Cody Gate Ventures and GRE bring 250 new jobs to Rochester, NY
June 1, 2010
Cody Gate Ventures, a venture capital investment group has selected Rochester, NY as the site of three new start-up, venture-funded companies from its portfolio. The three companies are Intrinsiq Materials, Quintel Technology, and Omni-ID. Combined the three companies plan to hire 250 full-time employees who will specialize in research, development, and manufacturing of advanced technology products. In addition to creating jobs, Intrinsiq, Quintel and Omni-ID will also make a significant capital investment in the Rochester Region through the purchase of machinery and equipment, and through ongoing capital expenditures and operating expenses. The jobs will be located at the Eastman Business Park.
“We chose to expand in Rochester because of the high-quality of its skilled workforce,” said Cody Gate Ventures U.S. Managing Partner Michael Summers. “We consider ourselves to be an innovation firm, and Rochester has a long history of innovation. We have already established substantive synergies with a number of the great companies and universities that are located here. Those opportunities for collaboration combined with Rochester’s connectivity to world-class research and development facilities, and the great facilities at Eastman Business Park, make the Rochester Region the perfect place for these three companies to grow.”
“This huge win for the Greater Rochester Region’s economy is the result of the dedication and teamwork of Greater Rochester Enterprise; Empire State Development; the State of New York, specifically State Assembly Speaker Sheldon Silver and State Assemblyman Joseph D. Morelle; Monroe County; and the City of Rochester,” said GRE President and CEO Mark S. Peterson. “The 250 jobs that are coming here are high-paying, highly-skilled jobs for three companies who will greatly benefit from our top-ranked knowledge workforce.”
“Attracting innovative companies that base their success on knowledge and technology is an important step in ensuring that New York State remains competitive in the global economy,” said Empire State Development Chairman & CEO Dennis M. Mullen. “Cody Gate Ventures has discovered that Rochester offers an ideal location-strong public and private institutions, a quality talent pool and widespread infrastructure-for companies looking to expand their horizons. Going forward, I intend to continue to attract successful technology and manufacturing-based firms to New York State.”
Intrinsiq Materials (www.intrinsiqmaterials.com), a leading advanced materials company that generates valuable solutions to unmet needs in the advanced metals and health and wellness industries, is bringing its research and development and manufacturing operations to Rochester. Intrinsiq will hire 158 full-time employees.
Quintel Technology (www.quintelsolutions.com), a provider of next generation antenna systems for mobile networks, is creating an additional research and development operation in Rochester. Quintel will hire 68 full-time employees.
Omni-ID (www.omni-id.com), a provider of high performance radio frequency identification (RFID) technology that excels in reliability for any application, including harsh environments such as on, off, and near metals and liquids, is bringing its research and development operation to Rochester. Omni-ID will hire 24 full-time employees.
Intrinsiq, Quintel, and Omni-ID plan to begin hiring and bringing their operations to Rochester this summer.
Cody Gate has it’s home offices in the UK, which means that Rochester was picked from an international portfolio of sites as the proper place for these three companies to grow. Through sponsorship of the Eyes on the Future conference, and other strategic moves to encourage companies to locate in Rochester, GRE has proven again and again that they can be an engine of growth here in the Rochester area.
ABOUT CODY GATE VENTURES
Cody Gate Ventures invests in businesses to meet the important needs of global corporations and government. What makes Cody Gate Ventures unique is its preferential access to disruptive, government-funded technologies to realize high-value opportunities across a range of sectors. Companies created by the Cody Gate Ventures team in recent years have included sectors such as Mobile Infrastructure, Government Security, Internet Infrastructure and Services, Retail, Renewable Energy, Oil & Gas, Medical Devices, Drug Delivery and Nanotechnology. For further information on Cody Gate Ventures, visit www.codygate.com .
ABOUT GRE:
Located in the heart of New York’s technology corridor, Greater Rochester Enterprise (GRE) is a public-private partnership established to professionally market the Rochester metropolitan region as a competitive, high-profile place for business location and growth. Its efforts support business attraction and expansion, as well as entrepreneurship and innovation. GRE collaborates with businesses, universities, not-for-profit organizations and government leaders to ensure a unified approach to regional economic development. For more information, please go to www.RochesterBiz.com.
