Friday, February 5, 2010

New nonprofit aims to spark growing firms

The Central NY Business Journal reported that a new nonprofit group has launched to encourage the development and growth of more small, innovative companies in upstate New York.

The organization, Upstate Venture Connect, aims to increase connections among mentors, entrepreneurs, and those interested in working for young, growth-oriented firms. Group leaders also want to spark more collaboration among business groups, universities, and economic development organizations.

Upstate New York isn't likely to generate major job growth by attracting large companies that will hire hundreds or thousands of people, says Martin Babinec, founder and chairman of Upstate Venture Connect, which started in January.

"That's yesterday's industrial model," he says. "But it's not reality with the way things currently work."

A better path, Babinec says, is to focus on developing numerous smaller companies. The group will concentrate on firms that can attract private-equity financing since they tend to be those with the best shot at growth. Read more here.

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