Five cities that are defining New York State's innovation economy

Empire State Development Blog

Find the latest news on economic development in New York State

We feature stories of innovative businesses that are making New York their home, plus offer updates on economic activity and development from around the state.

All
Blog Posts
Filter Options
Close
1621

items

Public Notice

Friday, March 9, 2018 - 2:30pm
learn more
Board Meeting

Wednesday, February 21, 2018 - 10:30am
learn more
Press Release

Friday, February 16, 2018 - 3:37pm
Investment in Transformative Downtown Project Complements "Finger Lakes Forward" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy Governor Andrew M. Cuomo today announced the official grand opening of NextCorps, formerly High Tech Rochester, on the sixth floor of the beautifully renovated Sibley Building in Downtown Rochester. The new state-of-the-art facility supports the creation and growth of high tech companies, and will serve as one of the cornerstones of the ongoing revitalization that is happening in downtown Rochester. The Sibley Building will serve as the headquarters for NextCorps, which has moved its staff from the Lennox Tech Enterprise Center in Henrietta to the renovated facility.  The transformation of the historic building is central to the ongoing revitalization of the city's urban core.  "New York is committed to the continued renaissance happening in Downtown Rochester, and the addition of NextCorps will serve as an essential piece to these revitalization efforts," Governor Cuomo said. "Through investment in projects like the Sibley Building rehabilitation, Rochester and the Finger Lakes will continue to be attractive to businesses and will see sustained economic growth." Read the full press release here.
learn more
Press Release

Thursday, February 15, 2018 - 4:28pm
Empire State Development (ESD) today announced the opening of Boyce Technologies’ new 100,000 square-foot headquarters in Long Island City, Queens. The mass transit technology designer and manufacturer created more than 40 jobs as part of its relocation and expansion. This project allows the company to consolidate its operations and provide additional space for new equipment, research, development, and marketing. Lieutenant Governor Kathy Hochul attended the ribbon cutting, and toured the new facility.  “Boyce Technologies’ decision to expand in Long Island City is a true testament to the turnaround of the business climate under Governor Cuomo,” said Lieutenant Governor Hochul. “By investing in advanced manufacturing companies like Boyce Technologies, the NYC REDC has expressed confidence in their ability to create the jobs and technology of the future, while also keeping New York's transportation systems safe and secure." Boyce Technologies engineers, designs and manufactures mass transit security and communications equipment, including emergency response systems, intercom systems, security alarm systems, radio and wireless networks, and customer information display systems. One of their most well-known products is the Help Point Unit, found throughout New York City’s subway system. The kiosks, widely-recognized by their blue light and two-button system, use a digital voice over IP system to provide information, security and safety communications to thousands of commuters and visitors each day. Boyce combines state-of-the-art fusion welding, advanced manufacturing, and robotic laser machines with traditional engineering to enhance machining and manufacturing processes for greater automation and accuracy. These advances create more responsive systems and further innovation in electromechanical engineering. Charles Boyce, President of Boyce Technologies, said, "We are grateful for all of the assistance from New York State which allowed us to build our new high-tech advanced manufacturing facility from the ground up, creating over 40 new jobs, and invest in some of the world’s most advanced technology. This is just the beginning, as we look to grow and expand around our new headquarters. We look forward to working with ESD in the future to build upon our successes in bringing manufacturing back to New York.” Boyce’s new 100,000 square foot headquarters is located at 47-22 Pearson Place in Long Island City, Queens. Boyce is investing $32 million to fit-out the new facility while retaining 58 employees and creating 41 new jobs. Empire State Development will provide up to $1.6 million in performance-based Excelsior Jobs Program tax credits and a $1 million capital grant. This was recommended as a priority project by the New York City Regional Economic Development Council during Round V of the Regional Council initiative.Empire State Development President, CEO and Commissioner Howard Zemsky said, “Boyce Technologies is New York-based and New York-grown, and Empire State Development is proud to be a part of their success. This project is creating jobs in a dynamic field and reinventing one of our most traditional industries.” NYC REDC Co-Chairs Cheryl A. Moore, President and Chief Operating Officer of the New York Genome Center, and Winston Fisher, Partner at Fisher Brothers, said, “The expansion of Boyce Technologies supports our strategic plan for sustainable job growth and economic development in the five boroughs. We thank Boyce Technologies for choosing to stay and grow in Long Island City, and appreciate the support from Governor Cuomo and Empire State Development.” Assemblymember Catherine Nolan said, “Boyce Technologies has solidified their Long Island City footprint by consolidating operations and creating jobs in their new, expanded headquarters. I thank Governor Cuomo and the Long Island City Partnership for supporting economic development in Queens.” Queens Borough President Melinda Katz said, “Queens welcomes Boyce as the latest institutional anchor in Long Island City to expand. Their new headquarters will foster innovation and equitable growth in the rapidly emerging tech hub here in Western Queens. This would not have been possible without prioritization backed by millions in investment from the Governor and Empire State Development.” About Empire State Development Empire State Development (ESD) is New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I LOVE NEW YORK,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, please visit and www.esd.ny.gov.     Contact: Adam Ostrowski | adam.ostrowski@esd.ny.gov | (518) 292-5148 ESD Press Office | pressoffice@esd.ny.gov | (800) 260-7313
learn more
Blog Post

