43North in the eyes of Mark Stack, CPA

I came back to the office the morning after the 43North competition’s main event tired from the evening’s excitement, but also with a sense of renewed energy.  As a sponsor of the “world's largest business idea competition,” Lumsden McCormick received passes to all sessions that day, which included two pitch sessions, the awards ceremony, and an after party on the Shea’s stage, all of which I was honored to witness firsthand. 

Our Firm has been part of the startup scene now for a few years, making a name through our involvement with the Buffalo Niagara Medical Campus’ Innovation Center, d!g, and the various other incubator ‘hotspots’ around Western New York. Because of our extensive understanding of business development tax credits and our strong ties to the area, Lumsden McCormick has been a strategic partner with 43North and the businesses brought to the region through their efforts.

A first-timer at the daylong event, hearing the passionate pitches and experiencing the palpable energy during the awards ceremony are experiences that I will not soon forget. The eleven startups each presented their business ideas for ten minutes, which ranged from biomedical technologies and agricultural treatments to software solutions that provided a voice to individuals that otherwise struggle to communicate or helped independent contractors facilitate tax withholdings.

The presentations included a description of the entity's product or service, a presentation of their business model and financial projections, an introduction of key staff, and any other relevant information that may sway the opinions of the judges and audience. 

While the teams had a thorough understanding of every aspect of their business, the judges held nothing back when it came to their opportunity to get answers during the ten minute question and answer session that followed each pitch.  The judges, with varied expertise and ties to the startup communities in Silicon Valley and New York City, balanced each other with questions related to product design, personnel, fee structures, industry and potential competitors that each of the startups would need to address, among other topics.  The discussions during the question and answer session brought valuable concerns to the forefront of the presentations and, at times, became so heated that the sighs of relief after each pitch were felt throughout the auditorium.  Quick vignettes of last year’s winners filled the time between pitches, and after a brief recess, it was time for the award ceremony. 

The anticipation was profound. Four companies were awarded $250,000, six received  $500,000 and one took home the million-dollar prize.   To add to the suspense, each team and the size of investment awarded, were announced at random. At the conclusion, Painless1099 and ACV Auctions were asked to step forward. Having already won $500,000, it was announced that these were the top two finalists, and one of them would win an additional $500,000. Due to the enormous potential for revolutionizing how used car auctions are conducted, it’s no surprise now that ACV Auctions, a live, wholesale marketplace for dealer-only automobile auctions, a company our firm has had the pleasure of working with through our relationship with the Buffalo Niagara Medical Campus incubator, was awarded the top prize of $1,000,000. In addition, two of the judges announced that they, too, would be making personal investments in the company and would offer their unique knowledge and expertise to help contribute to the success of ACV Auctions.

Having a week to ruminate over what unfolded on the October 29^th, I realize that what I saw was the renaissance of Western New York happening live – I wasn’t just reading about it anymore and anticipating its arrival. As a young professional with a long family history in Western New York, this is an incredibly exhilarating time to be in Buffalo.  I am extremely privileged for the opportunity to work for Lumsden McCormick, an accounting firm that uses their experience and expertise to help businesses grow to their full potential, and to work with such innovative companies that are doing amazing things for our region.  I could not be more excited to watch these eleven startups grow, to experience the impact that they will have on the Western New York region, and witness the important role that they will play in the revitalization of the City of Buffalo.