Agribusinesses with groundbreaking ideas in the food and agriculture sector have less than a month to enter the fifth installment of the Grow-NY competition. Designed to strengthen the economy and create jobs in New York's Central, Finger Lakes, and Southern Tier regions, the competition has received applications and interest from over 1,000 businesses across 41 states and 47 countries since its inception.
The Grow-NY program, supported by Empire State Development through its Upstate Revitalization Initiative and administered by Cornell's Center for Regional Economic Advancement, awards startup funding, mentorship, and networking benefits to winners. To qualify, participants must commit to operating within the 22 Grow-NY counties for a minimum of 12 months and agree to an equity agreement as a "pay-it-forward" provision.
Each year, the competition awards $3 million in total prizes, including a $1 million top prize, two $500,000 prizes, and four $250,000 prizes. The initiative has already selected 79 finalists and granted funding to 28 winners, fostering entrepreneurship and attracting significant investments in the region.
The competition has not only propelled the growth of startups like Craft Cannery but has also contributed to the expansion of the upstate economy, revitalizing commercial spaces, and attracting over $82 million in new investor activity. The focus on innovation, scalability, and diversity has made it a platform to draw more underrepresented leaders into the region's innovation economy.
Judges evaluate entries based on criteria such as commercial viability, team cohesion and diversity, customer value, food and agriculture innovation, growth potential, and regional job creation. The application deadline is June 15, and up to 20 finalists will enter a mentoring and business development phase from September to November.
The final winners will be announced at the Grow-NY Food and Agriculture Summit in Binghamton. The competition aims to uncover the next generation of visionary entrepreneurs who will drive the region's food and agriculture industry to new heights.
Photo Credit: GrowNY
Categories: New York, Business