A new startup contest has emerged called 43North. This business incubator is offering $US5 million in cash prizes to applicants who can create an innovative new business idea.
Six $US500,000 awards and four $US250,000 awards will be allocated to the runners-up.
This is one of the largest cash prizes in history for these types of competitions.
Winners are guaranteed the incubator space but must operate in Buffalo, N.Y., for one year.
Jordan Levy and Ron Schreiber are the venture capitalists managing this initiative, which is part of New York State Gov. Andrew Cuomo’s pledge of $US1 billion in state funding for economic growth in this area of the state.
Entrepreneurs and venture capitalists are focusing on cities like Buffalo and Detroit to bolster the local economy and fuel innovation. Factors like low-rent costs, less competition from Silicon Valley stalwarts like Google and Facebook, and a higher chance to quickly move up the executive ranks illustrate the potential for young tech enthusiasts to thrive in these environments.