The Greater Rochester Enterprise team are here to help you grow your business in Rochester, NY. Call GRE at 585-530-6200 e-mail: info@RochesterBiz.com
Rich Karlgaard talks about the 7 differentiating factors
May 28, 2010
In a recent Forbes Magazine article (June 2101) Rich Karlgaard talks about the 7 differentiating factors that will make or break companies in the recovery. What he’s really talking about though are rules that work for any company regardless of whether they are in boom times, down times or a recovery. And the rules can work to help you figure out what your company’s differentiating factors will be as you create your start-up.
The seven factors that Kalgaard lists in his article are:
- Design - product must STICK OUT to be noticed.
- Speed - you must be able to deliver your product quickly and efficiently, or the consumer will look elsewhere
- Cost - believe it or not, consumers are sensitive to the overall cost of an item - you must be competitive to be in the running.
- Service - over and over awesome customer service has sustained and fed brand growth.
- Communications outside - how are you perceived by the world? How well do your employees promote your product or brand for you?
- Communications inside - how easy is it for your internal staff to collaborate and work together? If you’re running out of a house, like so many entrepreneurs these days, how are you compensating for the lack of daily interaction?
- Purpose - What do you do? No really - WHAT DO YOU DO!? What is the reason your company is on the earth?
Interestingly this list of differentiating factors can be combined with Seth Godin’s idea of each company having a “Purple Cow” - a unique selling point for their company. If you don’t have ANY of these differentiating factors versus your competition - your company might have a hard time selling its wares - or its prospects to a funding entity (grants, angels, venture capital, etc.) I would say that the most successful companies are either at the top, or near the top of each of these categories - the closer to the top you are in each, the more likely you are to succeed.
So walk through each of these with an objective eye. Look at what your competition or potential competition is doing now and answer for yourself (honestly) - am I near the top of my game in one or more of these categories? If so make that your purple cow - and concentrate your marketing and message around that winning strategy. The next thing to do is pick the things you are not so good at and get help improving them. Go for the golden ring!
The best methodology for this is to take each of the factors and give yourself a grade - A, B or F. A means you are better than anyone else at this. And I mean ANYONE else. Four Seasons is better at customer service than virtually any other hotel chain in the world. B means you are “Good enough”, in other words - there are competition that beat you in this factor, and some that are worse than you - but you’re about average. F means everyone is better at this than you. A’s should be targeted for promotion as a strength, F’s should be targeted for immediate improvement, and B’s should be targeted for long term strategic initiatives to move you to an A.
I hope this helps you in finding your strengths and capitalizing on them.
Rochester Featured in Forbes Magazine
May 14, 2010
Rochester, NY was featured in Forbes Magazine as New York’s Home for smart business. The article was done as a direct response to last year’s record attendance at the Eyes on the Future Conference. The magazine article - distributed internationally - mentions Rochester’s high “IDQ” - Intellectual Density Quotient, a measurement of Rochester’s high proportion of college educated innovators, workers and companies. The ranking, done by a 3rd party organization, shows many of the advantages Rochester has over other metropolitan areas when employing local workers.
In addition, the article mentions Rochester’s famous short commute times. GRE’s Mark Peterson says: “A 100-person company in Rochester saves $128,300 per year over the same-sized company in Los Angeles, because the Rochester employees are spending 6,000 hours less per year delayed in traffic.”
For the full text of the article visit Forbes Magazine. For more information on the advantages Rochester has to offer visit the Rochester GRE website. To download a copy of the article check the PDF Link.
Tenrehte brings home top honors in entrepreneur contest
April 30, 2010
The 2010 Rochester Regional Business Plan competition had their award announcements today at a luncheon event in Downtown Rochester. I’m proud to say that two excellent entrepreneurs - both of whom I know well took home first and second place in the competition. Tenrehte - producers of a smartgrid energy monitor and saver for the home that runs off a home wifi system took the top prize of $25,000. Tenrehte has been featured numerous times in this blog for their excellent work and is an example of a successful entrepreneurial company here in Rochester.
Proving yet again that devices tend to draw more attention than software products these days the runner up winner was OS-Cubed supported entrepreneur Floodwatch USA. Floodwatch has a device that allows remote monitoring for moisture in a “smoke alarm” format device. The device does not need to touch the floor, or have moisture directly touch the monitoring to determine if flooding has occurred. It uses a custom designed infrared chip to determine if water is where it should not be.
I would like to personally congratulate both winners - you are among the top entrepreneurs in the area and it’s about time you both were recognized for your efforts.
