BUFFALO, N.Y. (WIVB) — The seventh year of the 43North startup competition is starting up, with $5 million up for grabs.

The annual competition looks for entrepreneurs and provides them with capital and a year of free office space, as well as opportunities to enroll in the START-UP NY program and 43North’s mentorship and support program.

One winner will receive a top investment of $1 million, and the other seven winners will receive $500,000 each. Winners also may be eligible for a share of $500,000 in follow-on funding at the end of 2022.

The winners will be announced at Shea’s Performing Arts Center this October.

To apply, those who are interested must answer roughly 40 questions and explain why they think their company would be fitting for Buffalo in a minute-long video.

“43North has put Buffalo and western New York on the map for innovation and entrepreneurship. The 43North Startup Competition has attracted the best and brightest entrepreneurs from around the world, and this years competition will be no different in helping make their hopes and dreams come true. 43North is further proof that if you innovate and invest in Buffalo, you can prosper in Buffalo.”

Lt. Gov. Kathy Hochul

Since it was founded in 2014, the competition has invested in 51 companies.

“Nearly half of those companies have maintained a material presence in the Queen City, creating over 800 local jobs,” Gov. Andrew Cuomo’s office says.

Full terms and conditions of the competition can be found here.

To register for the competition, click/tap here. Applications are due by July 19.

“Eager to expand the portfolio and bring more startups to Buffalo, 43North feels poised for growth as they embark on a new competition. 43North is thrilled to be launching our seventh startup competition. On the heels of major portfolio traction, and significant momentum for Buffalo’s larger startup ecosystem, our region has shown itself as a viable hub where entrepreneurs can build a successful company and accelerate growth. We’re excited to see the innovation that this year’s competition attracts.”

Colleen Heidinger, president of 43North