Up to 20 Companies May Use New Pace Business Incubator

Mayor Philip A. Amicone and David A. Caputo, Ph.D., President of Pace University, have announced that up to 20 “early-stage companies” may be part of the new business incubator run by Pace University at the nValley Technology Center in Yonkers.

Contact: Patricia Harington
April 27, 2004 377-6054

Up to 20 Companies Expected to Use New Pace University Business Incubator at nValley Technology Center

Yonkers, N.Y. Mayor Philip A. Amicone and David A. Caputo, Ph.D., President of Pace University, have announced that up to 20 “early-stage companies” may be part of the new business incubator run by Pace University at the nValley Technology Center in Yonkers.

The incubator will occupy approximately 13,000 square feet of space at the Center and will provide “early stage companies” access to low-cost space, economic incentives and assistance in general business techniques and commercialization.

Applications to become incubator resident companies are now being encouraged. Information is at www.sci2.org or from the Executive Director, Victor Goldsmith, at 1-800-821-2456.

“This project is one of many that is contributing to the rebirth of a growth sector in Yonkers,” said Mayor Amicone. “We are very pleased to have Pace University join us in the continued re-growth of our city, which has emerged as one of the premier cities in which to live and work in the State of New York. With institutions like Pace joining us, we are confident that the effort will continue to grow. This is only the beginning of what promises to be another great step forward for the City of Yonkers.”

Amicone noted that the building is within the New York State Empire Zone and the federal Empowerment Zone and will definitely be a draw for businesses in the region. In addition, the property is wired as a smart building and is connected to the ATM switch that provides ultra high-speed data transfer.

“Our partnership with Yonkers is moving this project rapidly toward creating a new economic engine for the Hudson Valley,” said Caputo. “We are pleased that it will bring the expertise of our university to new businesses and will bring additional practical experiences to our students and our professors.”

Pace previously unveiled an additional location for the incubator in downtown Manhattan, near its campus across from City Hall.

The Yonkers building was constructed by Alexander Smith Carpet Mills in 1922 and for 40 years was home to Purdue Frederick Pharmaceuticals. In 2000, the facility was donated by the firm to the Yonkers Industrial Development Agency (YIDA). The YIDA formed the nValley Technology Corporation, to build out, lease and operate the facility.

The nValley Technology Center has undergone over $14 million in renovations and will also house the following offices: AtlanticBank, Hudson Valley Bank, Empire Zone, a Small Business Development Center, the Yonkers Police Department, federal Empowerment Zone, and an nValley Café.

Pace and Yonkers Establish New Business Incubator

Pace University and the City of Yonkers, NY today announced creation of a new business incubator for early-stage companies, located in Yonkers in 13,000 square feet of the recently renovated nValley Technology Center on Nepperhan Avenue. The announcement was made by Yonkers mayor Philip A. Amicone and Pace president David A. Caputo.

Contact: Christopher T. Cory, Director of Public Information, Pace University,
212-346-1117, cell 917-608-8164, ccory@pace.edu
Wanda Nieves, Office of Economic Development, City of Yonkers
914-377-6619, wanda.nieves@cityofyonkers.com

NOTE: A NEWS CONFERENCE PLANNED FOR WEDNESDAY HAS BEEN CANCELLED DUE TO FORECASTS OF SEVERE WEATHER. THE PRINCIPALS QUOTED BELOW ARE AVAILABLE BY PHONE THROUGH THE ABOVE PR CONTACTS.

FOR IMMEDIATE RELEASE

PHOTO EDITOR: Exterior photo of building available on request.

Pace Office of Sponsored Research and Economic Development:
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PACE UNIVERSITY AND CITY OF YONKERS
ESTABLISH INCUBATOR FOR NEW BUSINESSES

Only early-stage business incubator in Hudson Valley may create 300 jobs

Yonkers, NY, January 26, 2004 – Pace University and the City of Yonkers, NY today announced creation of a new business incubator for early-stage companies, located in Yonkers in 13,000 square feet of the recently renovated nValley Technology Center on Nepperhan Avenue. The announcement was made by Yonkers mayor Philip A. Amicone and Pace president David A. Caputo.

The Pace incubator is the only business incubator for early-stage companies in the Hudson Valley region. The ceremony marked the first economic development announcement by Mayor Amicone since his inauguration January 1.

