Grow-NY Food and Agriculture Business Competition - Round III

Grow-NY Food and Agriculture Business Competition

Overview: An unprecedented business competition focusing on enhancing the emerging food and agriculture innovation cluster in Central New York, the Finger Lakes, and Southern Tier regions of New York State. The competition attracts high-growth food and agriculture startups from around the world.

Award Structure:

Top Prize: $1,000,000 (1 winner)

Second Tier: $500,000 each (2 winners)

Third Tier: $250,000 each (4 winners)

Total Prize Pool: $3,000,000

Winners also receive tax incentives and publicity support

Geographic Scope: 22-county Grow-NY region comprising:

Finger Lakes: Genesee, Livingston, Monroe, Orleans, Ontario, Seneca, Wayne, Wyoming, Yates

Central New York: Cayuga, Cortland, Madison, Onondaga, Oswego

Southern Tier: Broome, Chemung, Chenango, Delaware, Schuyler, Steuben, Tioga, Tompkins

Focus Areas:

Food and agriculture innovation

Emerging food and agriculture startups

Job creation in the region

Industry ecosystem development

Eligibility:

Early-stage food and agriculture businesses/startups

Winners must commit to operating in at least one of the 22 Grow-NY counties for at least 12 months

Diverse founders encouraged (29% of 2020 applicants had female founders, 32% had founders from underrepresented minorities)

Selection Process:

Up to 20 finalists selected from applications

Finalists assigned mentors and enter business development phase

All finalists receive:

- Bespoke entrepreneurial support
- Regional introductions
- Additional training for live pitches
- Expenses-paid, three-day business development trip to region (up to 2 team members)
- Presentation opportunity at Grow-NY Summit

Judging Criteria:
1. Viability of Commercialization and Business Model
2. Team (cohesion, completeness, readiness, diversity and inclusion)
3. Customer Value
4. Food and Agriculture Innovation
5. Regional Job Creation

Background:

Round I & II combined generated 460+ applications from 32 states and 37 countries

37 finalists selected to date with 14 winners sharing $6 million in prior funding

Winners attracted $11 million in follow-on funding from Series A rounds and NSF grants

Round I million-dollar winner Real Eats named top meal delivery service by Forbes; now employs dozens in region

Funded through Governor Cuomo's Upstate Revitalization Initiative (CNY Rising, Finger Lakes Forward, Southern Tier Soaring)

Administered by Cornell University through its Center for Regional Economic Advancement

Contact Information:

Website: www.grow-ny.com

Cornell Center for Regional Economic Advancement: https://crea.cornell.edu/