Empire State Development Launches “New York Ventures” and Completes First Two Investments

For Immediate Release: Monday, August 3, 2015

Contact:
Maria Michalos (ESD) | maria.michalos@esd.ny.gov | (212) 803-3765
ESD Press Office | pressoffice@esd.ny.gov | (800) 260-7313

Empire State Development today announced the launch of New York Ventures, a program dedicated to encouraging innovation and fueling economic growth in communities across the state. New York Ventures will oversee the State’s innovation investment funds, which provide financial capital to early-stage, technology-based businesses, and include the New York State Innovation Venture Capital Fund, a $100 million multi-stage fund; the Innovate NY Fund, a $45 million seed-stage fund; and the Minority-and Women-Owned Business Investment Fund (MWBE), a $2 million seed-stage fund.

Empire State Development also announced that the NYS Innovation Venture Capital Fund has closed on financing for two New York-based companies: Cureatr, a mobile healthcare communications platform, and Unite US, a software platform that coordinates services for veteran and military families.

Governor Andrew M. Cuomo recently increased funding from $50 million to $100 million for the NYS Innovation Venture Capital Fund to identify and support entrepreneurs developing high- growth, technology-driven companies, and to spur job creation in communities throughout the state. The funding will also support the commercialization of technologies emerging from universities, accelerators, labs, and incubators across New York State, and will be matched by at least $200 million in private-sector investment capital. Funding recipients commit to either remaining in, or relocating to, New York State.

“When entrepreneurs have the necessary resources, drive, and talent to be successful, their accomplishments result in tangible economic benefits all across the Empire State,” said ESD President, CEO & Commissioner Howard Zemsky. “New York Ventures will organize the State’s innovation investment funds under one single roof, and will enable innovators to access the funding required to cultivate their product and turn big ideas into big businesses.”

Cureatr has developed an innovative approach to eliminating communication barriers that health providers face when coordinating care for patients. Their mission is to establish seamless communication in healthcare through Care Transition Notifications™, which provide real-time push notifications to alert providers when their patients are treated in any care setting within their region. This enhances the ability for clinicians to intervene, simplifies team coordination and streamlines workflows.

“We launched the first Care Transition Notification™ network in New York with early hospital partners and are now expanding our network nationally. During this period of significant growth, we are fortunate to have the support and guidance of several key strategic investors, including New York Ventures," said Joseph Mayer, MD, Cureatr's founder and chief executive officer. "We recognize the important role New York Ventures has in encouraging the success of innovative ventures across the state and we are honored to be included in this round of funding."

Unite US revolutionizes how citizens connect with local resources, services, and care, with an initial focus on serving a demographic close to their heart—veterans and military families. They provide a free national resource network (UniteUS.com), and empower organizations and communities with centralized organizational CRM and care coordination software to effectively communicate, manage, and coordinate their services.

“We’re excited to partner with New York Ventures to help us expand our model, most importantly, because we’re providing the first coordinated network of service providers in New York State, and now, we’re expanding our services nationally. Since our software is in the hands of hundreds of public and private NYC practitioners, we have already begun to make a significant impact in the state for our nation’s veterans and their families,” said Dan Brillman, CEO of Unite US.

About the NYS Innovation Venture Capital Fund (NYSIVCF)
The NYS Innovation Venture Capital Fund is part of New York Ventures, which is committed to encouraging innovation and driving economic growth in communities across the state. As part of his Opportunity Agenda, the Governor expanded the program and doubled the fund to $100 million in the 2015-2016 Executive Budget. NYSIVCF is being coordinated with the State's existing business resources and innovation investments, including the Governor's START-UP NY program, Innovation Hot Spots, the Regional Economic Development Councils, the Centers of Advanced Technology and Centers of Excellence networks and the SUNY 2020 Initiative.

SBA Syracuse District Newsletter | Encore Entrepreneurship Events in August | Success Story: Veteran Entrepreneur Chris Dambach

It's Your Business Syracuse District Office July Newsletter Brought to you by the U.S. Small Business Administration

