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Blog Post

Friday, April 5, 2019 - 2:44pm
Launched in the heart of Rochester’s Downtown Innovation Zone in 2017, Luminate NY is the world’s largest startup accelerator competition for the optics, photonics and imaging industry. It also continues to attract attention to the Finger Lakes, long an epicenter of optics-related innovation. The competition’s second round, which opened in June 2018, drew more than 70 applicants from across the U.S. and New York, as well as from countries including Sweden, India, Canada, Australia, Russia, Israel, Portugal, China, the Netherlands and New Zealand. What makes the competition so popular–beyond its $1 million grand prize–is the six months of mentoring, support and coaching finalists receive at Luminate’s incubator inside a renovated, mixed-use landmark in the city’s high-tech center. The 10 Cohort II finalists, selected last November, each received an initial $100,000 investment and began networking with the Finger Lakes OPI community in January of this year. They will compete at Luminate’s Demo Day in June for more than $2 million in follow-on funding and could even receive additional venture capital from outside investors. Winning companies are expected to establish operations in the Finger Lakes for at least 18 months, a transition eased by the 100 companies already supporting the region’s OPI supply chain.
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Press Release

Thursday, April 4, 2019 - 4:10pm
Empire State Development (ESD) today announced that London Stock Exchange Group (LSEG) will invest approximately $3.1 million to expand in Buffalo, NY, moving The Yield Book, Inc., a leading global provider of fixed-income analytics and data products and solutions and part of its Information Services business, into newly renovated downtown office space. “The expansion of the London Stock Exchange Group’s Yield Book team in Buffalo builds on the momentum of growth we have seen downtown,” said Lieutenant Governor Kathy Hochul, who made today’s announcement. “The global analytics and information services company will add 30 employees at its new location, with plans to hire more in the future. This investment will advance LSEG’s growth and success and continue to strengthen the economy of the city and the entire Western New York region.” ​ LSEG has leased approximately 15,000 square feet – the entire sixth floor – at 40 Fountain Plaza in downtown Buffalo, with room for 135 employees, to expand its Buffalo-based center of excellence.  The Yield Book, formerly part of Citi, will relocate its Buffalo-based employees from Getzville, NY to downtown Buffalo, adding 30 new full-time positions. LSEG employs approximately 373 people in New York State. “We are very excited to expand our commitment and move our Yield Book team into new state-of-the-art office space in downtown Buffalo,” said Waqas Samad, Director of Information Services for London Stock Exchange Group. “We believe the location offers great benefits to our business and employees and are excited to grow our footprint in Western New York.” With professionals around the world, The Yield Book is a trusted source for fixed income analytics that help investors analyze and monitor their fixed income portfolios. Founded nearly 30 years ago, The Yield Book provides fixed income analytics to approximately 350 institutions globally including investment management firms, banks, insurance companies, pension funds, broker-dealers and hedge funds. With the 2017 acquisition of The Yield Book and Citi’s Fixed Income Indices by London Stock Exchange Group, it is now part of LSEG’s Information Services business and global index provider FTSE Russell. The company’s Buffalo expansion includes the lease, renovations and purchase of new furniture, fixtures and equipment for software development at the 40 Fountain Plaza complex. The state-of-the-art office space, with capacity for 135 and a design consistent with other LSEG global locations, features an open floor plan to encourage cross functional collaboration, six conference rooms with global video conferencing capabilities, 50 percent sit/stand desks, four private breakaway booths and several collaborative team spaces. LSEG qualified for up to $600,000 in performance-based Excelsior Jobs Program tax credits from Empire State Development in return for its proposed investment and job creation commitments. Empire State Development President, CEO & Commissioner Howard Zemsky said, “I congratulate London Stock Exchange Group for joining the many global companies choosing to locate and expand in Buffalo, thanks to the region’s affordability, highly educated and productive workforce, competitive business climate and outstanding quality of life.” Shana Stegner, Managing Director, Associate Real Estate Broker, CBRE Buffalo said, “We continue to see a flurry of activity in the Buffalo commercial real estate market, with companies from all over the world taking notice of the benefits of locating operations here. It has been an exciting time for CBRE as we have been able to satisfy the needs of prominent global clients, like LSEG, by providing first class commercial real estate options, right here in Western New York.” Assemblyman Sean Ryan said, "It's exciting to see businesses continue to grow and thrive in Buffalo. I'm thrilled to see London Stock Exchange Group bring their business to our growing downtown core and look forward to seeing their business continue to expand and help fuel our local economy." Mayor Byron W. Brown said, “It’s always a proud day for the City of Buffalo when