Perhaps the profits from that 5% ownership funds this program our money isn't being used to fund this project.
http://www.43north.org/
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3. Why should I enter 43North?
Could your startup use cash, to the tune of $500,000, $550,000, $650,000 or $1 million? How about mentorship, incubator space, tons of marketing exposure, connections to investors, freedom from state taxes and a whole lotta Buffalove? That’s what 43North offers.
That's nice but then they leave after a year.
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5. Will I need to pay anything if I become a finalist?
Nope! We offer an all-expenses-paid trip to Buffalo, including flights, hotel room, etc.
That's nice to.
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6. What are the eligibility requirements for entry?
43North is open to applicants ages 18 and older from anywhere in the world, in any industry, with the exception of bricks-and-mortar retail and hospitality.
Is your startup scalable with the potential for aggressive growth? Now we’re talking!
That's nice but then they can leave after a year.
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8. Does 43North take equity in my startup if I am one of the winners?
Yes.
43North winners, as a condition of their awards, must issue to 43North a purchase right or Warrant that enables 43North to purchase from the recipient a number of capital shares or membership interest equal to 5% of the fully diluted outstanding equity of the recipient at the time the Warrant is exercised. The Warrant will remain in effect for a period of ten (10) years following the date upon which the award is granted. The purchase price at the time of exercise will be the nominal amount of $100.00. For clarity, 43North would have the right to purchase a 5% interest in each recipient for $100.00 at any time during the ten (10) years following the date of an award.
43North will accept dilution of its 5% warrant coverage position only where an awardee is undertaking an equity financing based upon a valuation that exceeds the following thresholds:
I wonder how much money 43 North has made against the 5% ownership.
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9. Does my startup need to relocate to Buffalo, New York if I win a prize?
Yep, and if you ask our past winners, they’ll say that Buffalo, itself, is a prize.
Our winners are required to relocate to Buffalo for a minimum of 12 months. In addition to cash prizes, 43North winners receive free incubator space in Buffalo, mentorship from experts related to their fields and access to other exciting incentive programs. Please see our Terms and Conditions for more information.
Apparently "Buffalo, is a prize" isn't enough to keep many of the businesses here.
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14. Is there a cost to apply?
The cost to apply by our April 12th, 2017 Early Bird Deadline was $50. From April 13th through May 24th, the cost was $100.
15. Why do you charge a fee to apply?
Simply put, we’re looking for startups that are serious about their companies and our competition.
If you cannot afford our application fee for any reason, please let us know at
info@43north.org and we’ll work it out.
$50 to $100 isn't an amount I would say is serious. On a Friday night you can order a large pizza, double order of wings, something with bacon and a six pack for $50 bucks.
