The Grow-NY Competition Kicks Off For The Third Year Running


90% of new startups struggle to make it, and one of the biggest reasons is a lack of investment. Without venture capital and equity behind a project, it is always difficult to realize a dream. This is why the Grow-NY competition is a big deal for startup businesses within the agriculture and food industry. Entries are open until July 15 2021, and the prize is up to $1 million dollars to help your business thrive within the competitive startup ecosystem. The competition also provides an invaluable opportunity to gain advice from mentors who are experts in their industry. 

Raising equity  

Raising equity is one of the biggest issues for new startup businesses, and it always helps to get professional advice. An equity simulator can help you make the best financial decisions about funding your new business venture. It can help you work out your investment plan and future-proof your startup. This year’s Grow-NY competition is offering the winner a $1 million prize to grow their business. There are also two prizes of $500,000, and four prizes of $250,000. Simply becoming one of the 20 finalists can be extremely beneficial to your business, however, in helping you to expand your business plans. Finalists are assigned a mentor who will assist them with business development, give entrepreneurial support, and even introduce them to other business owners within the region who can help. 

The application process

Applicants for the Grow-NY contest should be within the food and agriculture industry in the New York State region. The judges are looking for businesses that have innovative solutions to growth and supply. The winners of the competition will be expected to have plans for how to grow jobs, contribute to the economy, and connect with partners within the industry. If you are planning on entering this year’s Grow-NY competition, you will have to think big when it comes to expanding your business. You should have solid, well-researched plans that are backed-up by facts about how your business is going to provide something invaluable for the consumer in a sustainable way. The application process online is simple using the Grow-NY website, but you will have to have a good business plan ready to discuss. 

Previous winners

Past winners of the Grow-NY competition include businesses that have designed and researched new crop varieties, or perhaps offered new and innovative methods of harvesting, growing and monitoring crops or livestock. Winners have included businesses that have improved methods for packaging, preparing and improving food and drink products. Startups are considered at every point within the agriculture and food chain, but they must be environmentally conscious, sustainable, and working in a healthy way to serve a growing population. They should also be able to offer high-growth opportunities within a fast-moving industry. 

Building your startup business is extremely difficult without equity, particularly in the early stages of development. The Grow-NY competition is a great opportunity for businesses in the region to secure not only finance, but also valuable help and advice. 

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.