Empire State Development (ESD) has opened the application window for the sixth year of the Grow-NY food, beverage, and agriculture business competition. This initiative, which offers a total of $3 million in prize money annually, aims to attract high-growth potential startups in the food and agriculture sectors. The program supports 20 finalists through a business development phase that provides access to the region’s resources.
The Grow-NY region, spanning Central New York, the Finger Lakes, and the Southern Tier, serves as a hub for innovation and investment in the food and agriculture industries. Over the past five years, Grow-NY has fostered economic growth and entrepreneurial opportunities in upstate New York. Winning startups have not only created 289 new jobs but have also attracted significant follow-on investments, contributing to the region’s economic development.
Year 6 of the Grow-NY program invites startups worldwide to participate in shaping an emerging, climate-smart bioeconomy. With the chance to win up to $1 million, startups will receive valuable mentorship, introductions to key industry leaders, and access to potential partnerships and strategic opportunities. Winners are required to make a measurable impact on the region’s economy, such as job creation, in exchange for the prize money, which is treated as an investment in their companies.
Funding for Grow-NY is sourced from Empire State Development and administered by Cornell’s Center for Regional Economic Advancement. The program has received praise from Empire State Development President Hope Knight, who sees it as a catalyst for entrepreneurial growth in upstate New York. State Agriculture Commissioner Richard A. Ball commends Grow-NY for attracting innovative entrepreneurs to New York’s thriving agricultural sector, emphasizing its role in job creation and industry advancement.
The program’s success is evident in its growing popularity, with over 1,500 businesses from various states and countries applying in the last five years. Notably, Grow-NY has prioritized diversity and inclusivity, with a significant percentage of applicants featuring founders from underrepresented minority groups and female founders.
Past winners of the Grow-NY competition have demonstrated remarkable progress and success. From securing additional funding to expanding their operations, these startups have showcased the program’s impact on their growth trajectory. With a focus on innovation, scalability, and diversity, Grow-NY continues to drive positive change in the food and agriculture sectors.
Applications for Year 6 of Grow-NY must be submitted by May 15, with finalists set to present their business plans at the Grow-NY Summit in November. The event promises to be a platform for networking, knowledge-sharing, and showcasing groundbreaking ideas in the food and agriculture industries. As the program director Jenn Smith aptly puts it, ambitious founders from around the world are encouraged to join this transformative initiative.