a business chooses to relocate to a downtown Buffalo site for its future growth and prosperity, and where its employees can work, live and play. The financial analytics and stock indexing performed by The Yield Group requires highly-skilled employees and the firm will be drawing heavily from the amazing talent pool of finance and IT graduates coming out of the University at Buffalo. This is another example of how Buffalo is now able to compete to keep our best and brightest right here to build their professional careers and personal lives. London Stock Exchange’s The Yield Group joins IBM at this location, adding to what is becoming a high tech hub and continuing to weave the fabric of Buffalo as a Smart City.” Congressman Brian Higgins, a member of the House Ways and Means Committee, which oversees important aspects of the bond market said, “I commend the London Stock Exchange Group for this expansion and investment.  It is further evidence that Buffalo’s workforce, infrastructure and affordability make it a great location for the cutting-edge finance industry jobs,” County Executive Mark Poloncarz said, ““The relocation of the London Stock Exchange offices here in Buffalo provides further proof of the vibrancy of Erie County’s economic sector and the desirability of our region as a place to set up or grow operations.  This investment will boost Erie County’s economic portfolio, add 30 new jobs while retaining 75 others, and demonstrate once again Erie County’s desirability as a place that’s good for business.” "By building a home for The Yield Book in Western New York, the London Stock Exchange Group is investing not just in its own business but in Buffalo's future as a global hub,” said Senator Tim Kennedy. “Companies around the world are recognizing that our vibrant business climate and skilled workforce make Buffalo the opportune choice for investment. I applaud the LSED for recognizing Buffalo's potential and for bringing dozens of new jobs to our city."  For more information about London Stock Exchange Group click here. 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.   Contacts: Pamm Lent (Governor’s office) | pamm.lent@esd.ny.gov | 716-846-8309 Laura Magee (ESD) | laura.magee@esd.ny.gov | (716) 846-8239 | (800) 260-7313
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Press Release

Thursday, April 4, 2019 - 10:49am
Empire State Development (ESD) today announced the completion of Metcar’s new 15,000 square foot aerospace materials manufacturing facility in Fallsburg, Sullivan County. The company, which already employs 117 people in a 80,000 square foot facility in Ossining, Westchester County, manufactures carbon graphite materials for a variety of industries, including aerospace, energy and pharma. ESD provided a $650,000 Economic Development Fund (EDF) grant and $310,000 in Excelsior Jobs Program tax credits for the expansion. The new facility will house the company’s Aerospace Materials Division, creating 10 new jobs. Metcar’s full name is Metalized Carbon Corporation. Empire State Development President, CEO and Commissioner Howard Zemsky said, “Companies are choosing to stay and grow throughout New York State, and Metcar’s new facility will create good manufacturing jobs and add to the company’s contribution to economic growth in the Mid-Hudson region.” Metcar will invest $5.7 million to build and outfit the new facility in Glen Wild Industrial Park, its fourth location. The investment includes the purchase and installation of machinery and equipment that will allow the company to run a PILOT plant using an electric induction process. Metcar was founded in 1945 and currently has manufacturing locations in Singapore and Mexico. It provides both custom products and pre-engineered products. Metcar President and CEO Matthew Brennan said, “The ESD has provided Metallized Carbon with valuable incentives specifically targeted to allow the Company to maintain its commitment to grow in New York State. After spending nearly 75 years in the state, Metcar is proud to be able to expand our presence here and provide good manufacturing jobs that help grow the State’s economy.” The Empire State Economic Development Fund (EDF) offers financial assistance for projects that promote New York State’s economic health by facilitating job creation and/or retention, or increased business activity in the state. Funds can be used for construction, expansion or rehabilitation of facilities, acquisition of machinery and equipment and other purposes. The Excelsior Jobs Program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Senator Jen Metzger said, “I am very pleased to see Metcar making a significant investment in their new Fallsburg manufacturing facility. It’s important that recipients of Economic Development Fund grants demonstrate a strong and lasting commitment to New York and to the surrounding community, as Metcar has done.” Assembly Member Aileen Gunther said, “I am very excited about this announcement pertaining to new jobs in Fallsburg. Thank you Governor Cuomo, Empire State Development and Metcar Aerospace Materials for working together to create this new facility and providing jobs right here in Sullivan County and choosing here as your new home.” “Metcar represents exactly the kind of company we welcome in Sullivan County: an innovative, high-tech, living-wage employer with sights set on growth and quality. We are proud and grateful they chose our County in which to set up shop,” said Sullivan County Legislature Chairman Luis Alvarez. “This important project could not have happened without the incredible assistance and collaboration of Empire State Development, whose business-friendly approach made all the difference.” Town of Fallsburg Supervisor Steven Vegliante said, “We are thrilled to learn of the completion of this project.  