Attracting venture capital from outside the region for startup companies is critical to the success of those companies. Historically, that type of capital was hard to come by in this region. Which is why it is truly exciting to share that over the previous six months, more than $56 million in outside investments have been made […]
Attracting venture capital from outside the region for startup companies is critical to the success of those companies. Historically, that type of capital was hard to come by in this region. Which is why it is truly exciting to share that over the previous six months, more than $56 million in outside investments have been made in five current and former Tech Garden companies. These investments include more than
$22 million for SpinCar, a company that grew out of The Tech Garden in 2017 and is now part of the burgeoning tech corridor along Warren Street. It also includes a recent $16 million investment for Density, the Tech Garden’s anchor tenant. The company has just announced it will bring its manufacturing operation from Plano, Texas to a new 2,200-square-foot facility within the Tech Garden.
These investments demonstrate the impact so many private and public-sector partners have been working toward over the past decade. In fact, between 1996 and the third quarter of 2003, on a per-capita basis, this region attracted only $86 of venture capital compared with a national average of $541.
We are proud of the progress that has transformed and strengthened the entrepreneurial community. Our commitment to providing quality resources to create a diverse ecosystem and advance companies along the Entrepreneurial Roadmap (www.thetechgarden.com/roadmap.html) is unchanged. But this progress is not a finish line, and we continue to have an eye on the future to meet the ever-changing needs of companies, at all stages, that utilize the Tech Garden. As such, we have begun to evaluate the physical space we provide our clients, look at opportunities to create more spaces for events and networking, and explore an enhanced storefront along Harrison Street to showcase our efforts.
This is an exciting time for entrepreneurs in the region and for those of us who have seen the full trajectory of this progress. To learn more about the Tech Garden and its programs, contact Rick Clonan, VP of innovation and entrepreneurship at rclonan@centerstateceo.com.
Robert M. (Rob) Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on Oct. 25.