What's Happening?
Governor Kathy Hochul announced the winners of the seventh annual Grow-NY business competition, awarding a total of $3 million in prize money to seven finalists. The competition, held at the Grow-NY Summit
in Canandaigua, aims to enhance the food, beverage, and agriculture innovation cluster in Central New York, Finger Lakes, and Southern Tier regions. Brekland of Brooklyn, New York, won the $1 million grand prize for its biodegradable foam coating for crop protection products. Other winners included Mothership Materials and Seen Nutrition, each receiving $500,000, and several others receiving $250,000. The competition is supported by Empire State Development and administered by Cornell University's Center for Regional Economic Advancement.
Why It's Important?
The Grow-NY competition is significant for New York's economic development, particularly in the agribusiness sector. By attracting innovative startups, the competition fosters job creation and regional economic growth. The winners are expected to establish operations in New York, contributing to the state's agricultural economy and creating new opportunities. The initiative supports Governor Hochul's commitment to driving economic growth across the state, sparking innovation, and creating jobs. The competition also emphasizes inclusive innovation, with a notable percentage of applicants including female founders and founders from historically underinvested communities.
What's Next?
The winning companies will begin executing their business plans in New York, leveraging regional connections and knowledge gained from the competition. They will contribute to the economic growth of the 22-county Grow-NY region, which includes cities like Rochester, Syracuse, and Ithaca. The companies will play a role in driving job creation, forging partnerships with local industry leaders, and advancing innovation that strengthens the regional economy. The Grow-NY competition will continue to attract startups and investors, supporting the state's agrifood ecosystem and creating lasting economic development.
