News Article

Governor Cuomo Announces 17 More Businesses Choose to Expand or Locate in New York State Under Start-Up NY
Date: Oct 21, 2014
Source: Governor Andrew Cuomo's website ( click here to go to the source)

Featured firm in this article: Xallent LLC of Ithaca, NY

Governor Andrew M. Cuomo today announced that 17 businesses will expand or locate across New York State as a result of START-UP NY, representing the latest wave of companies participating in the new initiative that creates tax-free areas associated with colleges and universities across the state.

The 17 businesses are projected to invest more than $14 million and have committed to creating at least 464 new jobs in tax-free areas sponsored by the University at Albany, University at Buffalo, Cornell University, SUNY Downstate Medical Center, University of Rochester and Stony Brook University. This group of companies admitted to the program brings the total number of businesses participating in START-UP NY to 41, representing 1,750 new jobs and approximately $77 million in investment across the state.

"Building on the State's success in cutting taxes for New York businesses and families, we created START-UP NY to continue our efforts to reduce the cost of creating jobs and bringing new economic development to the Empire State," Governor Cuomo said. "Less than 11 months after the program first took effect, START-UP NY is off to a great start, attracting 41 new businesses, nearly 1,800 new jobs, and $77 million in investment to communities all across New York State. With the State's unemployment rate at its lowest mark since 2008, and more than 500,000 new jobs created over the past four years, it is clear that our strategy is working to revitalize and rebuild New York's economy."

The START-UP NY businesses expanding in or locating to the Empire State will create jobs in several key industries, including high-tech and advanced manufacturing, biotechnology research and development, medical equipment and healthcare services, and computer programming and systems design. The following businesses were recently approved for START-UP NY:; PharmAdva, LLC; Xallent, LLC; EHR Console; Innovimmune Biotherapeutics Holding, LLC; CMP Scientific Corp.; Mitigate Injury Management, Inc.; You First Services, Inc.; HarkerBIO, LLC; ZeptoMetrix Corporation; Robb Surgical Devices, LLC; Guided Interventions, Inc.; Saniteq; GridBridge, Inc.; Killer Content, Inc.; Jasmine Universe, LLC; and Polynova Cardiovascular, Inc.

Empire State Development President, CEO & Commissioner Kenneth Adams said, “START-UP NY’s unbeatable business climate is driving the growth of New York’s innovation economy by drawing significant investments and hundreds of new jobs to the Empire State. Today’s announcement that 17 more businesses will join START-UP NY nearly doubles the ranks of the program and serves as evidence of the broad appeal the initiative carries for businesses, investors and entrepreneurs.”

SUNY Chancellor Nancy L. Zimpher said, “Nowhere in the country do new businesses and entrepreneurs stand to benefit more by partnering with higher education than in New York State, thanks to the widespread success of Governor Cuomo’s START-UP NY program. With interest and investment coming in from around the globe and new jobs being created in every region, START-UP NY has provided a spark for our economy and for SUNY, making New York State a more competitive place to do business and lifting the value of teaching, learning, and conducting research at our colleges and universities. SUNY campuses in every region are proud to be implementing this transformative initiative.”

Additional details about the latest businesses approved for START-UP NY follow:

Cornell University - 8 net new jobs

Xallent, LLC is a small high tech company based in Ithaca that will be commercializing a multiple tip scanning probe technology from Cornell University. The founder of Xallent, Dr. Kwame Amponsah, developed this technology as part of his PhD work at Cornell and the company is currently contracting for the Department of Defense in a key national security area, integrated circuit forensics. Xallent will create eight net new jobs and invest $2.06 million.

Senator Michael Nozzolio said, "It is great news that the START-UP NY program continues to encourage the development of new businesses, and in turn, grow jobs in the Finger Lakes region. Our colleges and universities are the appropriate engines for new high tech companies, such as Xallent, and I am pleased the Governor continues to encourage new companies to invest and provide career opportunities in the Finger Lakes."

Assemblywoman Barbara Lifton said, "I appreciate Governor Cuomo’s leadership in this critical area. The business community is finally taking notice that New York is the place to do business in the 21st Century economy, and I am so excited that the Finger Lakes can play such an important role.”

Mayor Svante Myrick said, “This is excellent news for Ithaca, and the new investment will be a welcome addition to the town’s robust entrepreneurial ecosystem that is truly the heartbeat of our community. START-UP NY’s innovative approach is boosting Ithaca’s economy in a completely different way than we’ve ever experienced, and I am looking forward to continuing to work with Governor Cuomo to keep this momentum going in the time to come.”