From the Morning Memo:

The sixth year of the state-sponsored 43North business competition is underway.

The competition is now accepting applications from start-ups across the world, which can win cash, incubator space, and support to grow their respective companies – provided they locate them largely in Buffalo, (more on this in a moment). Winners could receive as much as $1 million from a $5 million pot.

“Over the last five years, the 43North competition has successfully driven high-quality startups to Buffalo where they can grow their businesses,” Gov. Andrew Cuomo said. “Through this unique competition, we will continue to bring world-class talent and cutting edge businesses to this region to contribute and collaborate with the growing entrepreneurial economy.”

Winners are also allowed to operate tax-free for 10 years in the state under the Start-Up NY program. However, companies are only required to locate their CEO and half of their employees in Buffalo for a year, and the competition has faced criticism as some participants have decided to leave once that commitment was fulfilled.

The state said that over the first five years, the competition has created more than 400 jobs in Buffalo, and many companies have partnered with local institutions for continued growth. They also agree to give 43North a 5 percent equity stake.

“43North continues to be an important piece of the puzzle in attracting new businesses and talent to the region to help boost our local economy,” Assembly Majority Leader Crystal Peoples-Stokes, a Buffalo Democrat said.

“The $5 million startup competition supported by the governor and Empire State Development has also been key to giving minority and women entrepreneurs the opportunity to pitch their ideas and get the critical funding they need to get their businesses off the ground. I can’t wait to hear what new and innovative businesses and talent this latest round will bring the region.”

The competition said 27 percent of its winners have had female founders, and 20 percent have been founders of color. Startups have until July 8 to submit their applications.