RIT presents serial entrepreneur and investor Terry Matthews
December 10, 2009
‘Serial Entrepreneur’ Terry Matthews to Speak at RIT Dec. 11
Matthews to offer his secrets on how to launch successful businesses
Terry Matthews, the founder of more than 60 telecommunications, information technology and software companies, will discuss how to create successful new ventures during a 3 p.m. talk on Friday December 11th at Rochester Institute of Technology’s B. Thomas Golisano College of Computing and Information Sciences Auditorium.
The event is free and open to the public.
Matthews is the chairman of Wesley Clover, a private equity firm that describes itself as being in the business of building businesses. Matthews and his team at Wesley Clover utilize their extensive experiences in the technology realm to identify gaps in the marketplace and launch new enterprises to fill them. Wesley Clover reaches out to either recent college graduates or those at the tail end of their academic career to lead the charge, offering training and mentoring along the way.
In the past two years, seven recent RIT graduates have formed companies for Wesley Clover.
“Terry Matthews is what I call a serial entrepreneur,” says Richard DeMartino, director of RIT’s Albert J. Simone Center for Innovation and Entrepreneurship. “His passion is empowering and coaching young entrepreneurs in building businesses. The insight he will offer in his presentation will be invaluable for anyone looking to launch their own business.”
Sorry for the long hiatus - exciting things in Rochester
September 25, 2009
I apologize for how long it’s been since I posted - life has been busy (which is good) and I had a number of family obligations which came up unexpectedly. We should be back to a more regular posting cycle now. Here’s a summary of some of the latest Rochester news in the Entrepreneurial world:
- In August, Aaron Newman -Techrigy/Alterian’s social tracking guru gave a talk at a recent Rochester Open Coffee Club on entrepreneurship in Rochester and how he built Techrigy into an acquisition target in just a few short years. I’ll be posting a more detailed in-depthlook at Aaron’s speech later this month.
- In September TEN graduated a recent class, and a new batch of TEN students entered the queue. TEN continues to be one of the most valuable entrepreneurial resources in the Rochester area. I’d encourage you to take advantage of their services. As a TEN graduate myself I am feeling for the current students who today are deep into the 2nd day of Jack Derby and George Simmons firehosing information into their brains. I know my brain was tired by about the middle of day two :)
- In national news today the US Commerce Department is establishing a new Office for Entrepreneurship and Innovation, specifically to help startups make workable businesses out of great ideas by giving then training, funding, advisement, data access, andhelp with business start-up red tape. Gary Locke, the new Secretary of Commerce and creator of the OEI has a history of examining innovation roadblocks, including looking at the US Patent Office backlog. A direct quote of Locke’s sums it up: “Instead of working to build a great company or discover a new invention, too many of our brightest minds were busy engineering credit-default swaps”. This blog fully supports the idea that government investment in innovation and entrepreneurship can only improve our national economic status.
- They Eyes on the Future conference is only 21 days away. Please be sure to visit the website, register for and attend this free economic summit and (new this year) career expo, so that we can all learn how to keep Rochester in the top 20 once the boom cycle begins again. That’s right - we’re in the top 20 cities nationwide for retaining salaries, housing values, cost of living, etc. So despite how tough the last year has been - it could be much tougher if you live in other cities. Edith Lank in a recent article in the Rochester Democrat and Chronicle Real Estate column published letters from other cities and towns in the country illustrating families who are in danger of having their houses foreclosed on and taken from them after job loss, or being upside down on their mortgage and having been transferred or moved. We are lucky to be in Rochester.
- A new conference to help small businesses keep up with the latest on how new labor rulings affect local businesses has been announced by Genesee Valley Chapter of the Society for Human Resource Management (GVCSHRM) will be holding a conference and legislative luncheon on October 1st. There will be a solutions exhibit area, Andy Feld author of “Why the current economic crisis is our most wonderful wake-up call” will keynote. Senator Robach, andAssemblywoman John are expected to attend and present at the conference, as well as sessions on EFCA, NLRB, COBRA, and a social media presentation. Afternoon sessions will include Title7, ADEA, FSLA, ADAAA and a session on building capacity. The conference is from 8am-4:30pm. Fees are $147 for GVCSHRM members and $167 for non members. There is a lunch only option for $55.