Encore Entrepreneurship Events in Utica and Ithaca in August The U.S. Small Business Administration and AARP are partnering to host “Summer of Encore Mentoring” educational events for older Americans who want to start or expand small businesses. “AARP has been a great partner in helping encore entrepreneurs not just to retire, but also to rewire,” said SBA Administrator Maria Contreras-Sweet. “These entrepreneurs more often have the experience and wisdom to reach for their dreams of running a small business, and we want to help them reach that dream and change the world." The SBA Syracuse District Office will partner with AARP, Mohawk Valley Small Business Development Center, Utica SCORE, and the Women’s Business Center of NYS to present a free Encore Entrepreneurship event at the Radisson Hotel in Utica from 6:00-8:00 p.m. on August 11. Register here. With AARP, Binghamton Small Business Development Center, City of Ithaca, and Tompkins County Area Development, the SBA Syracuse District Office is cosponsoring a free Encore Entrepreneurship event, Too Young to Retire, at the Coltivare Culinary Center in Ithaca from 8:30-11:30 a.m. on August 13. Register here.  The “Summer of Encore Mentoring” is part of a joint initiative by the SBA and AARP to promote entrepreneurship among individuals ages 50 and older. The “Summer of Encore Mentoring” events will also help connect encore entrepreneurs with mentors from the SBA’s resource partner network of Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), and SCORE chapters who can help with every stage of a business’ life cycle. A survey of 1,400 business owners who incorporated their business in 2012 found that two-thirds of respondents over age 60 had previously started a company. Ten percent of these entrepreneurs had even started five prior companies. Small business owners with long-term counselors see bigger sales, hire more workers and have more longevity.  For Former Marine Chris Dambach, Entrepreneurship Is In His DNA When Chris Dambach was eight years old, his father’s assignment in the U.S. Army changed and the family was relocated from Syracuse, NY to Virginia. Dambach found he could make money by selling cold cans of soda at nearby construction sites. After his soda-filled summer, Dambach spent the fall catching crawfish in creeks to sell to friends as pets and to fishermen as bait. His third venture was selling candy to other kids on his bus-eventually drawing the ire of the school principal when lunch money was used to buy candy instead. Little did Dambach know that his childhood start as an entrepreneur would come full circle when his life was at a crossroads. “I was assigned as a scout with the 4th Light Armored Reconnaissance Marine Corps unit in Mattydale, NY. Our unit was activated and deployed to the Syrian border area in northern Iraq in 2009,” recounts Syracuse-native Chris Dambach. “On Mother’s Day, our vehicle rolled over and I suffered several injuries after being ejected that led to the end of my military career. While rehabbing back stateside at the VA, I began questioning what I wanted to do with the rest of my life. Ever since I was a kid, I had wanted to start my own business and my mind couldn’t let go of the idea of being my own boss. My life was worthy of that.” Friends and family encouraged Dambach to use his GI benefits to go to college or pursue a job. Starting a business from nothing in the middle of a recession seemed impossible to everyone-except Dambach. In true Marine form, Dambach transformed the negativity into more motivation for success. “I started a lawn care business, partly because I wanted to work outside in the elements by myself-the rain, the snow, the heat of the summer. It was a little bit of therapy, too. I used $5,000 from my Iraq savings to buy mowing equipment and placed a simple Pennysaver lawn care ad in the spring of 2010. Within 48 hours, I had 30 clients and that’s where it all started,” said Dambach. After Veteran Lawn Care Service’s first year of residential lawn care, Dambach added commercial clients to the mix in 2011. Dambach turned to the Onondaga Small Business Development Center for counseling advice on taking his business to the next level that same year. > Read more Binghamton SBDC Presents SBIR/STTR Conference for Small Businesses The Binghamton Small Business Development Center (SBDC) will host the "The Business of Technology: SBIR/STTR Grants - Commercializing Technology" conference on September 2 and 3 at the Innovation Technology Complex at Binghamton University. Presenters include the SBA Syracuse District Office and the Greenwood Consulting Group Inc.The registration fee is $395, but the fee is waived for SBDC clients due to grant funding. For more information about this event, please contact the Binghamton SBDC at (607) 777-4024 or sbdc@binghamton.edu.  Connect with us for news and resources HAPPY BIRTHDAY SBA! In the Small Business Act of July 30, 1953, Congress created the Small Business Administration, whose function was to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns."; The charter also stipulated that SBA would ensure small businesses a "fair proportion"; of government contracts and sales of surplus property. By 1954, SBA already was making direct business loans and guaranteeing bank loans to small businesses, as well as making loans to victims of natural disasters, working to get government procurement contracts for small businesses and helping business owners with management and technical assistance and business training. The Investment Company Act of 1958 established the Small Business Investment Company (SBIC) Program, under which SBA licensed, regulated and helped provide funds for privately owned and operated venture capital investment firms. They specialized in providing long-term debt and equity investments to high-risk small businesses.  SBA has grown significantly in terms of total assistance provided and its array of programs have been tailored to encourage small enterprises in all areas. SBA's programs now include financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. SBA also provides loans to victims of natural disasters and specialized advice and assistance in international trade. SBA SYRACUSE DISTRICT OFFICE EVENT CALENDAR Recent SBA Syracuse District Lending Activity May 2015 Report June 2015 Report

