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43North
43North is Buffalo's $5M annual startup competition, deploying non-dilutive capital to attract founders from outside the region.
43North
Launched in 2014 as the signature venture program of Governor Andrew Cuomo's Buffalo Billion economic redevelopment plan, 43North operates as a 501(c)(3) that runs an annual startup competition awarding $5 million in prizes. The structure is intentionally non-dilutive — winners receive grant funding rather than a traditional equity investment, with the condition that they establish a meaningful operational presence in Buffalo for at least one year. The program was endowed with a one-time $100 million state commitment, structured to operate off the investment returns on that corpus rather than ongoing taxpayer appropriations. The annual competition culminates in a live pitch event where five companies receive $1 million each, with one grand prize winner getting an additional $1 million. 43North accepts applicants from any sector and geography globally, then winnows the field through multiple judging rounds. Beyond the cash, the program provides free office space in the Seneca One tower, mentorship from a network of Buffalo-based executives, and facilitated introductions to regional customers and partners. Notable alumni include ACV Auctions, the online wholesale vehicle marketplace that went public in 2021, and Squire, the barbershop management platform that has since raised institutional venture capital rounds. 43North is led by President Colleen Heidinger, who leads a small permanent staff. The organization tracks outcomes through jobs created in the Buffalo region, with its portfolio companies collectively generating thousands of local positions since inception. In July 2023, the state committed an additional $50 million to extend the Buffalo Billion initiative's venture programs, signaling ongoing political support for the model. The organization moved its headquarters into the redeveloped Seneca One complex, which has become a hub for its portfolio companies and other tech tenants in downtown Buffalo. What separates 43North from a conventional accelerator is the residency requirement embedded in its non-dilutive capital. The program functions as an economic development tool first and a venture investor second — its success metric is regional job creation rather than fund-level returns. This governance structure means the organization is accountable to a board and ultimately to the state, not to limited partners seeking a multiple on invested capital.
General information
Firm type
other
Year founded
2014
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Buffalo
Corporate office
Buffalo, NY, United States
Principals
Colleen Heidinger
President
Sector focus
Frequently asked questions
Who runs investment decisions at 43North?
President Colleen Heidinger leads the organization's operations and competition design. The investment decisions — which startups receive grant awards — are made through a multi-stage judging process that culminates in a live pitch competition before a panel of judges, typically comprising entrepreneurs, investors, and business leaders with ties to the Buffalo region.
Is 43North a venture capital firm or an accelerator?
43North is structured as a 501(c)(3) nonprofit economic development organization, not a venture capital firm. It provides non-dilutive grants rather than taking equity in the companies it backs. Winners are required to base their operations in Buffalo for at least one year, making it as much a talent-attraction program as a startup accelerator.
Where does 43North's funding come from?
The program was initially capitalized through New York State's Buffalo Billion initiative, a broader economic redevelopment effort launched by Governor Andrew Cuomo. The organization was established with a $100 million endowment structured to sustain operations through investment returns, with an additional $50 million committed by the state in July 2023 to extend the program.
Does 43North take equity in the companies it supports?
No. 43North provides pure grant funding — the capital is non-dilutive. This is a structural differentiator from conventional accelerators like Y Combinator or Techstars, which typically take 5–7% equity in participating startups. The trade-off is the residency requirement in Buffalo.
What notable companies have come through 43North?
The most prominent alumnus is ACV Auctions, an online wholesale vehicle marketplace that went public on Nasdaq in 2021. Squire Technologies, a barbershop software platform, is another widely recognized graduate that has raised substantial venture capital from institutional investors. The portfolio spans sectors including enterprise SaaS, digital health, industrial technology, and agritech.
How is 43North's success measured, given it doesn't take equity?
Success is measured through economic impact metrics rather than fund returns: total jobs created in the Buffalo region by portfolio companies, companies that remain in Buffalo beyond the one-year requirement, total capital subsequently raised by alumni from conventional venture investors, and downtown office occupancy. The organization reports that its portfolio has collectively created thousands of local jobs since 2014.
Can international startups apply to 43North?
Yes. The competition is open to startups globally, regardless of headquarters location. International winners must establish a US entity and agree to the same Buffalo residency requirement as domestic companies. This open eligibility reflects the program's core objective of importing talent and companies into the Western New York region.
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