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A presentation Thursday will detail the state’s new $5 million business plan competition that aims to attract businesses to Buffalo.

Andrew Pulkrabek, executive director of 43North, the business idea contest, will introduce the competition to startups and entrepreneurs from 4 to 5 p.m. in UB’s New York State Center of Excellence in Bioinformatics and Life Sciences, 701 Ellicott St. His presentation is free and is part of the Commercialization Lecture Series.

43North, named for Buffalo’s latitude, was launched Feb. 5 and is one of the world’s largest business plan competitions. It will award $5 million in cash prizes to entrepreneurs from around the world. The competition features a top prize of $1 million and 10 other runner-up awards of $250,000 to $500,000. And the winners agree to operate their business in Buffalo for a minimum of one year.

The contest is part of the “Buffalo Billion” that Gov. Andrew Cuomo has committed to economic development in Buffalo. It’s open to applicants in any industry, except retail and hospitality.

To register for the event, visit 43north.eventbrite.com.