This project produced a real impact in our community and we look forward to their growth in years to come!  Supporting the creation of these skilled employment positions improves our community and we extend our gratitude to Metcar for their commitment to the Town of Fallsburg and to the Empire State Development Corp for helping to bring it to fruition." About Empire State Development Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). 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, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.   Contact: Adam Kilduff | adam.kilduff@esd.ny.gov | (212) 803-3744 ESD Press Office | pressoffice@esd.ny.gov | (800) 260-7313
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Press Release

Tuesday, April 2, 2019 - 1:42pm
The Finger Lakes Regional Economic Development Council (FLREDC) today announced that the $500 Million awarded to the region by Governor Andrew M. Cuomo in December of 2015 through the Upstate Revitalization Initiative (URI) competition is nearly fully committed. Implementation of the “United for Success: Finger Lakes Forward” (FLXFWD) plan is two years ahead of schedule. To date, exactly 100 projects have received commitments of $498 million in state funding. These projects will leverage over $1.77 billion in additional private, local and federal investment and will create approximately 4,000 new jobs; over 6,200 jobs have been retained in our region through the successful initiative. “These commitments are an important milestone in our efforts to invest in job creation and the economic turnaround of the Finger Lakes region,” said Lieutenant Governor Kathy Hochul, Chair of the statewide Regional Economic Development Councils. “Thanks to an unprecedented focus on growing the upstate economy, we have seen record investments in Rochester and the Finger Lakes, with thousands of jobs created and retained as a result of the Upstate Revitalization Initiative. The REDC process continues to transform New York and build a brighter future in every region of our state.” The investments in these Finger Lakes Forward supported projects represent a new foundation on which the regional economy will be built. Each industry pillar identified in the winning plan has received funding including investments in the optics, photonics and imaging industry, agriculture and food production and next generation manufacturing and technology. The URI has also supported regional entrepreneurship and development, higher education and research as well as a renewed focus on creating a pathway to prosperity for all. More information on the supported projects can be viewed on a new website: http://fl.he2.us/. The largest amount of URI funding was dedicated to the Optics, Photonics and Imaging (OPI) industry cluster, which already boasts more than 100 companies and 17,000 employees in our region and is building on our legacy as a global imaging leader. FLREDC Co-Chairs, Monroe Community College President Anne Kress and Greater Rochester Chamber of Commerce President & CEO Bob Duffy said, “The collaboratively designed Finger Lakes Forward plan represents our shared vision for the nine-county region. Thanks to Governor Cuomo’s $500 million in Upstate Revitalization Initiative funding, we have been able to target our concrete, focused ideas that were developed to support the plan and are now laying the foundation for sustainable economic development throughout the region for many years to come.” Governor Cuomo created the URI competition to strategically focus on the economic development of Upstate NY, as part of long-term, regionally-based plans for economic growth through the state’s 10 Regional Economic Development Councils (REDCs). The REDCs have changed the way NYS invests state resources, through a community-based, bottom-up approach designed to meet each region’s needs, involving private-public partnerships of local experts and stakeholders. In December of 2018, the Governor again recognized the Finger Lakes region as a Top Performer Awardee in Round VIII of the REDC initiative. As part of the recently passed New York State budget, funding is being provided for Round IX of the competition. Since the initiative's inception in 2011, the Finger Lakes Economic Development Council has delivered $656.6 million for 856 transformative projects for the region. The budget also included funding for Round IV of the Governor’s Downtown Revitalization Initiative (DRI) which is transforming downtown neighborhoods into vibrant communities where New Yorkers want to live, work and raise families. Later this spring, the regional Empire State Development (ESD) office will hold a series of Consolidated Funding Application (CFA) workshops which will help interested applicants learn more about New York State economic and community development funding that is available, and the most effective ways to secure funding for future projects.   