Thursday, February 15, 2018 - 1:37pm
For the competitors, last summer’s 76West Awards ceremony wasn’t just about winning the $2.5 million prize money. It was about receiving recognition and support for their vision of the future of renewable energy.   For the past two years, the New York State Energy Research and Development Authority (NYSERDA) competition has infused the region’s growing clean energy sector with a wider ecosystem and fresh talent. Winners are required to establish their headquarters, other  facilities or primary supplier contracts in the Southern Tier for at least two years. Moreover, the state’s 50 percent renewables mandate by 2030 makes it a leader in the transition to cleaner energy and fertile ground for young companies betting on technology beyond fossil fuels. So it’s no surprise that solar energy took center stage at this year’s competition. Skyven Technologies, which won the top $1 million prize, uses the sun as a controllable heat source in industrial farming and manufacturing. SunTegra, the second-place $500,000 winner, makes solar panels that resemble standard roofing tiles.  
learn more
Board Meeting

Thursday, February 15, 2018 - 9:30am
learn more
Press Release

Wednesday, February 14, 2018 - 11:42am
Investment Complements “Finger Lakes Forward” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy Empire State Development (ESD) today announced that through its New York State Innovation Venture Capital Fund (NYSIVCF), it will invest up to $1.75 million in identity technology start-up Token. The company is based in Rochester, NY, where it manufactures the biometric, encrypted, wearable device. Token’s identity ring functions as a key across physical and digital access points and uses a combination of fingerprinting and an optical proximity sensor to authenticate a user, ensuring the user’s credentials remain secure.  The Token ring offers a combination of convenience through the easy-to-use, ubiquitous wearable device and security, via its unique 2-factor authentication. Its companion software platform allows the ring to be integrated into various identity applications, including computer logins, mobile payments, transit cards, and “smart” locks for home and auto. It will be available later this year. Empire State Development President, CEO & Commissioner Howard Zemsky said, “The NYS Innovation Venture Capital Fund targets strategic industries that support advanced manufacturing endeavors statewide. Investing in companies like these supports the state’s innovation economy and provides support for further development of Token’s cutting-edge security products.” Token co-founders Melanie and Steve Shapiro are Rochester Institute of Technology (RIT) alumni with strong ties to the local community.  The wearable security devices are being manufactured at RIT's Venture Creations incubator on Tech Park Drive. Token says it remains committed to growing in Rochester, creating technology jobs, and helping grow the local technology ecosystem.  Other investors in the project include Neo, Blockchange Ventures and many of the company’s original seed investors. Additionally, CEO and Founder of Code.org, Hadi Partovi has joined Token as both an investor and advisor. Token CEO & Co-found Melanie Shapiro said, “New York Ventures is a crucial partner for Token as we continue to drive public support for digital IDs. We plan to continue to support local manufacturing and business in Rochester, where we are based, because we believe in nurturing the local community, as a community ethos is at the core of our values. New York Ventures will help us do just that through their support of Token and continued support in investing in the state’s innovation ecosystem.” “We applaud New York state for this generous investment, which recognizes the impact that Token can have on emerging consumer security technologies,” said RIT President David Munson. “We are so proud of Token’s founders, RIT alumni, Melanie and Steve Shapiro, and we celebrate this success with them. Rochester is an innovation hub, and RIT and Venture Creations, with their steady stream of top-quality, high-technology companies, proudly play a significant role in developing that ecosystem. Companies like Token help advance the educational and research missions of RIT through the enhancement of faculty, student and alumni involvement in high technology, and serve as an economic driver in the region.” New York Ventures aims to meet the critical capital needs of New York State's