News

P-TECH quietly preps future manufacturing stars

By GREGORY ZELLER // Long Island wasn’t on the list when Gov. Andrew Cuomo announced a new round of Pathways in Technology funding June 5, but Island educators and businesses say they are making good progress with a grant LI snagged in 2013. Of course, they’d like more. Known as P-TECH, after its clunky, acronym-focused name, Pathways in Technology Early College High School, the program supplies funding to applicants that focus on STEM education. Long…


Many ways to bring home the bacon

By GREGORY ZELLER // It may be the most unique professional trifecta in Long Island history. Radiological technologist Patrick Gaeta, an X-ray technician at Port Jefferson’s Long Island Bone and Joint, is also co-owner of Wading River barbecue joint North Fork Bacon & Smokehouse. And last month, the ever-entrepreneurial Gaeta launched a second private business: an aerial photography enterprise using an imported Chinese drone. Combining healthcare, high-tech gadgetry and finger-licking gastronomy is the perfect amalgam…


Vasomedical’s big move into on-demand tech

By GREGORY ZELLER // Vasomedical’s acquisition this month of a Florida-based managed network provider named NetWolves may serve as a template for the future of U.S. health care. A big view, for sure, but it comes from Jon Linkous, CEO of the American Telemedicine Association, a Washington-based nonprofit promoting the use of remote medical technologies. Citing the evolution of interactive, on-demand technology in other industries, Linkous believes “health care is next,” and says the acquisition…


Almost 60 years later, still very much a startup

By GREGORY ZELLER // “Innovative” is often associated with “new,” but when it comes to Long Island’s innovation economy, the region’s oldest biopharmaceutical company is leading the pack. With a five-person staff and a market cap over $300 million, Lynbrook’s BioSpecifics Technologies Corp. is one lean, mean biotech machine – and the most profitable days for the firm, which launched in 1957 among the nation’s first batch of biotech startups, may lie ahead. Consider the…


State hires Newmark, Cushman to push Start-Up NY

The state has hired two of New York’s top real estate firms to help market space at state schools for its Start-Up NY business incubator program. As part of the deal, Cushman & Wakefield will handle upstate and western New York, while Newmark Grubb Knight Frank will rep Long Island and other adjacent regions. New York City, where SUNY schools already have relationships with area brokers, is not included in the program. Cushman and Newmark…


Small business confidence report: Meh

The NFIB Small Business Optimism Survey climbed 1.4 points to 98.3 as six of 10 components improved. “It appears that the small-business sector has finally attained a normal level of activity, which will hopefully keep the economy moving forward, even at a subpar pace,” NFIB chief economist Bill Dunkelberg said. The Index of Small Business Optimism increased 1.4 points to 98.3 in spite of 5 months of what he called “lousy” growth. May is the…


urSwim is beginning to make waves

By GREGORY ZELLER // An Aquarius with a waterborne name, born to two Pisces, Marina Montes has been treading aquatic allusions all her life. She finally decided to just go with the flow. After finishing law school at the University of North Carolina-Chapel Hill and passing the North Carolina and New York bar exams, Montes – the 2011 Miss Long Island pageant winner – skipped a law career to start her own business. She’d made some…


BDS Capital raising up to $40M for new tech fund

By GREGORY ZELLER //  BDS Capital Management is doubling down on technology with a second venture fund that will invest between $25 million and $40 million, largely in Long Island startups. The fund, BDS Venture Fund II, follows a $6.5 million pool that backed Huntington-based eGifter and former Hicksville startup ProSeeder Technologies, as well as tech startups in New York City, Boston, Detroit and the left coast. “I would like to invest more on Long…


A royal nod to renewable energy

Queen Elizabeth has filed for a permit to equip her Balmoral estate in Scotland’s Aberdeenshire with solar panels. The house, built by Queen Victoria for her faithful — some say very faithful — servant John Brown, would be equipped with panels that would generate 1.8 kilowatts per hour on sunny days, which actually don’t come often in Aberdeenshire. The sunniest month is June, which traditionally has 15 days of rain. In winter, days with one…


Attention Woody Johnson

The Dallas Cowboys have reportedly inked a two-year deal with StriVR Labs, a virtual reality sports startup, to train its quarterbacks using VR headsets, according to news reports. After donning the headset, players see a live-action 3-D video replay of a football play from the quarterback’s perspective, and can review that play from a first-person view over and over, looking in any direction. Currently, StriVR’s technology is not interactive, but instead aims to teach quarterbacks decision-making skills…


Ackman foundation gives $10M to Cold Spring

Cold Spring Harbor Laboratory has received a $10 million endowment from the Pershing Square Foundation, the philanthropic venture of billionaire hedge fund manager Bill Ackman and his wife, Karen. The money will go to support the lab’s biology and genetics research and education programs. The principal of the fund will be managed by Ackman’s firm, Pershing Square Capital Management, with CSHL receiving an annual payment of 5 percent of the principal. In 2040, the appreciated fund…


NYU Langone and Huntington Med Group partner

NYU Langone Medical Center has acquired Huntington Medical Group, one of the largest practices of its kind on Long Island, in a move that keeps step with the changing healthcare environment from hospital-based to local ambulatory care. The Huntington practice has been a prominent fixture since the 1950s. The practice is open 365 days a year, sees approximately 1,000 patients each day, and is known for offering patients comprehensive, personalized healthcare services under one unified system….


DEBRIEF: Leo Guthart, Topspin Partners

A Harvard man through and through (BA physics 1958, MBA 1960, doctorate in business administration 1966), Leo Guthart held leading positions at several national corporations before launching private equity fund Topspin Partners in 2000 – just in time for 9/11. With its trademark think-before-you-leap mantra, Topspin survived the Great Recession to become a key player in Long Island’s burgeoning innovation economy, including several joint investments with regional booster Accelerate Long Island through the Long Island…


LaunchPad Huntington's Phil Rugile

Rocketing interest in LaunchPad Huntington

By GREGORY ZELLER // They’re packing them in at LaunchPad Huntington, with a host of new tenants hanging their shingles inside the year-old co-working space – including three new residents liberated from Brooklyn. In a reversal of Long Island’s cursed westward migration, a trio of unrelated professionals – including a Microsoft field operative and the Workforce Development Institute’s regional director – has headed east from Kings County to live and work on the Island, with…


Henry Schein CEO Stanley Bergman

At Henry Schein, good Fortune continues

Henry Schein’s big year continues: Not only did the Melville-based health care products distributor land Thursday on the Fortune 500 list for the 11th consecutive year, but it moved up five spots from its 2014 ranking. Henry Schein reported net sales of $10.4 billion in 2014, good for No. 287 on Fortune’s annual listing of the nation’s top public companies. Last year, the company was ranked No. 292. It was the latest glad tiding in…