April 23 2021

Week in Review: April 19 – April 23, 2021

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:


Business Symposium Optimistic About Capital Region’s Wind Energy Industry


Trophecase founder Hunter Moffat takes advantage of pandemic-induced investment delays

“Hunter Moffat had a call scheduled in mid-March 2020 with an investor interested in his athlete-focused social media startup, Trophecase. They had been in discussions for a while and this was the call during which Moffat was expecting to hear whether or not he would get a financial commitment.

The call didn’t go as he had wanted.”

Trojan Duck, Pine Drake Games, Queenship Game Studio among Troy video gaming startups working on games

“The Capital Region is home to several video game studios that have grown from humble beginnings into some of the most famous names in the industry.

Just like all of them had at one point, there are multiple studio startups that have been quietly working away during the pandemic.”

Albany College of Pharmacy and Health Sciences raises $3.25M, renames Center for Biopharmaceutical Education and Training

“Three people have donated a total of $3.25 million to The Albany College of Pharmacy and Health Sciences, which nearly puts an end to the institution’s $11 million capital campaign.

David and Christine Stack donated $1.5 million to the college’s newly opened education and training center, for whom it’s being named the The Stack Family Center for Biopharmaceutical Education and Training. David Stack is an ACPHS alumnus, chair of the capital campaign committee and chairman and CEO of New Jersey-based Pacira Pharmaceuticals.”

NLG Management’s Todd Kletter takes lead at Viva Oats

“Through its new business services group, NLG Wealth Management has taken over a food startup and is adding a variety of equity partners from the Capital Region.

Headed by Todd Kletter, the group is investing in multiple companies throughout the Capital Region for reasons such as helping them grow or helping them find buyers. One of those companies is Viva Oats, which next month will begin selling several flavors of soft-baked oat squares.”

ptSource takes over front-office operations for OrthoNY

“When Craig Skevington founded ptSource more than 20 years ago, it was with the intention of enabling medical offices to fully outsource their front-office operations. 

But there’s only been demand for after-hours answering — until now.”

Latham Group, Protective Industrial Products and Plug Power in suburban Albany all chasing $1 billion in annual sales

“A glove maker, a swimming pool maker and a fuel cell maker, all located in the flight path of Albany International Airport, are closing in on the same milestone — $1 billion in annual sales.

Plug Power, the youngest of the three companies, expects to surpass the $1 billion mark within three years. The 24-year-old manufacturer plans to get there by building a network of hydrogen generation plants, and rolling out new applications for its fuel cells, enabling them to power everything from forklifts and trucks to data centers and commuter planes.”

Startup Spotlight: Their real estate app is ready for the next step

“Nick Campana and Jake Szwarcberg have known for a while they wanted to be entrepreneurs. They attended high school together in Clifton Park and have explored several ventures together over the years.

When they had a business together creating videos for real estate agents, they learned of difficulties the industry faces, and the idea for their current startup was born.

Organic oat bar maker comes to Troy, will add jobs

“A New Jersey organic oat bar maker has relocated to the Collar City, leading to an expected 10 new jobs.

Viva Energy bar is also bringing on new investment partners and will rename their bars Viva Oats Squares & Chunks.”

Neural Stem Cell Institute and Yuyang DNU form Luxa Biotechnology

“With backing from a South Korean tech company, the Neural Stem Cell Institute in East Greenbush is working toward commercializing a potential treatment for the first time.

Through a 50-50 joint venture by NSCI and Seoul-based Yuyang DNU called Luxa Biotechnology, clinical trials are planned to begin late this summer at the University of Michigan for an early-stage treatment of macular degeneration, an eye condition that can lead to blindness.”

Tech talent shortage: Milwaukee, Albany and Boulder joining Texas markets as rising hotspots

“Demand for tech talent is ramping up around the nation, and it’s not just the usual suspects that are seeing a surge of job postings.

Rising competition for tech talent is a trend with high stakes that transcend the tech industry itself, as small businesses around the nation could find themselves battling to retain employees with coveted tech skills. Experts say the rise of work-from-home arrangements could throw another wrench into the mix, as well.”

Kitware, Innovative Test Solutions and [s]Cube are implementing workforce development programs

“The Capital Region has more tech jobs available than there are people and it could get worse in the tight labor market that’s expected to develop in the coming months.

Data from CompTIA, an information technology trade association, showed that tech job posting in Albany grew 49% from late 2020 to early 2021, one of the best growth rates in the country.”

Hudson ranked 1st as migration from NYC climbs

“Hudson and the surrounding region have seen huge growth in real estate as people have been

migrating from New York City to Columbia County.

A recent New York Times article stated Hudson was the No. 1 metro area in terms of the biggest change in net migration. The area was measured in terms of the 12534 zip code.”

Vicarious Visions and Velan Studios both win D.I.C.E. awards

“Two video games developed by studios in the Capital Region and released last year have won prestigious national industry awards.

Velan Studios and Vicarious Visions each won D.I.C.E. Awards for the first time at the virtual ceremony this week organized by the Academy of Interactive Arts & Sciences.”


Funding Partners