As we move into 2011, the Upstate NY economy continues to weaken. Though there certainly are some bright spots of economic development they are overshadowed by heavy layoffs of companies and closing of businesses. The economic development efforts in Upstate NY have not improved the wellbeing of the general population.
We are more committed than ever to the concept that real long term growth for all of Upstate NY must come from the local entrepreneurs. We believe 2008 had 8 investments from venture capitalist and that amount of investment is simply not enough to make a meaningful impact on the general population. The IPO market is gone and mergers are scarce. We are creating a bottom up economic initiative.
We are now developing sources of GAP financing that will allow us to help entrepreneurs move their concepts from the earliest stages of development to the prototype stage to prove or disprove their technical or business concept. It is also apparent that many investments that are made in start-up companies in Upstate NY demand an exit strategy for the creators. This makes their investment easier to sell but does nothing to stabilize our local economy. The exit strategy is something that entrepreneurs should avoid since our goal is to increase economic development not to enhance the share holders portfolio. The value of the stock of a start-up will improve more rapidly if the company has strong local roots and a supportive community environment.
We also believe that entrepreneurial concepts must be taught in all of our local schools so that students have the basic concept that they can start their own business in Upstate NY instead of moving to New York City or Boston for good jobs.
Many of our artists have been able to increase their sales by listing some of the creative art work on this Web site.
Thank you for visiting us. We are sure that this year will be a very exciting year.