- A new organization that is charged with retaining NY State investment dollars within NYS has been formed. www.seedny.org is a cooperative venture created by Excel Partners to try to encourage keeping our dollars at home when investing. Loaded with great information for entrepreneurs and funders alike, this site explores the whys and hows of where investment dollars go, and how we can influence their use to better all of NYS. They just held an event in Syracuse and are scheduled to go to Albany on October 13th. From their website: “…Its goals are: to create a public awareness campaign focused on informing all community stakeholders about the critical role that seed funding plays in establishing an entrepreneurial ecosystem that can transform New York into a innovation-based economy. “
That’s all for now - please, attend events, network with your peers, and create a buzz about Rochester and how well we’re doing!
The Entrepreneur’s Network accepting applications for Class VIII
July 20, 2009
As a TEN graduate myself, I can highly recommend TEN’s excellent program. As the press release below points out you get a $7500 value for only $350, thanks to the use of Monroe County and WIRED grant economic development funds. This is YOUR TAX DOLLARS at work, and an excellent example of how stimulus dollars are being applied at a local level. If you’re an entrepreneur, and need help getting started this is the best $350 you could possibly invest in your new business.
The Entrepreneur’s Network is now accepting applications for its next class, which begins September 23, 2009. Based on best practices of leading entrepreneurial training, education and networking programs, TEN’s mission is to grow life sciences, technology-based, and/or scalable, high-revenue potential firms across the upstate region. TEN is an intense six-month program, focused on helping entrepreneurs - new or old - avoid the pitfalls that can limit growth or decrease the likelihood of securing investment. Even if you’re a proven entrepreneur, business is an ever-changing environment and we cover the latest strategies for improving sales, securing financing, building or enhancing business plans, and presenting your firm to key stakeholders - be it venture capitalists, banks, insurance companies, or potential customers. We constantly hear from our alums the message, “If only I knew these things before I got started. I could have saved so much time and done a better job!”
Class size is limited to 20 participants to allow for maximum interaction. The cost of this program is $7500 per participant, but thanks to the support of the County of Monroe, Finger Lakes WIRED, and COMIDA, the cost to you is only $350 per person - payable only if you’re accepted into the program. The deadline to submit is September 7, 2009.
Here’s the Class VIII schedule:
- September 23: Class VII Graduation AND Class VIII Kick-Off Celebration
- September 24-25: Derby Management Entrepreneurship Boot Camp
- October 15-16: Building Financial Models / Sources of Funding & Term Sheets
- November 12-13: Derby Management Sales Effectiveness Boot Camp
- December 1 and 15: Investor Presentation Boot Camp
The sessions lead by Jack Derby and George Simmons from Derby Management are invaluable, and bringing them to Upstate New York only raises the level of awareness of the business opportunities that exist here. Some of you may have heard Jack present the keynote address at the last Rochester Regional Business Planning Competition. If you’re interested in participating in this year’s program, click on the TEN Membership Application to register.
If you’re interested, or have any questions, feel free to drop Jean Kase a note at jkase@monroecounty.govor call at 585.753.2031. For more information you can check out TEN’s website: www.ten-ny.org
Rochester Open Coffee Club announces July meeting
July 7, 2009
The Rochester Open Coffee Club will hold it’s July open meeting for high tech entrepreneurs at the Bagel Bin in Pittsford at 8:30am on Friday July 10th. The meeting is held in the back meeting room, off the main dining room. Deb Labudde describes the next meeting as follows:
“For July’s ROCC meeting, we will be joined by Dennis Kessler, an active local angel investor, executive professor of business administration at the William E. Simon School of Business at the University of Rochester, and co-owner of Kessler Restaurants, LLC, the largest Friendly’s franchisee in the country. Dennis earned a Law Degree from Yale University, a Master’s Degree from the City University of New York and a Bachelor’s from John Jay College of Criminal Justice of the City University of New York. ”
For more information or to sign up for updates or to attend the meeting please visit the website at: http://www.rochestercoffeeclub.com/blog/
According to a recent study Rochester is in the top 20 metro areas!
June 19, 2009
Rochester’s regional economy is in the top 20 of the 100 most populous metro areas. A study by the Brooking Institution divided the top 100 metro areas into groups of 20, ranging from strongest to weakest - and Rochester was in the top 20 for a strong economy. Rochester rated well in areas such as employment, housing prices, foreclosure rates and overall regional economic growth. We did rank dead last for wages however. So what does that mean? A thriving economy with an inexpensive workforce! So entrepreneurs from all over - come to Rochester. Our highly educated, inexpensive workforce and our thriving economy makes the perfect location to create a new business. Our low housing and commercial property prices will also make setting up your first office attractive and inexpensive. Husband your cash and make it last longer by living in a region with lower wages and a better standard of living than 80% of the metro areas in the US. If you are a NY State resident consider that our area ranked better than New York City, Buffalo, Syracuse, Albany and the Hudson Valley region.
