Grow-NY Rolls Out Latest Competition With $1 Million Prize Black Founders Can Seek To Win

Black founders of agricultural technology startups worldwide are among those encouraged to chase up to $1 million in funding to help take their businesses to a higher level.

The cash is part of the Grow-NY Food and Agriculture Business Competition, an initiative that links investors in the food, beverage, and agriculture sectors locally and globally. It has spurred economic growth and entrepreneurship in upstate New York. The Grow-NY region where entrepreneurs will serve includes a 22-county area covering Central New York, the Finger Lakes, and the Southern Tier.

Organizers report that over 200 new jobs have been created, and millions of dollars have been invested in the competition since it started four years ago. Grow-NY aims to attract high-growth food and agriculture startups to compete for $3 million in total prize money annually. It supports 20 finalists through a business development effort that connects them with the region’s resources.

Funding program provider, the Empire State Development (ESD), announced applications are now open for round five of the competition through June 15. One finalist will get a top $1 million prize; two others will receive $500,000; and four others will be awarded $250,000.

Organizers are pushing hard for Black, indigenous, and other people of color (BIPOC) who run food and beverage businesses and those in farming, food manufacturing, and related industries to apply. The program is centered on luring more diverse leaders to the region by reaching entrepreneurs that have historically been left out of the innovation economy. See details to apply and on eligibility here.

Last year, it was disclosed 75% of the 385 applicants included a founder from an underrepresented minority group, and 38% had a female founder. Winners must commit to operating in at least one of the 22 Grow-NY counties for at least a year and agree to a “pay-it-forward” provision in the form of and comply with an equity agreement.

Some winners and finalists that were Black-owned included Edenesque in 2022 as well as WeRadiate and Neupeak in 2021. The competition has generated applications from over a thousand businesses in 41 states and 46 countries outside the U.S. All told, 79 startups have been finalists, with 28 winners sharing $12 million in startup funding and gaining mentorship and networking benefits.

Grow-NY program director Jenn Smith stated, “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.”