43North Foundation Sets $5 Billion Economic Impact Goal for Buffalo's Next Decade

BUFFALO, N.Y., Sept. 9, 2026 /PRNewswire/ -- The 43North Foundation today announced an ambitious new goal: turning its $100 million investment into $5 billion in economic impact in Buffalo. That impact will come through the creation of cutting-edge startups with local roots, established businesses making major investments, and outside companies choosing Buffalo. The Foundation was created from the proceeds of 43North, a $5 million annual accelerator program, which has spent twelve years investing in high-growth startups in return for their pledge to operate in Buffalo.

Leading the Foundation's ambitious efforts will be Colleen E. Heidinger, currently President of 43North, who becomes the Foundation's next CEO effective January 1, 2027, succeeding Sarah Tanbakuchi-Ripa, who is fulfilling her two-year commitment to the role. The appointment follows a national search led by the Foundation's Board. Both leaders will remain in their current roles through year-end to ensure a smooth transition.

"This work belongs to hundreds of founders, investors, and partners across this community who believed Buffalo could compete, long before the results proved them right," said Bill Maggio, Chairman of the 43North Foundation Board. "Sarah built the strategy that made this handoff possible. Colleen built the relationships that will carry it forward."

The Foundation invests across four strategies: Radial Ventures, a venture studio with 10 companies in its commercialization pipeline; TechBuffalo, which has enrolled more than 10,000 people in talent pathways; the Ambassador Network, with more than 150 business leaders engaged; and Series B, which has drawn more than 100,000 website visitors since its January launch.

Since 2014, 43North has supported nearly 80 startups, created more than 3,000 jobs, and generated $1 billion in additional investment in its portfolio companies, including a founder base that is 46% people of color and 26% women. The portfolio's flagship success, ACV Auctions, a 2015 43North winner, is Buffalo's first tech unicorn, employing more than 600 people locally after a 2021 IPO valued at $3.8 billion.

43North launched as the world's largest startup competition, built to jump-start an entrepreneurial ecosystem in a city that had spent decades being counted out, and that never stopped believing it had more to give. That success created the 43North Foundation, funded not by a single donor but by returns from 43North's own portfolio. A decade later, 43North hasn't just met its original goal, it has exceeded it, and the Foundation's model is increasingly viewed as a blueprint other cities can study.

"I'm incredibly proud of what we've built here over the past decade, real companies, real jobs, real proof that Buffalo can compete nationally," said Heidinger. "We're aiming high: $5 billion in economic impact over the next ten years."

Heidinger has been with 43North for more than a decade, serving as its President for nearly seven years. Under her leadership, the organization has become a defining part of Buffalo's innovation economy, and a model that's earned national recognition. Most recently, she was admitted to the prestigious Kauffman Fellows Program, a two-year program designed to accelerate innovator success through peer learning, and a structured curriculum.

Born and raised in Buffalo's First Ward, she studied entrepreneurship at Babson College, began her career in management consulting, advising nonprofit clients on entrepreneurial strategy, then spent a decade in New York City and Los Angeles in film and television before returning home to Buffalo, and joining 43North.

She remains deeply engaged in the community: she serves on several philanthropic boards, helps shape entrepreneurial curricula at the high school and collegiate level, and restored a historic 1906 building in Buffalo's historic Larkinville neighborhood, alongside her father. An entrepreneur at heart, she also launched her own yoga studio in that same Larkinville building, putting into practice the instinct she champions in every founder 43North backs.

43North's own competition holds its final Finals on October 8, 2026, capping 12 years of programming. The Foundation's work continues beyond that milestone as a permanent investment in Buffalo's innovation economy.

About the 43North Foundation: The 43North Foundation is a $100 million, 10-year commitment to building Buffalo's innovation economy, funded by the success of 43North's portfolio companies, including ACV Auctions. The Foundation operates through four pillars: Radial Ventures, a venture studio building new high-growth companies; TechBuffalo, a talent development engine; Corporate Connectivity, which engages the region's established business community; and Series B, the community's storytelling platform for tech, innovation, and entrepreneurship, funded by the Foundation. Learn more at 43northfoundation.org.

About 43North: 43North is an accelerator program that hosts an annual startup competition, investing $5 million per year to attract and cultivate high-growth companies in Buffalo, New York. 43North portfolio companies also receive free incubator space in Buffalo for one year, guidance from mentors in related fields, and access to other business incentive programs. 43North operates through the support of Governor Kathy Hochul, the M&T Bank Foundation and several other sponsors. Funding for 43North program activities has been provided in part by Empire State Development. For more information about 43North, visit www.43north.org.

SOURCE 43North Foundation