June 18, 2019

by Lynda Kiernan

Ag and food tech startups have the opportunity to win $1 million through Grow-NY, a new competition launched with the goal of strengthening the ag and food tech ecosystem in the Finger Lakes, Central, and Southern Tier regions of New York State.

Launched in partnership by New York State and Cornell University, this transformative, global competition, which is expected to run for three rounds, is designed to attract high-potential, high-growth food and ag tech startups that can play a role in advancing the region’s rapidly expanding innovation ecosystem.

“New York has among the best food products in the world, and the agricultural industry is an important part of our upstate economy,” said Lieutenant Governor Kathy Hochul upon announcing the launch of Grow-NY.

“We are committed to fostering innovative ideas, boosting job growth, and promoting our farms and agricultural products that will further strengthen the economy.”

The competition, which will be funded by Empire State Development through its Upstate Revitalization Initiative, and will be administered through Cornell University’s Center for Regional Economic Advancement, will ultimately award a top prize of $1 million, two $500,000 prizes, and four $250,000 prizes for chosen startups from each of its yearly cohorts of 20 participants.

To be eligible to participate, applicant startups must be established businesses in the food and agriculture industries that meet New York State’s definition of being in their “formative stage”. This would mean that each startup must meet at least two of the following:

~ Less than seven years from formal organization

~ Have an initial product or service in pilot production or testing

~ Be in pre-revenue or early revenue

~ Have a leadership team in place working toward commercialization and profitability

The application process is open until July 15 for agriculture and food companies at any point in the agri-food value chain that are working to serve a growing population, while striving to employ sustainable, environmentally conscious, and/or healthy methods.

A panel of judges will select a class of 20 startups to participate in the competition. Although not required to move to New York, each participant will be required to operate in the three regions of New York State that include vast areas of high-quality farmland across 22 counties, along with  a mix of major urban centers including Syracuse, Ithaca, Rochester, and Binghamton.

Over the course of the competition, each startup will receive an expense-paid trip for two to the Grow-NY region for business development, network introductions, business tours with potential industry partners, and critical appointments;as well as dedicated mentorship from a hand-selected business advisor; and pitch training.

Through this top-down, bottom-up approach, each startup will be able to leverage the region’s leading-edge academic and commercial resources, and be plugged-in to the region’s funding system and the industries that they will impact. In addition, they will gain promotion through the Cornell University platform, and will become familiarized with industry insiders, customers, and suppliers.

At the conclusion of the competition, each finalist will pitch their business model to a panel of judges at the Grow-NY Food and Ag Summit to be held on November 12-13 in Rochester, New York. The Summit also will host an academic symposium, and an expo with industry partners, startups, and other participants.

“A panel of judges will review all of the applications, and all finalists will pitch their business ideas and plans to a live audience and judges during the final competition phase,” explained Tom Schryver, executive director of Cornell University’s Center for Regional Economic Advancement. “Each pitch will be followed by a brief question-and-answer period. After all pitches are complete, the judges will announce the winners.”

Winners of cash prizes will be judged upon criteria including:

~ The viability of the commercialization potential for their business model

~ The level of value their startup can bring to customers

~ Their ability to advance the state-of-the-art food and ag innovation ecosystem of Upstate New York

~ Their potential for job creation

~ The quality and completeness of their team, and readiness to deliver.

Grow-NY is aiming to increase awareness of  New York state’s strong startup ecosystem and its many resources for food and agriculture companies—making it a top spot for startups to put down roots.

“New York’s agricultural industry is one of the best in the world, and the Grow-NY competition will attract innovative start-ups focused on this industry to put down roots in Upstate New York,” Said New York Governor Andrew Cuomo.

“By bringing in new companies to find new ways to transform our state’s food and agricultural industry, we are continuing to bolster these regional economies and foster growth in this critical industry statewide.”

– Lynda Kiernan is Editor with GAI Media and daily contributor to GAI News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.