- Associated Press - Monday, October 3, 2016

ALBANY, N.Y. (AP) - A competition for $5 million in state economic development money up for grabs in western New York has narrowed to 16 finalists.

Gov. Andrew Cuomo announced the finalists on Monday. The winner will receive $1 million in funding, while seven runners-up will receive smaller amounts. All eight winners will receive free office space at the 43North business incubator in Buffalo.

The contest is one of the Democratic governor’s ideas for attracting jobs and new enterprises to western New York.

The finalists include bioscience firms, software developers, vaccine makers, energy technology companies and other start-ups.

A panel of investors and venture capitalists will pick the winners later this month.

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