Our recession in Rochester is being considered “recession light” compared to the rest of the country. We’re one of the few Northeastern cities where that is true - others in that category come from Texas and the Plains states.
Our overall growth rate is now stagnant - but by coming to Rochester and setting up here you can help turn that around! Our stable housing prices means you don’t have to worry about losing 23% of the value of your home overnight, like in cities like Miami and Las Vegas. While the rest of the country showed a 6.3% decline in housing prices ours climbed by 2.5% - 10th best rate in the country.
And Ventures and Angels - the next time a Rochester entrepreneur approaches you be aware that they are building their company in an area with a strong economy, a low cost of housing and wages, and a thriving real estate and rental market. Your investment dollar will last longer, and be more efficiently used by investing here in Rochester.
Entrepreneur Profile - Tenrehte, Inc.
June 17, 2009
Company name: Tenrehte Technologies, Inc.
Principal: Jennifer Indovina
Website: www.tenrehte.com
Contact: jennifer.indovina@tenrehte.com
Industry Focus: Wireless semiconductors
# of employees: 5
Startup Stage: Bootstrapping our hardware development system, Linux run-time, and application software which validates and demonstrates our technology. On the business side we are raising seed capital, and engaging initial customers.
Lee Drake: Every entrepreneur learns early that a careful concise, one paragraph elevator speech describing their product or service is a key component of success. What is your elevator speech:
Tenrehte is a wireless semiconductor company which was founded to address consumer demand for smart Wi-Fi enabled products. We simplify wireless product development for electronics manufacturers by providing a turn-key platform which includes a high performance, low power, and low cost Wi-Fi processor bundled with an optimized operating system and a suite of intuitive application development tools. Our products enable customers to create end products more efficiently. Our unique intellectual property provides innovative features for Wi-Fi device manufacturers. On a broader scale, our mission is to improve people’s lives through wireless technology. Tenrehte will revolutionize wireless devices because we understand that the future of consumer electronics depends upon hassle-free plug-and-play connectivity.
Lee Drake: What was the biggest challenge that you’ve faced in building your entrepreneurial business and how did you overcome it?
Raising operating capital. Although my team has been involved in previous start-up companies that have managed to raise the capital to grow a company before does not mean it’s any easier for us this time around. Although the current economic climate has made things “interesting”, we are managing to successfully navigate the situation by remaining focused on the end result. Bootstrapping a semiconductor operation is not feasible for us, however, we have found other creative ways to keep the lights on and we are making good progress.
Lee Drake: What do you anticipate the next biggest challenge will be?
In the short term, the success of our company is dependent upon our ability to validate our business to investors. In the long term, our challenge is the same as every other company; it all comes down to sales.
Lee Drake: What has been the most pleasurable surprise you’ve had as you go down the road of an entrepreneurial startup?
The local Rochester, NY support has been overwhelming. Even though we aren’t revealing too many of our secrets, it’s just incredible to see local elected officials, investors, financiers, and customers getting excited about our technology and our mission. Overall, people want to see us succeed. Indeed this was a bit surprising for me. The very first seed funding pitch I gave was less than 5 months ago to a boardroom full of accredited, but not very tech savvy angels in Manhattan. I stood at the front of a rather large conference room, describing my company and our technology to an audience of harsh scowling faces. I was only about 2 minutes into my pitch when an older gentleman sitting in the back raised his hand and said “So, you make, like, mini-routers that can be put in anything? Cool, it sounds like the Terminator to me.” Everyone in the room erupted laughing. Unfortunately, our technology was not aligned with their investment strategy, so they chose not to invest in our company on that day. However, a managing partner of another investor group was in the meeting and her personal impressions lead her to refer us to more interested investors!
Lee Drake: What did you want to be when you grew up?
I wanted to be a plumber, a singer, a vet, and an astronaut. I was jack of all trades, apparently. I think if you ask anyone else in my team, they’ll say “Engineer” or “Test pilot”, which is why they are in my team.
Lee Drake: If you could give just one piece of advice to someone with a new entrepreneurial idea, what would it be?
Do not get sidelined by fear. Believe in yourself, your idea, and your team and charge forward. Sure there will be bumps along the way, probably many, so just keep pushing forward.
