Key Takeaways:
- Empire State Development announces the sixth year of Grow-NY, aiming to support food and agriculture startups with $3 million in prize money.
- Grow-NY focuses on economic growth by connecting innovators with resources across a 22-county area in New York.
- The competition invites global startups to participate, offering significant investment and mentorship opportunities.
- Funded by the Upstate Revitalization Initiative, the program is administered by Cornell’s Center for Regional Economic Advancement.
- A diverse range of participants has engaged with the program, emphasizing innovation and inclusion in the agriculture sector.
Unveiling Opportunities for Agri-Food Startups
Empire State Development (ESD) today officially opened the application process for the sixth iteration of the Grow-NY food, beverage, and agriculture business competition. This initiative, recognized for attracting startups with high-growth potential, is back to offer a staggering $3 million in total prize money this year. The Grow-NY competition is not just about financial rewards; it provides a comprehensive business development phase that links 20 finalists with the indispensable resources of the region.
A Catalyst for Regional Development
Spanning across Central New York, the Finger Lakes, and the Southern Tier, the Grow-NY region encompasses a vast 22-county area. This unique program plays a pivotal role in knitting together food, beverage, and agriculture innovators with both local and international investors. Over the past five years, the initiative has significantly contributed to economic growth and entrepreneurial success in upstate New York, boasting the creation of 289 new jobs and securing millions in follow-on investment for its winning startups.
Empowering Global Innovators
The current year marks a clarion call to startups worldwide, encouraging them to “grow and lead change” amidst an emerging climate-smart bioeconomy. Grow-NY extends an offer to food and ag-tech startups globally, presenting an opportunity to clinch up to $1 million. Beyond financial incentives, the program avails dedicated business mentorship and facilitates connections with regional leaders, unlocking potential partnerships and strategic opportunities.
Investment in Change
Grow-NY’s approach to rewarding its winners is unique; the prize money is viewed as an investment in the companies. This stipulation is tied to the expectation that the winners will contribute positively and measurably to the region’s economy, particularly through job creation and other economic development activities. The rewards are substantial, with one finalist receiving $1 million, two securing $500,000 each, and four others granted $250,000 each.
Support from Empire State Development
The funding for Grow-NY is sourced through Empire State Development, under the auspices of the Upstate Revitalization Initiative’s regional entities. Hope Knight, President, CEO, and Commissioner of Empire State Development, highlighted the program’s role in connecting agribusiness innovators with experts and investors, fostering entrepreneurial opportunities in upstate New York. State Agriculture Commissioner Richard A. Ball echoed these sentiments, emphasizing Grow-NY’s importance in spurring growth and job creation within New York’s robust agricultural sector.
A Legacy of Innovation and Diversity
As Grow-NY enters its sixth year, it carries forward the momentum of having attracted over 1,500 businesses from 43 states and 49 countries. The program has celebrated 35 winners from 97 finalists, all sharing in $15 million of funding and the benefit of unparalleled mentorship and networking opportunities. The initiative continues to prioritize innovation, scalability, and diversity, with a significant number of applicants representing underrepresented minority groups and female founders.
