Economic Development

Competition runs deep as annual ‘RipTide’ returns

By GREGORY ZELLER // A business plan pitch-a-thon with real pull is returning to the Hamptons. i-Hamptons – the professional networking community that brought you The Spur and Spur East, members-only “entrepreneur’s clubs” aimed at East End impresarios – is diving back into business-building waters with its annual “Shark Tank”-like business plan competition, “RipTide: Sink or Swim.” This year’s Riptide III (unofficially updated as “$ink or $wim”) is set to distribute some $50,000 in grant…


Baldwin scores $10M in Albany’s 2019 DRI competition

By GREGORY ZELLER // Downtown Baldwin has taken the regional crown, and the $10 million jackpot, in Albany’s annual downtown-revitalization competition. Following wins by Westbury in 2016, Hicksville in 2017 and Central Islip in 2018, Baldwin – a census-designated hamlet in Nassau County’s Town of Hempstead – will enjoy a $10 million state stipend aimed at sprucing up its downtrodden downtown. On Tuesday, Baldwin became the first winner announced in the fourth-annual Downtown Revitalization Initiative…


With next DRI winners looming, Central Islip gets busy

By GREGORY ZELLER // With the latest winners of Albany’s annual Downtown Regional Initiative waiting in the wings, they’re getting busy in Central Islip, reigning Long Island champion. The statewide competitive-application process – which awards $10 million stipends to spur private investment in distressed downtowns in each of New York’s 10 economic-development zones – is set to announce its Round 4 winners in the coming days. But first, Gov. Andrew Cuomo has been delivering updates…


New era, same mission as golden LIBDC plans ahead

By GREGORY ZELLER // Invention, and reinvention. They are the manifestation of creativity and the heart of innovation. True today, on a Long Island staking a claim as a leading biosciences hub; true a half-century ago, when a unique combination of potato farms and cutting-edge aerospace defined an otherwise sparse suburbia. The current leadership of the Long Island Business Development Council, which turns 50 this year, is a reinvention of sorts – a forward-thinking team…


In Contract Pharmacal, Albany’s job-making blueprint

By GREGORY ZELLER // New York might not have the best reputation among national entrepreneurs, but that doesn’t mean an independent business can’t thrive here – and Albany is trumpeting a Long Island success story as proof of the state’s economic-development chops. On Tuesday, the Empire State Development Corp. and the New York Power Authority issued an update on Contract Pharmacal Corp., a family-owned pharmaceuticals manufacturer that has made several job-creation and facilities-investment promises in…


Stakeholders unite to support pharma/nutra’s future

By GREGORY ZELLER // With more than 150 companies and 9,800-plus employees, the pharmaceutical/nutraceutical industry is already a Long Island cornerstone – and some major regional stakeholders want to see it grow. On Tuesday, the Suffolk County Industrial Development Agency and the Workforce Development Institute officially introduced “Driving Suffolk County’s Innovation Economy: The Pharmaceutical/Nutraceutical Growth Factor,” a 48-page report detailing pharma/nutra’s impressive growth over the last decade and the unique obstacles the industry faces on…


For downtown Hicksville, the circle is now ‘Complete’

By GREGORY ZELLER // Nassau County has started the ball rolling on an ambitious effort to bring safer, more convenient thoroughfares to one of Long Island’s most densely populated downtowns. County officials have officially committed to the Downtown Hicksville Complete Streets Project, which aims to improve accessibility and safety for motorists, pedestrians, mass-transit passengers, cyclists and others traversing the downtown area of the busy Town of Oyster Bay hamlet. Starting with an outreach effort designed…


Community wellness meets innovation at Hofstra camp

By GREGORY ZELLER // Healthcare met entrepreneurism this week at Hofstra University, where teams of wellness-focused innovators came together to learn the business ropes directly from seasoned insiders, including Northwest Health professionals. Hailing from around the Greater New York region and as far away as Massachusetts and Florida, 26 teams of aspiring wellness impresarios received entrepreneurship training to help promote healthcare innovations in underserved communities, the “challenge topic” of the 2019 Healthcare Entrepreneurship Community Challenge…


Location plays big as Bridgeworks, DropDesk expand

By GREGORY ZELLER // Consider it ridesharing on the road to professional development. That’s the angle founder Graham Beck is taking at Bridgeworks, the Long Beach co-working community that’s advancing nicely in Beck’s self-appointed mission to create a local business-incubation system – and then replicate it elsewhere. As co-working spaces go, Bridgeworks is a busy one: networking events, marketing help, printing services, plenty to eat and drink and a host of other business-building benefits especially…


Suffolk IDA steps up as Spellman expands global HQ

By GREGORY ZELLER // An expanded global headquarters and as many as 10 new hires are in the cards for the Spellman High Voltage Electric Corp., which has received an economics-incentives package from the Suffolk County Industrial Development Agency. The IDA on May 2 granted the company some $652,000 in combined tax breaks, primarily through a 10-year reduction in property taxes, to facilitate the modernization of Spellman’s existing headquarters facility on Wireless Boulevard in Hauppauge….


Study: Park is the place for ‘tradeable’ opportunities

By GREGORY ZELLER // It already plays a central role in the Long Island economy, but the economic power of the Hauppauge Industrial Park has barely been scratched. So says a new “opportunity analysis” of the Northeast’s largest business park, prepared by the Suffolk County Industrial Development Agency and the Hauppauge Industrial Association of Long Island and announced Wednesday by Suffolk County Executive Steve Bellone. “Hauppauge Industrial Park: Regional Competitiveness and Growth Strategies” spends 160…


Minority-owned businesses benefit as Hofstra ‘Ascends’

By GREGORY ZELLER // A new university/government/industry outreach program focused on minority entrepreneurs received an executive-grade kickoff Tuesday at Hofstra University. Funded by a $350,000 grant from JPMorgan Chase, the Ascend Long Island program – what Hofstra called “the first suburban outpost” of Chase’s larger Ascend 2020 effort – launched with a half-day symposium and an impressive 24 regional businesses already in the fold. Ascend 2020 is a joint effort of JPMorgan Chase’s Small Business…


Shamash departs, SBU economic development realigns

By GREGORY ZELLER // Stony Brook University is bidding farewell to its longtime economic-development guru – and saying hello to a new innovation-and-commercialization protocol, starting with a union of its mighty research and economic-development offices. University President Samuel Stanley Jr. announced Thursday that effective April 1, SBU’s Office of Economic Development will be consolidated within the university’s Office of Research – creating the new Office of Industry-Research Partnerships & Business Services and the new Office of…


Brookhaven backs Bristal Assisted Living, once again

By GREGORY ZELLER // Two senior-living projects will move forward in Mount Sinai, with a little help from the Town of Brookhaven Industrial Development Agency. The Brookhaven IDA has closed on a fresh economic-incentives package with The Engel Burman Group, the Garden City-based residential developer and frequent Brookhaven IDA collaborator known best for its assisted-living communities. According to the development agency, the new tax-abatement package will help its old business associate with a 120-unit Bristal…


Handy IDA package helps maintenance manager move

By GREGORY ZELLER // Leveraging a $5 million company investment and looking to preserve nearly five dozen jobs, the Suffolk County Industrial Development Agency has stepped up like a boss. Actually, the IDA stepped up for a Boss, as in Boss Facility Services, a Ronkonkoma-based facilities-maintenance contractor that’s looking to purchase and renovate a 31,000-square-foot building on Adams Avenue in Hauppauge. That transaction becomes a little easier thanks to the Suffolk IDA, which has issued…