Syracuse District Office 224 Harrison Street Syracuse, NY 13202 Phone: 315-471-9393 Fax: 315-471-9288 Elmira Branch Office 333 E. Water Street Elmira, NY 14901 Phone: 607-734-8130 Fax: 607-733-4656 Albany Office 1 Computer Drive S. Albany, NY 12205 Phone: 518-446-1118 Fax: 518-446-1228 Website: www.sba.gov/ny/syracuse Office Directory Bernard J. Paprocki, District Director Phone: 315-471-9393 x 235 Email: bernard.paprocki@sba.gov Nancy Caple, District Counsel Phone: 315-471-9393 x 228 Email: nancy.caple@sba.gov Cathy Pokines, Deputy District Director Phone: 315-471-9393 x 241 Email: cathy.pokines@sba.gov Valerie Shoudy, Lender Relations Specialist Phone: 315-471-9393 x 253 Email: valerie.shoudy@sba.gov Rachael Stanton, Public Affairs Specialist Phone: 315-471-9393 x 244 Email: rachael.stanton@sba.gov Jonathan Kilcourse, Administrative Officer Phone: 315-471-9393 x 226 Email: jonathan.kilcourse@sba.gov Dan Rickman, Economic Development Specialist Phone: 315-471-9393 x 250 Email: daniel.rickman@sba.gov Grace Conners, Lender Relations Specialist Phone: 315-471-9393 x 252 Email: grace.conners@sba.gov Erica Choi, Albany Senior Area Manager Phone: 518-446-1118 x 231 Email: erica.choi@sba.gov Sid Ramotar, Lender Relations Specialist Phone: 518-446-1118 x 232 Email: elcid.ramotar@sba.gov Howard Garrity, Economic Development Specialist Phone: 607-734-8130 x 30 Email: howard.garrity@sba.gov

7(a) Loan Authorization Ceiling Raised to $23.5 Billion | Introduction to Crowdfunding

From startups to established businesses, SBA offers resources to help finance your business. Find out how to start, manage, and grow your business with our many finance options.  >>Read more

7(a) Loan Authorization Ceiling Raised to $23.5 Billion "Thank you to the House of Representatives for the step it took on Monday to raise SBA’s lending authorization ceiling to $23.5 billion for our 7(a) loan guaranty program.  Combined with the Senate’s action last Thursday, the SBA’s flagship lending program is back on track." >>Read more SBA was officially established in 1953, but its philosophy and mission began to take shape years earlier in a number of predecessor agencies, largely as a response to the pressures of the Great Depression and World War II. >>Learn more  Introduction to Crowdfunding for Entrepreneurs Want to consider alternative financing but not sure where to start? Learn about crowdfunding and what it can do for you.  Learn what crowdfunding is and what some of the benefits are  Discover how entrepreneurs can use crowdfunding  Get tips for crowdfunding success Legal Requirements for Small Business As a small business owner, do you know what your federal, state and local legal obligations are? This course will give you an overview of the legal requirements of small business owners. Webinar | Social Media 101: A Roadmap to Winning Customers  Thursday, August 13, 2015 | 2:00 PM ET     Do you have questions about the best way to market your new or existing small business? Join the Small Business Administration (SBA) and AARP during a free hour-long webinar on August 13 to learn about:  Developing a marketing plan  Using social media  Building a website  Sizing up the competition  And more!  >> Register Now    Webinars | Affordable Care Act 101 SBA and Small Business Majority will host free Affordable Care Act 101 webinars so small business owners can learn the basics of the Affordable Care Act and how they can enroll in health insurance marketplaces. Join us every other Thursday at 2 PM ET. August 6: Click to Register August 20: Click to Register Join us for the Affordable Care Act 101 webinar in Spanish. August 11: Click to Register Conference Call | What You Need to Know About Exporting to Cuba The Bureau of Industry (BIS) under the U.S. Department of Commerce has scheduled monthly call-in programs to field questions from the exporting community concerning the Cuba rule published on January 16, 2015. Rules and Regulations The calls are scheduled at 2 pm EDT on the following days:  August 11 September 8 October 13 November 10  December 8 Toll Free Number: 1-888-889-0538 Leader and Participant passcode: CUBA >>Read more    Blog | Preparing to Open a Franchise  In the last blog we talked about deciding if a business is franchise worthy. The next step is the big one. It’s one thing to do market research on a business idea, it’s quite another to open your checkbook and put your money where your idea is. >>Read more Blog | Summer Slowdown? Make the Most of It While some seasonal businesses hit primetime during the summer, many others see a major slow-down as clients and customers go on vacation (and as new projects are postponed until after said vacationing.) Never fear – here are a few steps your business can take to make the most of the summer months. >>Read more    Blog | West Coast Lenders: Profit From Your Customers' Export Sales The most competitive companies in your portfolios are those that have proven themselves by succeeding in international markets. But, they often need additional working capital to expand into new markets and fill orders. Are you supporting them in their growth and profiting from their success? >>Read more    Blog | Let’s Pop the Bubble on Startups, Ideas, and Investments Maybe it’s because business schools teach it that way. Maybe it’s because it’s easier to write about. Maybe it’s because of the dream and the glamor involved. Whatever the reason, there is widespread misunderstanding about the reality of business ideas, startups, and investors. >>Read more