Nov 29
2018
43North winner delinquent on loan
Four years ago, local manufacturing startup ASi was riding high, the first ever $1 million prize winner of the state-funded 43North business plan competition. Now, the company is in financial trouble. It’s not currently operational, has just one employee – the founder and CEO – and recently defaulted on a $250,000 loan from the Erie County Industrial Development Agency. In exchange for the prize money, 43North takes a 5 percent stake in each winning company. 43North officials say the struggles of one company, even a winner of the $1 million – the largest prize offered – don’t reflect the track record of the[...]