The FLREDC today received a briefing on Governor Cuomo’s recently enacted New York State budget from Senior Advisor to Governor Cuomo John Maggiore who also discussed the Upstate Revitalization Initiative’s success. “Once again, under Governor Cuomo’s tenure, we have an on-time state budget. “Among many other forward-thinking initiatives, this spending plan makes permanent a 2 percent property tax cap, keeps spending at 2 percent, and will continue a middle-class tax cut, said Maggiore. “This budget also supports the momentum already underway thanks to the Finger Lakes Forward plan which is reshaping the region thanks to focused investments in the photonics industry, agriculture and food endeavors and in next generation technologies. The plan is setting a foundation that will ensure that the region keeps moving forward.” Matt Bosch of Boston Consulting Group (BCG) today also delivered a presentation regarding a recent review the firm conducted on the Finger Lakes regional economy, which was commissioned by regional partners, including the Greater Rochester Chamber of Commerce, Greater Rochester Enterprise, and the Rochester Downtown Development Corporation. The study recommends new prioritization of the business-led economic development activities in the region, as well as two r items approved today by the FLREDC: Setting and reporting on specific targets for the region’s primary goals to grow jobs, increase regional wealth, reduce poverty and drive private investment. A modified strategic framework that refines the foundational and enabling components of the region’s plan and adds two new industry pillars; healthcare and life sciences and a concentrated focus on software and IT. For more information about the FLREDC visit http://regionalcouncils.ny.gov/finger-lakes. 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 $6.1 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. ​ About the Regional Economic Development Councils The Regional Economic Development Council (REDC) initiative is a key component of Governor Cuomo’s approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. After eight rounds of the REDC process, more than $6.1 billion has been awarded to more than 7,300 job creation and community development projects consistent with each region’s strategic plans, projecting to create and retain more than 230,000 jobs. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.   Contact: Shari Voorhees-Vincent | Shari.Voorhees-Vincent@esd.ny.gov | (585) 399-7055 Press Office | pressoffice@esd.ny.gov | (800) 260-7313
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Success Story

Monday, April 1, 2019 - 2:24pm
In 2007, Austin McChord decided to take some time off from earning his degree at Rochester Institute of Technology and return to his parents’ basement in Connecticut where he built Datto, a business continuity, disaster recovery, and business management software company. By 2015, McChord had landed on the Forbes 30 Under 30 list. As of 2019, Datto – which merged with Autotask after being acquired by Vista Equity Partners in 2017 – has 22 locations and more than 1,500 employees worldwide, including nearly 300 workers at its Rochester office which expanded in 2018. With that kind of growth, the company has transformed from a startup firm into a globally renowned company that’s at the forefront of an important industry, named as one of the “20 Coolest Cloud Storage Vendors” in CRN’s 2019 list of 100 Coolest Cloud Computing Companies. The secret to Datto’s success lies in the company’s primary offerings; the best in enterprise-level technology for small and midsize businesses provided through a unique community of managed service providers, or MSPs. MSPs enable small and midsize businesses to focus on their core business operations while the MSP takes care of their IT estate, securing critical systems and data. In a world where a well-run computer network translates into both dollars and customer loyalty, Datto has found a way to inspire that crucial and elusive aspect of business for its clients — trust. After nearly 11 years of running his startup-turned-global-technology-company, McChord stepped aside from a day-to-day management role and in early 2019, Tim Weller, a seasoned veteran in the technology space and who previously held the role of President & COO of Datto was named Datto’s new CEO. McChord remains active with the company, both as a board member and through work on other company projects.  Tech and talent in Rochester Back when Datto decided to open a new location to house Datto’s customer support team, he thought of Rochester, a place he’d been fond of since his college years. Then he heard about a new program launched by New York State to help businesses grow – START-UP NY – and decided to apply. Datto became START-UP NY’s first participant in the Finger Lakes region and the company soon realized that the new Rochester office could be even bigger than initially planned. “The partnership between the university and the State has been incredible in allowing us to build out a really strong presence,” McChord said about Datto’s partnership with RIT and New York State, and its influence on his new site. The Rochester office now serves as a base for both customer support and engineering, in addition to other aspects of the business. A champion of a great quality of life for Datto’s employees from the beginning, McChord underlines that one of the largest benefits of Datto’s START-UP NY affiliation is felt directly by Datto’s workforce: the program provides state income tax breaks for employees, which provides real help so that “employees win.” Many recent graduates are now looking to stay in Upstate New York. McChord had found that, given the current competition for software engineers in major markets in the U.S. and across the globe, “being in Rochester is a huge advantage, versus if we need to get an engineer in Silicon Valley, it’s nearly impossible.” In 2017, McChord, a 2009 graduate of RIT, donated $50 million to his alma mater, the largest donation in the school’s history, to fund creative entrepreneurship initiatives and to support scholarships