By Blake Jackson
Empire State Development (ESD) announced the opening of applications for the sixth annual Grow-NY competition, seeking innovative food, beverage, and agriculture startups. This competition offers a chance to win up to $1 million, mentorship, and connections to potential partners in New York.
Grow-NY focuses on high-growth potential startups and fosters economic development in the 22-county Grow-NY region, encompassing Central New York, the Finger Lakes, and the Southern Tier. Since its launch in 2019, the program has contributed to job creation, attracting millions of dollars in follow-on investment for its winning startups.
This year's theme, "grow and lead change," emphasizes the program's focus on climate-smart solutions and emerging technologies within the food and agriculture sector. Startups from around the world are encouraged to apply for the chance to win prizes, receive guidance from experienced mentors, and gain access to valuable resources within the region.
Winners are required to contribute positively to the regional economy by creating jobs and engaging in other economic development activities. The competition offers a top prize of $1 million, with additional awards of $500,000 and $250,000.
Funding for the program is provided by Empire State Development through the Upstate Revitalization Initiative and is administered by Cornell's Center for Regional Economic Advancement.
Officials from both ESD and the New York State Department of Agriculture expressed their support for the program, highlighting its success in fostering innovation, attracting investment, and creating jobs in the state's crucial agricultural industry.
Grow-NY boasts impressive momentum, having garnered applications from over 1,500 businesses in 43 US states and 49 other countries over the past five years. The program has supported 97 startups as finalists, awarding $15 million in funding and providing valuable mentorship and networking opportunities.
Cornell University, a partner in the program, emphasizes its commitment to supporting science-based solutions that contribute to environmental sustainability, growth in the agri-food system, and economic development in the region.
Grow-NY also actively seeks to diversify the field of food and agriculture innovation, aiming to reach historically underrepresented communities. In 2023, a significant portion of applicants included founders from underrepresented minorities and women.
Past winners have achieved notable success. Hypercell, the 2023 grand prize winner, received media coverage after their win, and Vivid Machines, a 2022 winner, secured additional funding. Hempitecture, another winner, became the first company to establish an industrial hemp manufacturing facility in the US.
The application deadline is May 15th, 2024, at 5 PM ET. Selected finalists will be announced in August and enter a business development phase with mentorship support. The Grow-NY Summit in November will feature final pitch presentations, industry discussions, and networking opportunities for finalists and attendees.
To learn more about the Grow-NY competition, visit www.grow-ny.com.
Photo Credit: istock-pixeldigits
Categories: New York, Business, General