Toronto, ON (October 3, 2016) – We are extremely happy to announce that we have moved on as a finalist to the last stage of the 43North Competition. Formarum, along with 15 other innovative startups were selected from a group of 142 impressive semifinalists to enter the last stage of the competition for a chance to win $5 MILLION in capital, including a grand prize of $1 MILLION.
43North is a competition designed to encourage entrepreneurs with high growth potential to compete for enterprise funding in Western New York. During 43North Week at the end of October 2016, the carefully selected finalists will pitch live, in-person, in BUFFALO, NY. Eight winners will be selected to receive a cut of $5 MILLION in cash prizes, as well as mentorship and incubator space.
“43North continues to draw some of the world’s best, brightest and most innovative entrepreneurs to Buffalo – helping to remake the city and revitalize Western New York’s economy — and the best is yet to come,” Governor Andrew M. Cuomo said.
The competition’s top competitor will win a $1 million cash prize, while first runner-up will win $600,000 and six third-place winners will receive $500,000. In addition to the cash prizes, winners will receive free space at the 43North incubator on the Buffalo Niagara Medical Campus for one year, guidance from mentors in related fields, access to other business incentive programs and the opportunity to apply for up to $400,000 in follow-on funding in 2017.
“It is an honor and great opportunity to have a chance to participate in the final stage of a competition of this caliber. The other finalists are an amazing selection of successful startups and we are really excited to meet and pitch alongside these startups during the 43North Week at the end of October. We are in this to win and will do everything we can to secure one of the awards, hopefully the grand prize of $1 Million” ,said Moe Dini , Formarum’s chief product designer.