43North Winners Make Progress In Raising Money, Developing Products

By Stephen T. Watson
The Buffalo News, N.Y.

WWR Article Summary (tl;dr) The 43North competition in Buffalo, NY is a major pitch contest. For the past several years it has handed out millions in funding for innovative startups. This article takes a look at how some of those companies are progressing.

The Buffalo News, N.Y.

The 43North business plan competition is sorting through applications for its third year of awards. Winners from the first two rounds, meanwhile, are well into raising money, hiring workers, selling their products, and otherwise trying to build off their victories in the contest.

The 2014 winners have used their head start well, said 43North, which stands to succeed in parallel to winning companies because the organization gets a 5 percent equity stake in exchange for the prize money. “43North is very excited to see our winners’ many recent accomplishments and we are proud of the important roles 43North and Buffalo have played in their progress,” said John T. Gavigan, the organization’s executive director.

For example, Genetesis, a medical device startup founded by an Ohio State University student and now located in Columbus, will receive $350,000 from billionaire investor Mark Cuban.

Asana Medical, which moved back to Florida, has closed on $1.2 million in funding for the development and commercialization of a way to non-surgically treat inflammatory bowel diseases.

Two winners from 2014 that stayed in Buffalo also have raised funds. Medical Conservation Devices raised more than $1 million for its relatively low-priced anesthesia machine, while HemoGenyx, which is developing a treatment for blood diseases to improve the effectiveness of bone-marrow transplants, raised $1 million from Bonsai Capital.

The 2015 winners are newer, of course, but they also are making progress, as reported by 43North and the companies:

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Hometown: Buffalo

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