Twenty startup finalists will pitch their food and agriculture businesses - and their potential to impact upstate New York - for up to $1 million at the Grow-NY Summit, Nov. 12-13 at the Hotel Canandaigua.
For the first time since the competition launched in 2019, finalists had the opportunity to work with a Cornell expert to estimate how their ventures could drive regional job creation and economic growth.
To develop projections for their pitches, 16 finalists worked with Todd Schmit, M.S. '94, Ph.D. '03, professor of applied economics and policy in the Charles H. Dyson School of Applied Economics and Management at the Cornell SC Johnson College of Business and the College of Agriculture and Life Sciences.
"Economic impact models are based on input-output theory, which traces many different transactions across industries and institutions throughout the economy," said Schmit, who also serves as faculty director of the Cornell Agricultural Marketing Research Program and the Cornell Cooperative Enterprise Program.
"With the finalists, we are developing customized spending patterns that reflect their expected economic activity in the state, rather than what is depicted in average industry spending patterns based on all firms," he said. "We start with a New York model, then tailor it for every finalist based on their own financial projections."
Finalists provided detailed information about their businesses to Schmit and research support specialist Luca Rigotti, M.S. '23, who used economic impact analysis software to calculate the estimates.
These estimates account not only for direct contributions to the upstate economy, like hiring employees or building facilities, but also for indirect impacts, such as jobs supported by manufacturing partnerships or local purchases for equipment, supplies and services.
"As startups, we are often asked to quantify our impact," said Emily Dinino, founder and CEO of finalist ThermoShade. "To be able to say that this data is from Cornell and that we have a validated impact in this region is a unique thing you don't see offered in many other programs or competitions."
By strengthening finalists' claims about their regional impact, Schmit's estimates could help them fulfill a key requirement of the competition: Startups must demonstrate how they would contribute to the agrifood ecosystem in the Central New York, Finger Lakes and Southern Tier regions.
A total of $3 million in prize money is at stake, including a $1 million grand prize, two $500,000 awards and four $250,000 awards. Winners will be announced at an awards ceremony at the Lake House on Canandaigua immediately following the summit.
Beyond pitches, the summit will include a symposium addressing challenges and opportunities in food and agriculture. Each discussion features Cornell experts in conversation with industry leaders:
- Cultivating the Future: Agtech AI for the Northeast (Nov. 12, 9:15-10 a.m.): Katie Gold, assistant professor of grape pathology at Cornell AgriTech, will moderate a discussion on how AI can help specialty crop farmers in the region.
- Impact at Scale (Nov. 12, 2:10-2:35 p.m.): Julie Suarez, associate dean for land-grant affairs in CALS, and Nishant Roy, Chobani's chief impact officer, will explore how a mission-driven company and university partnership can foster impact in New York communities.
- The New Ingredient Playbook: Innovations, Restrictions and Alternatives (Nov. 13, 9:15-10 a.m.): Gavin Sacks, chair and professor in the Department of Food Science in CALS, will lead a conversation about changes impacting how new food products show up in the market.
- The Future of Food Entrepreneurship: Investing for Durability (Nov. 13, 2:10-2:35 p.m.): Laura Reiley, staff writer for the Cornell Chronicle, and venture capitalist Hallie Bonnar will discuss how startups build scalable, enduring food companies that reflect today's culture of innovation.
Attendees will also network with entrepreneurs and regional service providers through thematic networking roundtables. A new addition to the summit, the roundtables aim to foster high-impact connections between startups and the organizations that support them.
"The Summit is a must-attend event for startups wanting to scale their food and ag businesses," said Jenn Smith, Grow-NY program director. "It is a chance to connect with thought leaders and potential strategic partners and hear live pitches from innovative, high-growth potential ventures."
The Grow-NY Summit is open to anyone passionate about agriculture technology, food production and economic development. All-access registration is $85, $25 for students, and virtual registration is free. To learn more and register, visit grow-ny.com.
Bridget Hagen is the associate manager for innovation communications for Cornell Research and Innovation.