Tenants in Yonkers will draw on the expertise of Pace’s well-known business and computer schools. They also will receive business and commercialization assistance and venture capital through SpringLab, LLC, a partnership of Jeff Marks, Managing Director of the Westchester Business Accelerator, LLC, an early-stage business advisory firm, and Emanuel Martinez, Managing Partner of Greenhills Ventures, LLC, a New York based early-stage private equity fund and investment banking firm.

More advanced than start-ups, “early stage” businesses have a product that works and initial sales. For all new businesses, incubators provide low-cost space, economic incentives, and assistance in general business techniques and commercialization.

Manhattan link. Pace also announced that it is creating a second business incubator in New York City. Housed at 163 William Street, on Pace’s downtown campus near City Hall and six blocks from Wall Street, its facilities will be available to tenants of the Yonkers incubator.

Pace will operate both incubators under the name of SCI2 (Second Century Innovation and Ideas Corporation), a not-for-profit corporation affiliated with the university (www.sci2.org). Companies interested in the commercialization assistance of the SCI2/Springlab partnership, and/or that wish to apply for residency in the new SCI2 Yonkers or New York City incubators should contact SCI2 Executive Director Victor Goldsmith, PhD, at 212-608-8282 or vfg@sci2.edu.

The nValley Technology Center, a local non-profit development corporation, was developed by the Yonkers Industrial Development Agency (YIDA), which bore the estimated $2 million cost of renovations. Pace will share in the increased economic value of successful incubator companies.

Pace expects the new incubators to provide practical experience for students, help keep faculty members at the cutting edge of new developments, and assist in the economic development of the Hudson Valley region and beyond.

300 jobs. Said mayor Amicone, “For forty years this facility was owned and occupied by Purdue Fredrick Pharmaceutical, and from here Purdue grew into an international company. Under the guidance of Pace we see the products of the new incubator following a similar path.”

“Clearly, this is a superb location,” he added. “It is within three minutes of three major parkways and highways, five minutes from Metro North Railroad and the soon to be announced ferry service to Battery Park city. It is within the New York State Empire Zone and the federal Empowerment Zone, which allow businesses to operate virtually tax free. The cost of doing business in Nepperhan Valley is a fraction of what it would be in Manhattan or White Plains. The building is wired as a smart building and is connected to the ATM switch which provides ultra high speed data transfer.”

Amicone pointed out that the nValley Technology Center is the first building to be redeveloped in the Nepperhan Valley district and said, “We believe this will be the spark to ignite a complete redevelopment of the entire valley.”

“We expect that within twelve months over three hundred new jobs will be created at the nValley Technology Center,” he said. “We are very pleased to have Pace University join us in the continued re-growth of our city, which has re-emerged as one of the premier cities in which to live and work in the State of New York. With institutions like Pace joining us, we are confident that the effort will continue to grow. This is only the beginning of what promises to be another great step forward for the City of Yonkers.”

Future CAT. Said Caputo, “We are pleased to be leaders with Yonkers in helping create this new economic engine for the Hudson Valley. It fits our motto of ‘opportunitas’ by offering superb professional advice from our business and computer schools, and by giving our students and faculty members exposure to entrepreneurial opportunities. It also should bring us some additional revenue. We are particularly excited by the partnership with SpringLab and with its partners, the WBA and GreenHills Ventures.”

Caputo added. “We’re the largest institution of higher education in Westchester County, so we have a strong obligation to share our expertise and take an active role in economic development.”

“Looking ahead,” Caputo said, “we hope this incubator will be the catalyst for a Center for Advanced Technology. CATs have been created under the New York State Technology and Research Program in 13 regions of the state. The Hudson Valley is overdue for one.”

Said Martinez, of GreenHills Ventures, “This joint venture incubator will greatly improve our ability to make investments in promising early stage companies. Our ability to combine our intellectual capital and disciplined proprietary approach towards investing in early stage businesses gives those companies a greater chance to succeed. We are very excited about our partnership with Pace University and look forward to seeing some of our companies graduate into the mainstream.”

Tax incentives, student help, boot camps. Qualified early-stage businesses locating in the Yonkers incubator will benefit from factors including:
· Below market rents.
· Tax incentives and access to low cost loans, available because of the incubator’s location in both a New York State Empire State Development Zone and a federal Empowerment Zone.
· The active involvement and expertise of Pace University faculty members and graduate and undergraduate students. These are expected to come primarily from Pace’s Lubin School of Business and Pace’s computer school, the School of Computer Science and Information Systems.
· Top quality business development advice and, when appropriate, funding including seed financing or venture capital funding.
· Access to venture capital boot camps, via the partnership with SpringLab, that will help with presentation skills and provide exposure to top venture capital firms seeking to make early stage investments.