and research in cybersecurity and artificial intelligence. Finding history and diversity in Rochester “Rochester is a fantastic location for us in finding talented employees. With numerous universities nearby training the future workforce, it’s a great city for us to be in,” Weller explains. In 2014, the office opened in the historic Rochester Savings Bank at 40 Franklin Street and has 12,000 square feet in the midst of the robust downtown business core. The region is also home to amenities outside of tech including famed sites such as the Susan B. Anthony House, George Eastman Museum and Memorial Art Gallery. When the company realized the demand for more employees called for more space, they moved the growing Rochester staff to the city’s Metropolitan Building in 2018. The new space can accommodate nearly 400 employees and was made possible through funding from the Finger Lakes Forward Upstate Revitalization Initiative. As a part of its company culture, Datto makes a point of fostering a diverse workforce geared toward women and minorities — traditionally underrepresented in tech — through events around women in innovation, as well as the RIT Women in Computing group. It posts all its jobs publicly on diversityjobs.com, and is involved with industry hackathons and meet-ups. Part of Datto’s mission to be a great employer is also manifest in its volunteer partnerships, and programs geared toward employee well-being. The Datto Cares volunteer committee in Rochester is involved with the region’s Breast Cancer Coalition, the Special Olympics of New York, IACKids, and the Edison Tech P-Tech program. Employees receive perks like free Friday lunches, unlimited snacks and drinks, excellent paid time off, parental leave and education reimbursement benefits. At its core, the relatively young Datto is continuing to focus on providing an excellent product while simultaneously expanding across the globe. As that presence grows, Datto’s customer services and support teams are providing great products alongside an excellent work environment. Building for the future​ Over the past decade, Datto has expanded its top-notch data protection, business management and file backup and sync solutions for smaller businesses, as well as cloud storage. “Datto provides managed service providers the technology they need to help their small and medium-sized business clients with their IT infrastructure,” Weller explained. Datto’s offerings translate directly into help in good times and bad if a company’s network experiences anything from “an entire site loss,” to a disaster on the scale of 2018’s Hurricanes Florence and Michael, during which Datto enabled clients to continue to function relatively seamlessly throughout the storm and provided evacuation shelters with networking appliances to stay in touch with family and friends while networks were down. “Datto’s presence in Rochester has been a great opportunity for us,” said Weller. “The city offers great diversity, a highly talented pool of job candidates, and a lively culture for our employees.” For more information on the tech and electronics industry in New York State, contact Mark Reynolds at Tech@esd.ny.gov or (315) 793-2651.
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Success Story

Friday, March 29, 2019 - 4:10pm
How does a biotechnology firm become a global leader, with multiple medications on the market and a solid reputation for innovative solutions that help it break through bottlenecks in drug development? By doing great science. By innovating the process, including creating its own way of genetic engineering, and relentlessly pursuing a philosophy of “doing well by doing good.” Regeneron, founded more than 30 years ago in New York State by Leonard S. Schleifer, M.D., Ph.D., and George D. Yancopoulos, M.D., Ph.D., is unlike most other biopharmaceutical firms. It’s known for a “think tank” approach that brings researchers together in marathon brainstorms that often lead to new techniques or medical treatments. In 2018, Regeneron announced an expansion at its Rensselaer County campus, investing approximately $800 million over the next seven years and creating 1,500 new full-time jobs. The project is supported by Governor Andrew M. Cuomo’s Life Science Initiative and will increase lab space, warehouse facilities and manufacturing capacity. The company also is part of a groundbreaking public-private research collaboration with the New York State Department of Health’s Wadsworth Center Public Health Laboratory to advance and improve the diagnosis and treatment of tick-borne diseases, starting with Lyme disease. The company has developed medicines to treat conditions from eye diseases to cancer, with best-selling drugs including EYLEA® (aflibercept) Injection, the leading FDA-approved treatment for various blindness-causing eye diseases, and Dupixent® (dupilumab), a treatment for moderate-to-severe atopic dermatitis (commonly referred to as eczema) and asthma.   