Jun 20, 2014, 5:31am EDT
Mentors on board for Schenectady technology accelerator


Keshia Clukey
Reporter-
Albany Business Review

More than 20 area business leaders have signed on as advisors for the NYBizLab LLC, a technology accelerator in downtown Schenectady, New York.
"Incubating new businesses in this region is critically important to keep growing new companies and bring business to this region," said Bela Musits, dean of the Union Graduate School of Management in Schenectady.
Akin to an incubator, the accelerator will help young companies grow by providing them with access to resources, expertise and low-cost space.
Musits is one of the advisors who signed up, along with Rich Honen, partner at Phillip Lytle LLP in Albany. The roster of advisors also includes Dan Yamin, CEO of Cornerstone Telephone Co. in Troy, a phone, Internet and data storage company.
Other mentors and participating companies have yet to be announced.
"They've put together quite a large group of advisors so there's a wide diversity of skills and backgrounds," said Musits, who also is a partner at the New York City based investment firm, High Peaks Venture Partners.
The accelerator was started by Antonio Civitella, president and CEO of Schenectady-based software developer Transfinder Corp. He declined to disclose the amount invested.
The business accelerator will be located at 251 State St., steps from the intersection with Erie Boulevard. Civitella's goal is to keep graduates in the area and keep those that go through the accelerator in downtown Schenectady.
It was recently approved as a location through Schenectady County Community College as part of Gov. Andrew Cuomo's Start-Up New York program.
That Start-Up New York initiative allows businesses to expand or establish new operations on or near certain college campuses in exchange for 10 years of tax exemptions. About 11,000 square feet of the accelerator is not included in the Start-Up program and will be rented to companies, though other arrangements could be made.
Though there are other accelerators and incubators in the area, Union's Musits said the NYBizLab will add some diversity.
"It's good to have multiple incubators that can meet those various different needs," he said. "I think it's a great thing for the region. We need to keep figuring out ways to help these young companies grow."

what ever happened to the new business school/low cost start up space/with bank on site incubator on lower albany street from a few years back?

More good news to be announced in the coming months for Lower State Street and the Erie Boulevard corridor near GE.  

Quoted from DemocraticVoiceOfReason

More good news to be announced in the coming months for Lower State Street and the Erie Boulevard corridor near GE.  

And more announcement of really really BAD news in the coming months for the homeowners and residents--increased taxes (which also result in increased rents for tenants) to give the money to the rich political cronies of the city/co/plex.   And more people will flee the city,

The city IS fast becoming a ghost town.   But of course, since DV refuses to even put a pinky toe IN the city, avoids entering the city even to go to church (travels around to the church outside of the city), so he doesn't see what the truth is.

Schenectady technology business accelerator takes off



Keshia Clukey
Reporter-Albany Business Review

Transfinder Corp. CEO and President Antonio Civitella has another endeavor besides growing his software developing company -- helping other technology businesses get started.
Civitella has formed NYBizLab LLC, a technology business accelerator company in downtown Schenectady, New York.
After building a new 30,000-square-foot headquarters for Transfinder in Schenectady last fall, Civitella began looking for an opportunity to help startup companies. The timing is right, he said, because of the momentum building around entrepreneurship in the region and because of the potential for incentives through Gov. Andrew Cuomo's Start-Up New York program.
See Also

Schenectady County Community College approved for two Startup-NY sites
"We really want to have a new company come in every 12 months," said NYBizLab President Antonio Civitella. "The model is to be fast, agile, come up with a product and help them market it."
The governor's Start-Up New York initiative allows businesses to expand or establish new operations on or near certain college campuses in exchange for 10 years of tax exemptions.
Transfinder, which develops bus-routing software, started the year with about 77 employees and expects to reach about 90 by the end of 2014. In 2013, the software company added 157 new customers. Revenue increased from $7.9 million in 2012 to $8.6 million last year.
Civitella purchased A building at 251 State St. with plans to start the accelerator through Schenectady County Community College as part of the Start-Up New York program. He declined to disclose the purchase price.
The site, along with the college's Kindl Building at 201 State St., were approved as participating Start-Up New York locations last week.
"I was last to come in on the 400 block (of State Street) and I want to be first in the 200 block," Civitella said.
The ultimate goal is to keep the businesses that graduate from the accelerator in downtown Schenectady.
"We need more companies," Civitella said.
The accelerator also will help keep graduates in the area.
The company has been speaking with downtown Schenectady developers as well, which it can then connect with the businesses coming out of the accelerator, Civitella said.
The NYBizLab is focusing on attracting technology businesses and has 17,000 square feet of the 26,000 square foot building to fill. The remaining space is being leased by First Niagara Bank. The startups could occupy anywhere from 500 to 9,000 square feet each, so the number of companies could vary depending on size.
Approximately 6,000 square feet is designated for Start-Up New York, as not all businesses in the accelerator would have to go through the application process. The space available for those companies wanting to go through Start-Up could change based on need.
Companies have to go through an extensive interview process, and NYBizLab helps them hone their pitch so they're ready for investors.
NYBizLab also has more than a dozen mentors who have signed up to be part of the program, many of whom are executive level CEOs in the area, Civitella said.
The company is not yet ready announce the companies or mentors that it expects to be part of the accelerator.
The mentors will provide guidance and help the startups get off the ground, and many could potentially invest in the companies.
Companies would rent space, though depending on their need, other arrangements could be made such as equity stakes, Civitella said.
NYBizLabs is expected to make announcements as to the accelerator’s progress in upcoming weeks.