Partners. The nValley Technology Center is a former Alexander Smith Carpet Company factory, built in 1922. Purdue-Frederick Scientific Laboratories, now Purdue Pharma L.P, later used it for pharmaceutical research. The company sold the building to the YIDA for $1 in 2000 on condition that it be used for economic development.

New York State has roughly 25 incubators and North America has approximately 950, according to the National Business Incubation Association.

Pace University is a comprehensive, independent university committed to opportunity, teaching and learning, civic involvement and measurable outcomes. It has campuses in New York City and Pleasantville, Briarcliff and White Plains, N.Y., and a Hudson Valley Center at Stewart International Airport near Newburgh, N.Y. More than 14,000 students are enrolled in undergraduate, graduate and professional degree programs in the Dyson College of Arts and Sciences, Lubin School of Business, School of Computer Science and Information Systems, School of Education, Lienhard School of Nursing and Pace Law School. Www.pace.edu.

GreenHills Ventures, LLC is a New York based early stage private equity fund (GHV Fund, LP) and investment banking firm. It applies financial management expertise coupled with direct investment to help companies achieve enduring, high growth businesses. Its proprietary, milestone-based ProjectScope™ investing process establishes strong business fundamentals and helps increase company valuation while preserving investors’ and founders’ equity. The firm takes a value added, hands-on approach to investing. It works closely with companies and entrepreneurs to help them achieve measurable and quantifiable milestones by providing business focus, milestone planning, strategic guidance, and access to key industry resources in order to achieve a sound and viable business. Its comprehensive network of high quality external investors and strategic corporate partners helps companies execute their plan better and cost efficiently. Through its extensive investment and professional resources, vast collective experience, and access to direct co-investments, GreenHills Ventures helps early stage companies validate their business approach and turn themselves into viable, profitable, mature and high growth enterprises. More information is available through www.GreenHillsVentures.com

The Westchester Business Accelerator, LLC, is a Westchester County-based advisory firm whose objective is to strategically access and integrate the intellectual capital and resources of Westchester County to stimulate economic development and job creation for the early-stage business sector. For businesses needing assistance for funding and/or growth opportunities the WBA offers access to a strategic network of the County’s business leaders and financiers. The WBA has assisted entrepreneurs to identify private equity funding, strategic alliances, go-to-market intelligence and government assistance. The WBA has a partnership with the Westchester County Association and the Westchester Venture Group that integrates their membership and networks of partners and specialists to provide intellectual capital, growth alliances and funding.

Success is a Two-Way Street: Learn from Entrepreneurs at Pace University

Successful entrepreneur, Charles E. Ramsey, is “giving back” by
returning to the classroom to teach Lubin School of Business students
how to determine if they’ve got what it takes to be an entrepreneur in
the high-tech arena. According to Ramsey, it’s all about attitude.

Contact:Public Affairs
(212) 346-1696

NEW YORK-Successful entrepreneur, Charles E. Ramsey, is “giving back” by
returning to the classroom to teach Lubin School of Business students
how to determine if they’ve got what it takes to be an entrepreneur in
the high-tech arena. According to Ramsey, it’s all about attitude.

Ramsey co-founded Ramsey/Beirne, an executive search firm that focuses
on one industry– information technology (including software, hardware,
the Internet, networking) and conducts searches for senior managers only,
in 1987. The firm’s focus, drive and energetic staff have made it the
industry leader within the competitive niche of information technology
recruiting. The Ramsey/Beirne client list represents the best known
firms in high tech, including Novell, Dell, eBay, Excite, E*Trade and
Netscape.

Pace University’s Lubin School of Business launched its “Entrepreneur
in Residence” program in September 1998, to provide entrepreneurs-to-be
the chance to interact and learn from successful self-starters. The
program features individuals who have created, financed and managed new
business ventures. Three guest entrepreneurs per academic year visit
Lubin and share their knowledge with students and faculty.

Ramsey will interact with students on Pace University’s Pleasantville
and White Plains campuses. Based on his first-hand experience in growing
a company from the ground up, Ramsey will discuss what students need to
know to become an entrepreneur and how they can start a business in the
field of information technology.