Patients told their stories of illness and treatment at an event Governor Cuomo attended in 2015, while visiting the company’s then newly-expanded facilities in Tarrytown. The patients discussed their battles with illness and thanked the thousands of employees in attendance for their tireless dedication to science. Schleifer says that’s what Regeneron has always been about: “Our success depends entirely on the efforts of our employees,” he says. “We have always tried to make sure that our employees know that our mission is to use science to improve the lives of patients and to provide a work environment that is conducive to achieving that goal.” Building a company while changing the industry It’s a long way from the company’s initial development. Schleifer was a 35-year-old neurologist and assistant professor at Cornell University when he saw the promise of the emerging biotech industry. He wanted to use science to regenerate nerve cells so that he could treat illnesses like Lou Gehrig’s disease. He had an informal – and highly successful – meeting with a potential investor, and Regeneron was formed. The most important early catalyst for the company was Schleifer partnering with Dr. George Yancopoulos, a biomedical researcher at Columbia whom Schleifer credits as the man behind the company’s scientific and technological breakthroughs. Together, they set out to change the way that drugs were developed and are still leading Regeneron more than 30 years later – making them the longest serving leadership team in the biopharma industry. Regeneron’s first major milestone came in 2008 when its drug, Arcalyst® (rilonacept), was approved for a very rare inflammatory disease. Then, in 2011, EYLEA was granted regulatory approval for wet age-related macular degeneration and the company began growing dramatically. In the past few years, Regeneron has continued to see success through approvals of medicines for a range of other serious diseases, including allergic and inflammatory diseases and cancer. Today, Regeneron reports revenues of $6.7 billion and employs more than 7,400 people worldwide, with the vast majority located in New York State at its two locations – the corporate headquarters in Tarrytown and manufacturing facility in East Greenbush.   A business environment that helped spur success Starting any business is a challenge. Starting one based on a field of science that is constantly evolving is beyond challenging. Schleifer knew that getting the capital and resources Regeneron needed to succeed would be difficult. However, as a born and bred New Yorker from Queens, he also knew that the state afforded access to everything the company would need. “New York State had exactly what we needed as a new company – access to major research institutions, top talent, a quality of life second to none, great schools, international airports, major roadways – you name it,” says Schleifer. “New York City is the greatest city in the world, and we knew proximity to it would help us as we continued to expand and grow over the years.” He credits the state with contributing to that success by helping the company navigate everything from local zoning and state approval processes to infrastructure improvements. “The state has been a great partner, and that has helped us get to where we are today,” says Schleifer. Regeneron has also taken advantage of New York’s high-quality academic institutions, partnering with Rensselaer Polytechnic Institute, the University at Albany, Columbia University (Yancopoulos’ alma mater) and Cornell University (Schleifer’s alma mater), among others, on research partnerships, internships, and recruiting. Regeneron also emphasizes support for the next generation of scientists, becoming just the third sponsor of the national Regeneron Science Talent Search in 2017 (following iconic technology companies Westinghouse and Intel). The prestigious math and science competition for high school seniors, founded in 1945, awards $3.1 million annually to scholars and schools—judging original research in critical fields of study—to build interest and engagement in science.   Adding to the company’s success is its location in the picturesque Mid-Hudson region as well as the Capital region. “The amenities are here,” says Schleifer. “The walkable communities and the quality of life, from the public schools to the higher educational institutions, the parks, the culture … the history and beauty of these regions are all right here.” The company also prioritizes giving back to its local communities. In 2018, for Regeneron's second annual Day for Doing Good, thousands of Regeneron colleagues around the world, including those in Westchester County and the Capital region, contributed approximately 14,000 volunteer hours in service to more than 100 non-profit organizations. All of which contributes to Regeneron being consistently listed in the 100 Best Companies to Work For by FORTUNE, and being ranked as the #1 employer in the global biopharmaceutical industry in Science magazine’s Top Employers Survey. Schleifer often recounts how former Governor Mario Cuomo was an early believer in the company and an important part of its successful start. “We received our first incentives under the Mario Cuomo administration and continue to have a great relationship today. Empire State Development is a tremendous resource; they really are strategic problem solvers who want to see businesses grow and succeed,” Schleifer says. Schleifer served from 2011 to 2016 on the Mid-Hudson Regional Economic Development Council, helping businesses in the region grow and develop, and says the experience proves to him that the state is committed to creating an appealing business environment. “I can say that New York State understands that innovation is critical,” he says. “Each year we (the Council) prioritized projects throughout the state that focus on the future of innovation. Whether its technology, cyber security, scientific advances or any number of other crucial industries we have here – New York State understands the need for support and advancement of science and technology that can improve our world.” For more information on the biotech and life sciences industry in New York State, contact Loretta Beine at Biotech@esd.ny.gov or (631) 435-0717.