Quoted from DemocraticVoiceOfReason

Schenectady technology business accelerator takes off



.

Yep, leave it to an 50 yr old child who is not a taxpayer, not self sufficient, to cheer for taxing the homeowners  so even more so more homes are abandoned.

Soon the ghost town will be spreading out of the city and into the rest of the county.  Since DV does not ever enter the city, perhaps he will only realize it when the ghost town spreads to the towns.

Wait, it has already begun to spread into Rotterdam

Notice how DV makes all these posts about things happening in the city


But he NEVER posts on the TRUTHS in the city, never posts on things that are FACTUAL and supported with EVIDENCE.  




Gee, I'm surprised that the story in the paper about a woman getting money from the city and the references to the housing fair on Sunday---surprised DV isn't posting saying the city is in this grand renaissance as it relates to the mayor's "HOMES" program.   Obviously because he knows that people like me and the rest of us are  the real truth tellers, and DV doesn't have the intelligence to discuss taxes, tax base, taxable value, assessments, etc.

I wonder why DV doesn't post news stories about the mayor's attempt at having the city in the real estate business.  Obviously DV avoids posting those stories because he knows they are fake stories and the EVIDENCE of falling home sales and prices prove that the mayor is failing at selling homes.

Notice how DV makes all these posts about things happening in the city


But he NEVER posts on the TRUTHS in the city, never posts on things that are FACTUAL and supported with EVIDENCE.  




Gee, I'm surprised that the story in the paper about a woman getting money from the city and the references to the housing fair on Sunday---surprised DV isn't posting saying the city is in this grand renaissance as it relates to the mayor's "HOMES" program.   Obviously because he knows that people like me and the rest of us are  the real truth tellers, and DV doesn't have the intelligence to discuss taxes, tax base, taxable value, assessments, etc.

I wonder why DV doesn't post news stories about the mayor's attempt at having the city in the real estate business.  Obviously DV avoids posting those stories because he knows they are fake stories and the EVIDENCE of falling home sales and prices prove that the mayor is failing at selling homes.

Transfinder, which develops bus-routing software, started the year with about 77 employees and expects to reach about 90 by the end of 2014. In 2013, the software company added 157 new customers. Revenue increased from $7.9 million in 2012 to $8.6 million last year.

The company comes to Schenectady -- grows -- adds more employees -- invests more $$ in Schenectady -- really, really, really BIG news concerning a major new development coming soon -- the energy and excitement being generated by the RENAISSANCE of Schenectady is over the top.  

10/7/2013
To further mark the company’s [Transfinders] residence at 440 State St., officials will hold a ribbon-cutting ceremony this Thursday.

"2013 marks another exciting year for the company as we celebrate our 25th year in business and have relocated to a state-of-the-art corporate headquarters in the heart of downtown Schenectady,” Civitella said. “We have experienced tremendous growth in recent years, expanding our organization to over 70 professional employees and have received recognition as one of Inc. 5000's fastest growing private companies each year for the past seven years. My hope is that our new headquarters, which will accommodate 125 employees, contributes to the expanding vitality of Schenectady County and the region's Tech Valley community."

10/8/2013
Albany Business Review
"Transfinder started the year with about 77 employees and expects to reach about 90 by the end of 2014. In 2013, the software company added 157 new customers."

