ITAHCA, N.Y., May 24, 2022 /PRNewswire/ -- Empire State Development (ESD) today announced that the application window is now open for the 2022 Grow-NY food and agriculture competition. Grow-NY, a unique initiative which connects innovators and investors in the food, beverage, and agriculture sectors locally and around the globe, has already resulted in economic growth and entrepreneurial opportunity in Upstate New York. The Grow-NY region, a 22-county area spanning Central New York, the Finger Lakes, and the Southern Tier, has seen hundreds of new jobs and millions of dollars of follow-on investment as a result of the competition. Grow-NY 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. Governor Kathy Hochul included funding for three additional rounds of this impactful competition in her FY 2023 budget.
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 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. Funding for the program comes from Empire State Development through 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.
The startup competition begins its fourth year with impressive momentum, having garnered applications and interest from over a thousand businesses in 32 unique states and 37 other countries over the last three years. In all, 59 finalists have been selected to date, with 21 winners sharing $9 million in startup funding as well as the invaluable mentorship and networking benefits which the program delivers to finalists.
In addition to emphasizing innovation and scalability, the Grow-NY program is focused on drawing more diverse leaders to the region by reaching communities that have historically been left out of the innovation economy. In 2021, 51% of the 330 applicants included a founder from an underrepresented minority group, and 44% included a female founder.
Applications must be submitted by Friday, July 1. In August, up to 20 finalists will be assigned mentors and enter the business development phase. All finalists will receive bespoke entrepreneurial support and valuable regional introductions, additional training to hone their live pitches, and an expenses-paid, three-day business development trip to the region for up to two team members.
The selected finalists will present their business plans during the Grow-NY Summit, Tuesday and Wednesday November 15 - 16, alongside a symposium of panel conversations and keynotes, a showcase of organizations that serve startups working in food and ag, and a student stage where middle- and high school aged New Yorkers will pitch their ag- and food tech ideas.
Cornell University Center for Regional Economic Advancement
SOURCE Grow-NY Food and Ag Business Competition
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