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Blog Post

Friday, March 29, 2019 - 12:48pm
What do a Western New York-based traffic safety business, an Albany IT staffing and recruiting firm and a New York City catering and food service company have in common? They’re among the thousands of businesses owned and run by women across New York. Over the past eight years New York State has focused on supporting businesses like these through a network of economic development programs that help small business grow by giving them access to financing, training and mentorship, and through certification that increases opportunities to participate in state contracts. Overall, New York has built a strong network where women-owned businesses can launch, grow, and thrive. This work is happening every day in New York State, where women-owned businesses are as varied as the opportunities their owners create; reflecting New York’s rich diversity of ideas and innovation. Nicole Beringer founded Tonawanda-based US Traffic Control Inc. in 2012 and grew the business with help from one of the state’s Entrepreneurship Assistance Centers (EAC) which offer training and support throughout New York State. The IBERO Center in Buffalo gave Beringer the guidance she needed to launch her business which manufactures and rents out signs and safety equipment for Western New York construction projects. The company’s client list has been wide-ranging, from Fortune 500 companies to local utilities, and Beringer has said Traffic Control’s designation as a New York State Certified Woman-Owned Business Enterprise (MWBE) helped lead “…the charge in our success.”
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Success Story

Thursday, March 28, 2019 - 2:07pm
Fighting cancer is one of the most frustrating challenges of modern science. Cancer cells offer untold varieties of genetic mutations. No one treatment works for all, and even effective regimens may fall short once the cancer evolves. It’s a deadly cat-and-mouse game that kills more than 600,000 people a year in the U.S. alone, according to the National Cancer Institute. Consider the 66-year-old great-grandmother whose uterine cancer responded to hormone treatment. A few years later, it spread to her lungs. But this new iteration was different. Doctors examining her tumor in the lab determined that even the latest targeted therapies, geared to specific genetic profiles, offered nothing that might work against the recurrence. The earlier hormone treatment regimen, which had been so effective, proved useless. Luckily, a new cancer diagnostic laboratory spun out of the vibrant Roswell Park Comprehensive Cancer Center in upstate New York offered hope. OmniSeq (pronounced omni-seek), which was founded in 2015, and has received significant funding from the Center, applied its innovative profiling methods to cancer tumor samples sent to its labs in Buffalo. The company’s Immune Report Card revealed that the personal specifics of her immune system indicated that pembrolizumab, a newly approved drug, could help her body’s immune system kill off the mutant cells. The advice from OmniSeq proved correct. The pembrolizumab treatment destroyed the cancer.
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Press Release

Thursday, March 28, 2019 - 12:00pm
Governor Andrew M. Cuomo today announced the official expansion and grand opening of the Woodcock Brothers Brewing Company in North Tonawanda's historic Wurlitzer Building, a former organ factory at the gateway to Niagara Falls that is being transformed into a popular tourist destination. The new 5,500 square feet brewery includes a restaurant, bar, brew floor, outdoor patio, and seating for 238 patrons. The project will result in the creation of 35 full-time equivalent jobs over two years. "New York's booming craft brewery industry is an exciting part of our economy, and the addition of Woodcock Brothers' investment will further spur job growth in North Tonawanda," Governor Cuomo said. "The brewery will also add to the Wurlitzer Building's growing appeal as a culinary tourism destination, drawing visitors from Niagara Falls and beyond." "The opening of Woodcock Brothers Brewing Company in North Tonawanda is a significant investment as part of our continued efforts to grow the craft beverage industry in New York State," said Lieutenant Governor Kathy Hochul. "This new business and tourist destination is also reclaiming a celebrated part of Niagara County's past by opening in the historic Wurlitzer Building. This is yet another addition to the craft brewery landscape that is creating more jobs and economic opportunities in Western New York." New York is home to a record-number 426 breweries, including 41 in Western New York, that are creating jobs and driving tourism across the state. Read the full press release here. 