Pace is a comprehensive, independent University with campuses in New York
City and Westchester County. Nearly 14,000 students are enrolled in
undergraduate, graduate and professional degree programs in the Dyson
College of Arts and Sciences, Lubin School of Business, School of
Computer Science and Information Systems, School of Education, School
of Law and Lienhard School of Nursing.

Pace University’s Lubin School of Business Launches Entrepreneur in Residence Program

More than 85 percent of new businesses fail. But don’t tell American entrepreneurs the odds! With technological advances, growing opportunities on the Internet and the ever-enduring lore of Horatio Alger — more Americans than ever want to start and run their own business. Pace University’s Lubin School of Business launches an “Entrepreneur in Residence” program, to commence in September 1998, to provide entrepreneurs-to-be the chance to interact and learn from a successful self-starter.

Contact: Public Affairs
(212) 346-1696

NEW YORK – More than 85 percent of new businesses fail. But don’t tell American entrepreneurs the odds! With technological advances, growing opportunities on the Internet and the ever-enduring lore of Horatio Alger — more Americans than ever want to start and run their own business. Pace University’s Lubin School of Business launches an “Entrepreneur in Residence” program, to commence in September 1998, to provide entrepreneurs-to-be the chance to interact and learn from a successful self-starter.

Lubin’s Entrepreneur in Residence program will feature individuals who have created, financed and managed new business ventures. Three guest entrepreneurs per academic year will visit Lubin and share their knowledge with students and faculty. The program received funding from the Coleman Foundation, Inc., of Chicago. Randy Myer, founder of Best Friends Pet Care, a national chain of high quality boarding, grooming and veterinarian services, is the first scheduled entrepreneur for the 1998/99 school year. Myer has a Harvard MBA and, prior to founding Best Friends Pet Care, worked for Booz, Allen & Hamilton, Spalding and IBM.

Myer will interact with students on Pace University’s Pleasantville, White Plains and New York City campuses. Myer states that, “most business education has been geared to large corporate leaders of business, but the backbone of this country is really the small business owner.” In addition to teaching a graduate course on Entrepreneurial Policy, Myer will lecture to undergraduate and graduate marketing and management classes, conduct hands-on workshops, and help students to develop business plans and strategies for attracting venture capitalists. Myer also will participate in developing an Entrepreneurial Development Fund, which will invest in and provide resources to Pace students and alumni who have an idea for a new business. Myer comments, “Pace will not only offer students the educational wherewithal to start their own businesses but also assist them financially in getting started.”

Pace is a comprehensive, independent University with campuses in New York City and Westchester County. Nearly 14,000 students are enrolled in undergraduate, graduate and professional degree programs in the Dyson College of Arts and Sciences, Lubin School of Business, School of Computer Science and Information Systems, School of Education, School of Law and Lienhard School of Nursing.

Tips for Starting Your Own Business

NEW YORK – The psychology of a successful entrepreneur may be elusive, but there are several practical tips one can follow when embarking on a new business venture. Randy Myer, Entrepreneur in Residence at Pace University’s Lubin School of Business, provides some hands-on guidelines for strategic and successful entrepreneurship.

  • Acquire Experience in Your Field. If you want to start a cookie company, try working as an apprentice in a leading bakery. Learn the business. See how the inside of your dream really works.

  • Conduct Research. Determine the need for your product or service within your target population. For instance, before Myer started his company, Best Friends Pet Care, he discovered that pet owners were willing to spend a lot of money on their pets – especially for quality. And in 1990, when Myer set out, the pet care industry was seriously under-serving this population.

  • Solve Consumer Frustrations. Successful companies solve consumer frustrations and correct market imperfections. You may not be able to build a better mousetrap, but you might be able to create something like the E-Z Pass, which eliminated many commuters’ frustration when waiting at the toll booth.

  • Develop a Conservative Business Plan. Underestimate the “up” side in terms of product development, marketing and sales and overestimate the time it will take you to achieve that.

  • Supplement Your Staff. Hire a team of people who possess skills and experience that you do not have. Do not hire individuals who will only clone your strengths.

  • Develop a Working Model. If your business is multi-location, develop a model in one place to see how it works before you start expanding.

Randy Myer, founder of Best Friends Pet Care – a national chain of high quality boarding, grooming and veterinarian services – is available for interviews; please contact Public Affairs at (212) 346-1696 to schedule.