfolio, and beyond even the food and farming communities, to lift businesses small and large throughout the region” Jenn Smith, Grow-NY program director, said in an ESD release.
The selected finalists will present their business plans during the Grow-NY Summit, Nov. 14-15 in Binghamton.
The event will also include a symposium of panel conversations and keynotes; a showcase of agencies, companies, research groups, and other organizations that serve startups working in food and ag; and a student stage where middle-school and high school-aged New Yorkers will pitch their ag- and food tech ideas.
This year’s event will also include a “Dairy Innovation Showcase” that will involve participants in the Northeastern Dairy Product Innovation Competition, which is also currently accepting applications, ESD said.
“The fifth round of the Grow-NY agribusiness accelerator will help to build on the incredible success of earlier competition winners whose entrepreneurial ideas are fueling economic growth Upstate,” Hope Knight, president, CEO, and commissioner of ESD, contended. “These innovative companies have attracted significant investment throughout the Grow-NY region and around the world and I can’t wait to see what the next crop of selected, forward-thinking entrepreneurs will bring to the table.”