May 25 2018

Economic Development Week in Review: May 21 – May 25, 2018

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:


Times Union: Demand, momentum behind software group launch

All over Albany highlights CEG study on What Qualifies as the Capital Region?

Upstate Magazine: CEG pairing with manufacturing association to create apprentice programs

PR News Wire: KeyBank Business Boost & Build Program, Powered by JumpStart, Awards $110K to Center for Economic Growth, Community Loan Fund and Excelsior Growth Fund to Fund Collaboration in New York’s Capital Region


Report: Skywalk project will create jobs

“The $14.6 million Skywalk connecting the Thomas Cole and Olana state historic sites will generate more than $4 million in new revenue and create dozens of new jobs, according to an analysis of the project’s local economic impact.

The Greene County Legislature unveiled the economic impact analysis completed by Elan Planning, Design and Landscape Architecture on Wednesday.”

Orchard reclaimed from overgrowth, apples will become hard cider

“A Scotia couple has resurrected an overgrown orchard and a long-dormant country store along River Road, and now they’re setting out to produce hard cider there.

With late-arriving blossoms finally turning their apple trees white in the past couple of weeks, Louise Dickinson and Jeffrey Klein hope to have the state license that will allow them to ferment cider by the time the apples are ready to harvest this year.”

Troy virtual reality startup acquired by Boston-based public company

“The virtual reality software startup SpaceoutVR has been acquired by ValueSetters Inc., a Boston public company.

Terms of the acquisition were not disclosed.

SpaceoutVR moved to the Quackenbush Building in downtown Troy from New York City in 2015 after Dennis Adamo and V. Owen Bush started the company. It develops apps and software for virtual reality users.”

Shmaltz Brewing Company sells its Clifton Park brewery to Queens beer maker

“Shmaltz Brewing Company has sold the assets of its Saratoga County brewery to Rich Buceta, owner of SingleCut Beersmiths in Astoria, Queens.

The deal included the equipment and the facility at 6 Fairchild Square in Clifton Park. The sale price was not disclosed.”

This software company is looking to solve the accounting problem that brought down Enron

“A new software company is looking to solve a big problem in accounting. The software, Dodaso, is reacting to new rules introduced by the Financial Accounting Standards Board in 2016 that change how companies account for most of their leases.

Dodaso was started by Peter Wan. Wan built a career in the Albany, New York, region working for major corporations and large financing companies that dealt with leasees and leasers.”

$55.9 million Ayco headquarters in Latham would create spinoff jobs, report says

“The $55.9 million Ayco headquarters proposed in Latham, New York, would generate millions in spinoff benefits if the construction project receives tax breaks, according to an economic and fiscal analysis.

The analysis was paid for by the Colonie Industrial Development Agency to estimate the costs and benefits of awarding tax breaks to the developer, The Galesi Group of Rotterdam, and Ayco, a financial advisory firm that serves wealthy clients.”

Region’s newest techies show their stuff in Albany

“Tech titans like Google, Amazon, and Apple presented their latest innovations at the Capitol on Tuesday, along with several local college students and tech professionals.

Many of the RPI students who presented their video game creations in the well of the Legislative Office Building (LOB) were from out of state. But several said they would like to stay in the area to continue developing their products.”

Inside a newly-renovated century-old theater in Glens Falls

“The Park Theater is a new arts venue in Glens Falls.

Elizabeth Miller is the owner of the 250-seat theater at 14 Park St.

She’s also the owner of Miller Mechanical in Glens Falls and Doty Machine Works in Fort Edward and has spent the past several years purchasing water jet machines, lathes and boring equipment to increase revenue at the machine shop and mechanical contracting firms.”

Vital Vio is changing the way we disinfect (and light) our hospitals and our homes (Video)

“Vital Vio is pioneering a new way to kill bacteria, including MRSA, salmonella and e. coli, that grows on surfaces with its lighting technology.

CEO and co-founder Colleen Costello, who graduated from Rensselaer Polytechnic Institute in 2012, came up with the idea of using LED lights to kill bacteria after her grandmother became sick while in the hospital.”

Supervisor determined to attract jobs, investments with sewer expansion

“A plan to install two miles of sewer lines along Moreau’s most-heavily traveled corridor is attracting interest from real estate developers and investors.

A 128-acre site off Route 9 in the Saratoga County town is among several areas investors are anxious to develop once they know the town is ready to move forward with a proposed $16 million sewer expansion, said supervisor Todd Kusnierz.”

County seeks $650K to expand creamery and GTel

“Columbia County officials applied for grant money to help the Hudson Valley Creamery and local telecommunications company GTel expand as a way to create new jobs.

The county board of supervisors Economic Development Committee passed two resolutions at its regular meeting Monday that would allow the Columbia Economic Development Corporation to administer $650,000 in grant money from the state Housing Trust Fund Corporation to help the Livingston-based creamery and GTel, located in Germantown, expand operations within the county.”

RPI student develops innovative gun safe

“The debate over gun control has become so polarizing, it can be difficult for people with opposing views to find common ground.  

“However, one point both parties can agree on always is the safety aspect,” said Timothy Oh, founder and CEO of Vara.”


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