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ACV Auctions winner of $1 million grand prize from 43North

Staff writer ▼ | October 30, 2015
ACV Auctions is the winner of the $1 million grand prize from 43North, the world’s largest business idea competition held in New York.
Best ideas   The largest business idea competition
For the second straight year, 43North awarded a total of $5 million in cash prizes. In addition to the $1 million prize, the competition awarded six $500,000 prizes and four $250,000 prizes during its Finals Awards Ceremony at Shea’s Performing Arts Center.

43North’s winners will also receive free incubator space in Buffalo for one year, guidance from mentors and access to other business incentive programs such as START-UP NY.

The Awards Ceremony capped a day that also featured 43North’s 11 finalist teams pitching their business ideas and answering questions from an all-star panel of Finals Judges.

The awards ceremony was a culmination of the second annual 43North Week, a celebration of innovation and entrepreneurship that ran from Oct. 21 to Oct. 29 in Buffalo, featuring events and activities that engaged entrepreneurs, startups, venture capitalists, angel investors and the general Western New York business community.

Between March 25 and June 24, 43North received 11,356 registrations from around the world. From a pool of 3,007 qualified submissions, 110 teams were selected to participate in the competition’s semifinals.

Eleven finalists advanced to the final round of the competition to vie for a series of cash prizes, including a top award of $1 million, six $500,000 awards and four $250,000 awards. All winners will be required to locate their companies in Buffalo, New York, for one year under the terms of the competition.

NYPA provided 43North grants of $5.4 million in 2014 and $6 million in 2015. Last month, the NYPA trustees approved $6 million in funding for a third year of the competition, which will commence in early 2016.