August 19 2022

Week in Review: August 15 – August 19, 2022

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:


St. Peter’s Health Partners News: CapNY: Healthcare Professionals Taking the Lead

Daily Gazette: Albany residents offered training for offshore wind jobs

Daily Gazette: Chamber launches initiative to boost diversity, equity in Capital Region business community



Albany Inno – He was behind Citi Bike in NYC. Now this Albany startup co-founder has another big idea

“The bicycle share company that Jeff Olson co-founded grew to 500 employees and amassed 30 million bike rides while he was working on it in the early 2010s.

That company, Oregon-based Alta Bicycle Share – which was behind the Citi Bike program in New York City – was acquired by a subsidiary of Lyft in 2014.”

Capital Region Chamber launches initiative for BIPOC-owned business growth, DEI implementation

“The Capital Region Chamber of Commerce is offering free business growth services to Black-, Indigenous- and people of color-owned enterprises as well as support for the implementation of diversity, equity and inclusion practices in the business community.

The $1.5 million initiative, called Accelerating Inclusive Economic Opportunity, is supported by Business For Good, the KeyBank Foundation and CDPHP. It’s slated to offer four years of services.”

Albany-area companies on Inc. 5000 list for 2022

“Eight companies from the Capital Region were included on the 2022 Inc. 5000 list of the fastest-growing privately held companies in the U.S.

Half the local companies are first-timers on the list, while three of the eight were among the top 1,000 companies in the country.”

IBM Research Albany Nanotech Center Is A Model To Emulate For CHIPS Act

“With the passage of the CHIPS+ Act by Congress and its imminent signing by the President of the United States, a lot of attention has been paid to the construction of new semiconductor manufacturing megasites by Intel, TSMC, and Samsung. But beyond the manufacturing side of the semiconductor business, there is a significant need to invest in related areas such as research, talent training, small and medium business development, and academic cooperation. I recently had the opportunity to tour a prime example of such a facility that integrates all these other aspects of chip manufacturing into a tight industry, government, and academic partnership. That partnership has been going on for over 20 years in Albany, New York where IBM Research has a nanotechnology center that is located within Albany NanoTech Complex, adjacent to the State University of New York (SUNY) at Albany campus. With significant investment by New York State through the NY CREATES development agency, IBM in close partnership with several universities and industry partners is developing state-of-the-art semiconductor process technologies in working labs for the next generation of computer chips.”

Downtown Albany businesses get bus passes for employees through deal with CDTA

“With rising gas prices and labor shortages squeezing small businesses and their employees, the Downtown Albany Business Improvement District and CDTA are partnering to offer a potential solution to transportation costs and thus employee retention.

The BID and CDTA are offering universal access passes to the more than 175 eligible small businesses in the business improvement district, meaning employees can sign up to receive a free bus pass for unlimited ridership of CDTA transit.”

GE Research’s work on decarbonizing air travel cited as aiding climate goals

“The new wave of federal climate- and energy-related funding is expected to benefit some of the work being done at GE Research on cleaner next-generation technology.

Technology leaders at the Niskayuna headquarters of GE Research provided an update Wednesday on their work on the potential future of aviation during a tour by two members of Congress who helped push through the Inflation Reduction Act, with its hundreds of billions of dollars to fight climate change.”


Funding Partners