5/8/2014
Albany Business Review
"Transfinder started the year with about 77 employees and expects to reach about 90 by the end of 2014. In 2013, the software company added 157 new customers."

So let me make this VERY CLEAR to you folks....

In 2013, according to the Albany Business Review, Transfinders began 2013 with 77 employees. THEN, in May 2014, they still has the SAME NUMBER of employees. Yes, revenues increased by close to a million, but there were NO JOBS CREATED!!!!

Therefore, Transfinders lives tax-free off the City taxpayers and doesn't deliver any job creation.

If a company PROMISES job growth yet doesn't deliver...well, give back the $200K+ Metroplex grant and cut off the PILOT agreement.

77 employees and only $8.6MM in revenue.

Um that's not that great really for a technology company.

Not insulting them, I just assumed with such a grandiose building that they had a lot more revenue.

Granted their product is software, no real "supply chain" / sourcing costs for equipment.  But still, there are a lot of overhead costs in a business...  Insurance, heat, income taxes.

The implication to me is that the average salary isn't that high compared to say what an MS employee would be making.
And they are growing at 10% a year, which is respectable.

Quoted from JackBauer

77 employees and only $8.6MM in revenue.

Um that's not that great really for a technology company.

Not insulting them, I just assumed with such a grandiose building that they had a lot more revenue.

Granted their product is software, no real "supply chain" / sourcing costs for equipment.  But still, there are a lot of overhead costs in a business...  Insurance, heat, income taxes.

The implication to me is that the average salary isn't that high compared to say what an MS employee would be making.
And they are growing at 10% a year, which is respectable.

"About Transfinder

Founded in 1988 and headquartered in Schenectady, New York, Transfinder is a national leader in student transportation management systems and services, offering routing and scheduling solutions for optimal transportation logistics. A business partner of Pitney Bowes Business Insight – MapInfo, Transfinder applies MapInfo's industry-leading mapping technology and database management to deliver superior transportation and logistics management solutions.  Transfinder products allow school districts to manage bus routes, provide safe and efficient student transportation, and access a wealth of critical district information."

Well Jack, I would agree with you, but Transfinders has been in business for 26 years. The history of the growth of their company does not support the assumption that they will have 125 employees anytime soon.

My point is that Transfinders profits are steadily increasing... then why aren't they hiring anyone in the past year and a half?

There should be a Metroplex penalty if a business does not produce the job growth promised. Why should taxpayers support a business without job growth?

Quoted from Hawthorn

There should be a Metroplex penalty if a business does not produce the job growth promised. Why should taxpayers support a business without job growth?

That's if you actually believe Metroplex is an agency that works in the taxpayer's interests.  It doesn't.  

Right.

It only works to make areas look nice with the hopes people will move a few miles away without looking at how their tax bill will kill their investment.

For work - I host people from out of town often, and go downtown for dinner...  So many people say how nice it looks, how it has changed so much, etc.

And they are right - it does look great, and that area definitely has seen a huge uptick in foot traffic and commerce.

That 3-4 block area does indeed look great, and if the city was really only that 3-4 block area, we would indeed be in a renaissance.  But most of us realize that is not true as we see the other 99.5% of the city and what a crapper it has become.

Quoted from JackBauer

Right.

It only works to make areas look nice with the hopes people will move a few miles away without looking at how their tax bill will kill their investment.

For work - I host people from out of town often, and go downtown for dinner...  So many people say how nice it looks, how it has changed so much, etc.

And they are right - it does look great, and that area definitely has seen a huge uptick in foot traffic and commerce.

That 3-4 block area does indeed look great, and if the city was really only that 3-4 block area, we would indeed be in a renaissance.  But most of us realize that is not true as we see the other 99.5% of the city and what a crapper it has become.

The effort and investment in Downtown is expanding -- to Lower State Street, along Broadway, the Erie Boulevard Corridor,  "College Park" and the North End.  
Schenectady began spiraling downward in the late 1950's -  when ALCO began shutting down its operations, interstates made it easier to live further away from the city center and suburbia began to grow like a wild fire.
So one figures that if it took 50 years to hit bottom -- it will take at least a decade or so to rise back up again.  
The FACT is that the City-County of Schenectady is beginning to see a snow-ball effect of positive economic investment and news.  One positive new development spurring another and so on.  It doesn't mean that all the problems are solved or will be solved overnight.   But it is a LOT better than you folks give our community credit.   And worse, it is folks like you that constantly denigrate and put down our community that is a major problem.