Empire State Development has opened the application window for round five of the Grow-NY food and agriculture competition. Grow-NY, a unique initiative that connects innovators and investors in the food, beverage, and agriculture sectors locally and around the globe, has resulted in economic growth and entrepreneurial opportunity in upstate New York. The Grow-NY region, a 22-county area spanning Central New York, the Finger Lakes, and the Southern Tier, has already seen the addition of more than 200 new jobs and millions of dollars in follow-on investment as a result of the competition. Grow-NY attracts high-growth food and agriculture startups to compete for $3 million in total prize money each year and supports 20 finalists through abusiness development phase that connects them with the region’s resources.
Empire State Development President, CEO & Commissioner Hope Knight said, “The fifth round of the Grow-NY agribusiness accelerator will help to build on the incredible success of earlier competition winners whose entrepreneurial ideas are fueling economic growth Upstate. These innovative companies have attracted significant investment throughout the Grow-NY region and around the world, and I can’t wait to see what the next crop of selected, forward-thinking entrepreneurs will bring to the table. “
Winners are required to commit to operating in at least one of the 22 Grow-NY counties for at least 12 months and must agree to a “pay-it-forward” provision in the form of an equity agreement. One finalist will receive a top prize of $1 million; two others will be awarded $500,000 prizes; and four more will be given $250,000 prizes. Winners will also receive publicity support to announce their achievements across the Grow-NY region and in their home regions. Funding for the program comes through Empire State Development from the Upstate Revitalization Initiative’s three regional entities, CNY Rising, Finger Lakes Forward, and Southern Tier Soaring, and is administered by Cornell’s Center for Regional Economic Advancement.
The startup competition begins its fifth year with impressive momentum, having garnered applications and interest from over a thousand businesses in 41 unique states and 46 countries outside of the United States over the last four years. In all, 79 startups have participated as finalists, with 28 winners sharing $12 million in startup funding as well as the invaluable mentorship and networking benefits that the program delivers to finalists.
Past Grow-NY winners have continued to raise money, expand, and succeed. Soos, Year Two grand prize winner, set up and staffed an R&D facility at a poultry farm in Central NY, and is working with technicians in collaboration with Syracuse University to expand their technology. Year Three grand prize winner, Every Body Eat, is on the shelves of Whole Foods Market stores around the United States, while $500,000 Year Four winner, Hempitecture, recently became the first company to open an industrial hemp manufacturing facility in the U.S.
In addition to emphasizing innovation and scalability, the Grow-NY program is focused on drawing more diverse leaders to the region by reaching communities that have historically been left out of the innovation economy. In 2022, 75% of the 390 applicants included a founder from an underrepresented minority group, and 38% included a female founder.
“After four rounds of competition, the Grow-NY effect has resulted in the addition of hundreds of new jobs, the revitalization of commercial space, the development of agrifood infrastructure, and the follow-on of over $82 million in new investor activity lifting the critical ag sector throughout the region. It goes beyond the startups in our portfolio, and beyond even the food and farming communities, to lift businesses small and large throughout the region” said Grow-NY program director Jenn Smith.
Applications must be submitted by 5 p.m. on Thursday, June 15. In August, up to 20 finalists will be assigned mentors and enter the business development phase. All finalists will receive bespoke entrepreneurial support and valuable regional introductions, additional training to hone their live pitches, and an expenses-paid, three-day business development trip to the region for up to two team members.
The selected finalists will present their business plans during the Grow-NY Summit, to be held November 14 and 15 in Binghamton, alongside a symposium of panel conversations and keynotes, a showcase of agencies, companies, research groups, and other organizations that serve startups working in food and ag, and a student stage where middle and high school aged New Yorkers will pitch their ag and food tech ideas. New this year, the Summit will also include a Dairy Innovation Showcase featuring participants in the Northeastern Dairy Product Innovation Competition, also currently accepting applications.
The Grow-NY region, which hosts over 40 percent of New York’s 33,438 farms, includes an abundance of vibrant, fertile lands along with such major urban population centers as Rochester, Syracuse, Ithaca, and Binghamton. It is a 22-county region comprised of the following three areas:
•Finger Lakes – Genesee, Livingston, Monroe, Orleans, Ontario, Seneca, Wayne, Wyoming, and Yates;
•Central New York – Cayuga, Cortland, Madison, Onondaga, and Oswego;
•Southern Tier – Broome, Chemung, Chenango, Delaware, Schuyler, Steuben, Tioga, and Tompkins.
To learn more about the Grow-NY competition, visit https://www.grow-ny.com.
To learn more about the Cornell Center for Regional Economic Advancement, visit: https://crea.cornell.edu/.
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