July 17 2017

CEG Economic Development Week in Review – July 10- July 14, 2017


Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:



EXCLUSIVE: Bala brothers new video game studio raises $7 million

“Velan Studios, the downtown Troy, New York, video game studio that was started by brothers Guha and Karthik Bala in 2016, has raised $7 million in venture capital.

The series A investment was led by Velan Ventures, and additional undisclosed investors. Velan Ventures is the investment firm formed by the Balas after leaving Vicarious Visions in April 2016.”

New name for the Glens Falls Civic Center might surprise you

“Since its opening in 1979, the downtown arena has been called Glens Falls Civic Center, but that all changed Wednesday.

Officials of the Adirondack Civic Center Coalition, which operates the arena and owns the ECHL Adirondack Thunder, announced that they have sold the naming rights to Cool Insuring Agency of Queensbury.”

Schenectady train station demolition begins, will be replaced by $23 million project

“The plan to replace the Schenectady, New York, train station with a $23 million new one is moving forward.

Gov. Andrew Cuomo announced this week that the demolition of the nearly 50-year-old station has begun.

The project, which has faced several setbacks, is partially funded by $17 million from the state for construction costs and $2 million for engineering services and other costs.”

Tech company plans to open Schenectady incubator

“Educational Vistas Inc. in Schenectady, New York, is planning to open a technology business incubator as part of its growth strategy for 2018.

The software company on State Street aims to open the incubator at 850 State St. next year.

Argyle Brewing Co. expands in big ways

“It was a busy spring for Argyle Brewing Co.

The Greenwich-based brewery sold off its original brewing equipment, expanded to a 15-barrel-capacity, locally built system and opened a new taproom in the former Cambridge train station.”

Bala brothers say region needs 3 things to grow video game industry to 3,000 workers

“Karthik and Guha Bala, the founders of the video game studios Vicarious Visions and now Velan Studios, have a vision to turn the Albany, New York, area into a regional video game hub.

Guha Bala said there’s potential to grow the area’s video gaming industry, which employs about 300 people, by 10 times over the next 10 years. It would give the region a piece of the $100 billion gaming industry.”

These 6 Albany-area downtowns are in the running for $10 million from the state

“Five cities and one village in the Albany, New York, region are vying for $10 million in downtown development funding from the state government, but first they must win support from a group of business and community leaders who are meeting today.

The Capital Region Economic Development Council will gather at 10 a.m. today at the University at Albany in an open session and then go behind closed doors to decide which of the six downtowns should get the top recommendation for the funding.”

Tierra Farm’s new CEO is pushing the company to reach $30 million in sales

“Tierra Farm, is adding new employees and expanding into new markets under a new CEO, Todd Kletter, who was promoted in July.

Tierra Farm is located in Valatie, New York — about 20 miles south of Albany. The company roasts and sells nuts and dried fruits and coffee products to cooperative markets and independently owned grocery stores across the country.”

2nd railroad track opens between Schenectady, Albany

“The second railroad track between Schenectady and Albany has been completed, eliminating what has been a major bottleneck for passenger and freight traffic in upstate New York.

The $91.2 million track covering the 17 miles between the Capital Region’s two largest cities went into service June 26 after three years of construction, according to an announcement from Gov. Andrew Cuomo’s office.”

State brewery law fueled creation of malt houses

“As David Salisbury tells it, Convergence Craft owes its existence to the New York Farm Brewery Bill.

The legislation, effective in 2013, created a special license for small brewers who promise to use New York-grown hops and malting barley in their beer -– at least 20 percent through 2018, then 60 percent by 2019 and 90 percent by 2024.”

Need coders? Albany coding academy wants your business to consider their students

“A software boot camp program meant to train nontraditional students in Albany, New York, is looking for more businesses to get involved.

The program, Albany Can Code, was started last year by Annmarie Lanesey, president of the custom software development firm Greane Tree Technology, and Janet Carmosky, who has spent decades teaching Chinese business culture to Americans and vice versa.”


Funding Partners