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Press Release

Thursday, March 28, 2019 - 10:27am
Empire State Development (ESD) today announced that Smart Phases Inc. (DBA Novacab), a hybrid energy storage systems manufacturer headquartered near Montreal, Quebec, is expanding into Plattsburgh and plans to create 32 new jobs. The company's plans to establish operations at the Plattsburgh International Airport campus further the transformation of the airport into a modern transportation and economic development hub, and support the region's growing transportation cluster. ESD President, CEO and Commissioner Howard Zemsky said, "Novacab's expansion reflects the state's strategic investments at Plattsburgh International Airport and builds on our economic development efforts to attract new jobs and new businesses to the North Country." Novacab plans to invest $1.5 million to establish, equip and outfit a 30,000 square-foot manufacturing facility to produce hybrid thermal and electric energy storage units at the Plattsburgh International Airport. Once operational, the company plans to create at least 32 new full-time jobs. To support and encourage this project, ESD has agreed to provide up to $225,000 in performance-based Excelsior Jobs Program tax credits. Additionally, the New York Power Authority (NYPA) will provide 76 kilowatts of low-cost ReCharge NY power, and the New York State Energy Research and Development Authority (NYSERDA) recently awarded Novacab a competitively selected contract to develop and demonstrate new energy storage technology that could be used with electric buses. Novacab Founder and Chairman Stephane Bilodeau, Eng., Ph.D., FEC said, "This is an important milestone in the deployment of our innovative technologies in New York State and abroad. This achievement is the result of a huge endeavor done by our team with the help of many collaborators. Our gratitude and thanks to the Empire State Development team for participating together with NYSERDA and NYPA. Their help was key in the decision to go forward, and Novacab will now have a footprint in Plattsburgh, with the support of the North Country Chamber of Commerce, Clinton County, and the Plattsburgh International Airport." NYPA President and CEO Gil C. Quiniones said, "The establishment of a new Novacab operation in Plattsburgh that is set to create 32 jobs is big news for the region. ReCharge NY is helping to make big impacts like this all across the state, with hundreds of thousands of jobs tied to the Governor’s low-cost power program." NYSERDA President and CEO Alicia Barton said, "Advancing the adoption of new clean energy technologies, including energy storage, is critical to building the electric grid of the future and achieving Governor Cuomo’s nation-leading climate and clean energy goals. We congratulate Novacab on their new facility and welcome them to New York’s thriving clean energy ecosystem which already boasts more than 151,000 jobs and is outpacing statewide average employment growth." Novacab was founded in 2007 in Quebec and produces thermal energy storage units primarily used in buildings and transportation, based on advanced research and development started in 1996. In 2017, the company began to extend the deployment of the technologies to hybrid energy storage systems, which generate electricity from heat and store it for future use. In buildings, Novacab's technology stores energy during off-peak hours when conditions are most-favorable, and discharges that energy during peak usage times to lessen the burden on the existing power grid. In transportation, Novacab's units allow commercial vehicles like long-haul trucks and tractor trailers to maintain electrical power for heating and cooling without the need to run the engine or a generator, reducing fuel consumption and carbon dioxide emissions. The International Energy Association (IEA) estimates that to keep global warming below 2 degrees Celsius, the world needs 266 gigawatts of energy storage by 2030, up from 176.5 GW in 2017. Under current trends, Bloomberg New Energy Finance predicts the global energy storage market will hit that target and grow quickly to a cumulative 942 GW by 2040, representing $620 billion in investment over the next two decades, and the Smart Phases project is within this target. North Country Chamber of Commerce President Garry Douglas said, "In our role as the marketing entity for Plattsburgh International Airport, we have been working with Novacab for two years now, encouraging their plans for a U.S. operation and demonstrating the advantages of Plattsburgh. The Governor's commitment of $38 million for a number of facility projects at the airport last year came at the right time as it allowed for work to be carried out on Building 2774 to bring it to leasable condition. Novacab represents another Quebec-based manufacturer using the North Country to grow in the U.S. market. It represents another advance in the continuing development of Plattsburgh International as an active, job creating industrial site. It represents the attraction of a green energy technology company to New York, and it represents our area's continued productive partnership with Governor Cuomo in building our international manufacturing base. Our thanks to Novacab for their confidence. Onward and upward!" Senator Betty Little said, "This is great news and another great example of New York State government and the Plattsburgh region’s continuing success in forging public-private partnerships that attract investment and create new job opportunities for our area. The thermal storage technology will reduce pressure on the grid, help the environment and save money, making this announcement all the more exciting." Assemblyman Billy Jones said, "Novacab’s decision to locate their new facility in Plattsburgh, once again demonstrates the strength of our region’s economy through cross-border trade coupled with skilled good-paying jobs. The North Country is dedicated to creating stable jobs in manufacturing, trade, and energy production, which will not only create opportunities for future generations to remain in the region, but will create a strong economy for the many hardworking families that call the North Country home." Harry McManus, Clinton County Legislature Chair, said, "Our ability to lease this building would not have been possible without the grant and renovations at Building 2774. This is something that we’ve been planning for a long time, and the revenue from the lease will help defray some of the airport costs. We’re very pleased to welcome Novacab, which will strengthen our manufacturing sector and economic development efforts in Clinton County." Plattsburgh Town Supervisor Michael Cashman said, "We continue to experience the benefits of the historic investment made by Governor Cuomo and New York State in the Plattsburgh International Airport campus. This new agreement between the Clinton County Legislature and Novacab is exciting as it brings another international business presence to our town and Greater Plattsburgh region. The addition of the new jobs is welcome, and we look forward to seeing them growing their presence." About Empire State Development Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). 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 NY," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov 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
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