innovation economy by providing funding to high-growth startups as they move from concept to commercialization, through early growth and expansion. It administers the State's innovation investment funds, providing equity investment capital to early-stage technology-based businesses through direct investments and fund-of-funds ranging from companies emerging from NY State universities, research labs, incubators and accelerators to companies willing to relocate to New York. The NYS Innovation Venture Capital Fund is part of a larger equity investment strategy that includes the Innovate NY Fund, a $45 million fund of funds that invests in seed stage equity opportunities. State Assemblyman Majority Leader Joe Morelle said, “Rochester has long been home to outstanding universities like RIT that conduct world-class research and development, encourage innovation and inspire global entrepreneurial leadership. Token is yet another example of the strength emanating from our region as we continue to grow our role in the increasingly high-tech economy. I thank Token for choosing to invest in Rochester, and I am grateful to Governor Cuomo for his continued commitment to supporting innovative technologies and moving the Finger Lakes forward.” State Senator Joe Robach said, "As we look towards the future of technology in the 21st Century, today’s announcement that Empire State Development is investing in cutting edge security companies like Token is one to applaud. Certainly, by taking advantage of RIT’s expertise in technology and manufacturing as well as an innovative Rochester workforce, Token is poised for tremendous success that will be shared by our community and the state as a whole." State Senator Patrick Gallivan said, “New York’s partnership with companies like Token is an investment in the future of the Finger Lakes Region.  The company’s decision to locate in Rochester is yet another example of New York’s growing innovation economy and holds great promise for future growth and development in this state of the art technology.” State Assemblyman Harry Bronson said, “I want to applaud Governor Cuomo and Melanie and Steve Shapiro for this exciting venture into biometric, encrypted, wearable technology that will work toward eliminated fraudulent identity theft. Token’s technology is capable of blending multiple identity factors with digital access points to create a system that if fool-proof and will protect our families.  This is a great day for RIT, the Shapiro’s, New York State, and our region as we celebrate this milestone and turn a page on the next chapter on advancements in manufacturing technologies.” Rochester Mayor Lovely Warren said, “Rochester has long been a leader in innovation and technology, so it gives me great pride to see Gov. Andrew Cuomo and Empire State Development invest in two RIT graduates who are creating jobs through the development of a promising new technology. I look forward to working with Token as they grow their business and create jobs in Rochester, which will lead to safer, more vibrant neighborhoods and better educational opportunities for our citizens.” County Executive Cheryl Dinolfo said, “Building on our strong history of innovation, Monroe County continues to be a statewide leader in the number of start-up ventures launched here each year and we are thrilled that Token will be contributing to our economy. I am especially grateful that this exciting local business is capitalizing on the talents of two local RIT graduates, who will now grow and expand their business right here in Monroe County. I thank the Shapiros and the Innovation Venture Capital Fund for this significant investment in local jobs and our economy.” For More Information about Token, click here. Accelerating Finger Lakes Forward  Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $5.2 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Rochester, Batavia and Canandaigua as a destination to grow and invest in. Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here. ​   Contact: Shari Voorhees-Vincent | Shari.Voorhees-Vincent@esd.ny.gov | (585) 399-7055 Press Office | pressoffice@esd.ny.gov | (800) 260-7313  
learn more
Board Meeting

Wednesday, February 14, 2018 - 11:00am
With videoconferencing to:   Empire State Development – Albany Offices 625 Broadway – Conference Room 812 Albany, NY 12245  
learn more
Public Notice

Wednesday, February 14, 2018 - 10:00am
learn more
Public Notice

Wednesday, February 14, 2018 - 10:00am
learn more

Pages