How 43North Built a $5M-Per-Year Startup Accelerator in Buffalo

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Colleen Heidinger is the president of 43North, a pioneering startup competition and venture program focused on building Buffalo into a thriving center for innovation and entrepreneurship.

Applications now open.

With a strong background in venture capital and startup ecosystems, Colleen has spent over a decade guiding 43North from its inception to becoming a powerful engine for early-stage companies.

She believes deeply in the long-term nature of building successful entrepreneurial communities and emphasizes the importance of patience, reinvestment, and collaboration.

Known for her approachable leadership and commitment to sharing knowledge, Colleen supports founders by encouraging them to reflect on their business goals and navigate the challenges of growth. Her work has helped transform Buffalo’s startup landscape and continues to inspire entrepreneurs to dream big and build with purpose.

Listen to Colleen’s interview on YouTube, Spotify, or Apple Podcasts.

Let’s dive in.

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• Leading with ambition attracts serious founders. From the very beginning, 43North launched with $1 million investments per company. This level of ambition helped them stand out in a competitive landscape and signaled to founders that they were building something serious. If you want to attract great talent or partners, you have to lead with bold decisions that reflect your long-term vision.

• Treat every part of your company like a prototype. Over the years, 43North adjusted everything from check sizes to judging panels to the structure of their selection process. They improved retention, brand perception, and founder experience by listening and iterating. As a founder, you should constantly question what can be optimized, even in parts of the business that seem to be working.

• People do not just join companies, they join communities. One of 43North’s strengths is that it is not just an accelerator with funding. It is a shared experience. Founders relocate to Buffalo, work together in the same building, and build real relationships. If you are building a team or startup, remember that culture and connection are often what make people stay long term.

• Fewer but better applications can lead to stronger outcomes. At one point, 43North received over 12,000 applications, but they realized that quality mattered more than volume. They redesigned their process to require more thoughtful applications, and that led to stronger companies and better fit. For founders, this is a reminder that more leads or users is not always the goal. The right ones are what move the needle.

• Leadership will never come at the perfect time, and that is the point. Colleen became president of 43North just weeks before the COVID shutdown. She had to navigate a relocation, a pandemic, and a new role all at once. Her experience is a good reminder that founders rarely get to grow under ideal conditions. The most meaningful lessons come during chaos, not comfort.

• Be strategic with longer timelines because quality takes time. While four months might feel like a long wait for founders expecting capital, Colleen explains that the process is carefully structured to ensure thorough due diligence and strong decision-making. For founders, the takeaway is that well-run programs take time and it is worth being patient when the opportunity is built on quality.

• The funding is great but the network might be even better. Even companies that do not win 43North’s million dollar investment often benefit from exposure to investors, feedback on their business, and new opportunities. Founders should view accelerators and competitions not only as a chance to raise money but as a moment to build lasting relationships and gain valuable visibility.

• Standardized advice does not work for every founder so know what you need. 43North evolved away from giving all companies the same program because every founder is at a different stage. Now the support is based on each company’s individual needs. The lesson for founders is to clearly identify where they need the most help and seek programs or mentors that can provide targeted support.

• Bigger checks come with higher expectations so be ready to perform. 43North transitioned from funding a larger number of companies to focusing on fewer startups with larger investments. Now they invest one million dollars in five companies each year. That shift means they are looking for stronger founders who can truly deliver results. If you are aiming to raise significant capital, know that you will be held to a higher standard and need to show clear potential for success.

• Government funding can support long term growth and ecosystem building. Unlike private venture capital which often prioritizes fast returns, 43North benefits from state funding that allows them to focus on economic development and long term impact. For founders, this shows that government backed programs may offer more stability and a longer runway to grow, especially in regions looking to build their tech ecosystems.

Listen to Colleen’s interview on YouTube, Spotify, or Apple Podcasts.

00:00 What’s coming in the episode…

00:23 Introduction

01:01 What is 43North?

03:27 The early days of 43North

07:08 Covid days at 43North

09:14 Admission process

16:02 Getting the right partners

19:58 The first IPO from a 43N’s company

21:02 The long-year program

26:53 Why five “$1M” on investment money?

31:02 The impact of 43North

34:50 What’s next?

40:13 Why has 43N succeeded?

41:15 Take a look at the application!

42:22 Reach out to Colleen

Best,
Justin

Founder of Just Go Grind

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