In this video published by NBC Connecticut, Mystic Aquarium director of education and conservation MaryEllen Mateleska talks about single use plastic bags and the impact they have on the environment. This impact is becoming of greater interest to the community at large.
Small NY-Based Businesses: Trajectory
How do small businesses fare in New York? One often hears about crippling office rental spaces, harsh competition and other potential obstacles, but what are the advantages, if any? Here we take a look at some of the good reasons for opening a New York based business…even from one’s home.
Hostess of Real Life Cooking and Lovers and Friends Kathleen O’Brien Price (also former champion of “Chopped”) seems to be taking the New York small business scene very much in her stride. At just 31 years of age, O’Brien Price is part of a new group of entrepreneurs in the food industry who are getting attention around the city just from the work they do in their own homes. Using social media to promote events, they often only know one or two people who are in attendance at their homes! This is thanks to the ripple effect of social media. O’Brien Price said that at one event one guest told her that even though she doesn’t know her, she does via Instagram! According to Brooklyn based lawyer Jaime Lathrop:
“In New York City, if you are zoned residential, you can use your apartment for business if the business occupies only 25 percent of your available space, up to 500 feet, and you can’t have any employees on site.”
So from O’Brien Price it looks like small home based businesses are a good idea in New York. Plus, according to the Small Business Administration 2.1 million small business owners agree – as that is how many there are in the state. (In addition, there are 4 million employees of small businesses in New York, accounting for over half of the private workforce).
Also positive for small businesses in the region is B Corp Spring Bank which has less than 50 members of staff and works with underserved consumers and small businesses. Approximately 2 years ago it established an Employee Opportunity Loan Program to offer loans for employees at participating companies of up to $2,500 with no minimum credit score requirement.
New Jersey: Enhancing Transportation Options
Improvements in transportation are being made for New Jersey residents. With a new ferry service and additional grant funding for enhancement in road services, there should be good news for commuters and locals moving around the region.
Ferry service is being brought to Newport, Jersey City. The service – that will run between Newport and Manhattan’s West 39th Street Ferry Terminal – will be in operation every day of the week. The terminal for New Jersey will be Hudson River Waterfront Walkway at 30 River Court. Residents will get a discount on one-way fares.
The route will start at Newport and end at West 39th Street Ferry Terminal in Manhattan. It will be available seven days a week. Newport’s new ferry landing will be located at the Hudson River Waterfront Walkway behind the East Hampton rental building at 30 River Court. Newport officials said residents will receive a discount on one-way fares.
Grants of $30.1 million have been provided by the New Jersey Department of Transportation to be put toward local roads used as freight conduits. These monies are part of the Local Freight Impact Fund program which has been established to provide assistance for the facilitation of heavy truck traffic.
Eye Openers in New Jersey: What to “Watch”
Esco Optics Inc. has just opened a new branch in Oak Ridge, N.J. The optical manufacturer is expanded its presence in the area and the new office will be known as Esco North. According to Business Development Manager, Ron Schulmerich:
“This is exciting for everyone involved. As a top optics provider, this office gives us a stronger footprint within the fabric of Rochester. It allows us to continue to foster great experiences with our customers and opens a more formal presence in the area.”
New personnel include: Michael Vergo who is Custom Optics Design & Development Specialist and Joelle Brunetto who has been opened Sales Operation Manager. According to President of the firm, Lee Steneken: “We have over 60 years of optical heritage and we’re now positioned to grow our company and better serve our customers. It is with great pride that we are able to launch Esco North. This expansion is all due in part by our team in Oak Ridge, NJ. We are a family that has stuck together because we love what we do. Our manufacturing capabilities continue to thrive in our new headquarters, and the addition of Esco North will be a vital component of our expanded service to all current and future customers, especially within the Rochester area.”
Cara Therapeutics Stock Sale
Cara Therapeutics just closed on Monday with a $145.5 million stock offering. This is their third major public offering in the last 2.5 years and they plan to use the proceeds to fund the work they are doing on a new drug they are submitting to the FDA for Korsuva injections. The funding will help to support the clinical programs for an oral version of Korsuva
Korsuva will become their first drug to make it to market. They are based in Stamford, Connecticut.
Unemployment Levels Keep Dropping
Certainly great news for anyone living in or near New Jersey – the unemployment rate for June indicates a record low of 3.5%. These statistics come from the state Labor and Workplace Development Department, which announced the findings for the month on Thursday. It’s the lowest monthly rate that they’ve seen since they started keeping records in 1976.
In May the figure rested at 3.8% and the national average rate is 3.7%. Most of the gains for June came from the private sector, with the state’s addition of 10,200 total jobs.
Dow Jones Rallies After US Lifts Huawei Restrictions
The Dow Jones Industrial Average gained almost 200 points on Tuesday, reaching 25,877. The S&P 500 ended the day at 2,864, after growing by 0.9%. The tech sector did even better, posting a 1.2% climb for the day. Nasdaq also showed strong movement up, rising by 1.1% to 7,785.
Analysts believe the market was reacting to the decision by the Commerce Department on Monday night to allow Huawei to buy American products so they can maintain their existing networks and allow owners of Huawei phones to receive updates to their software. The agreement is only until August 19, but at least for now it means consumers with Huawei handsets will enjoy uninterrupted service.
Investors were worried that the original basket of restrictions was a sign that the trade war between China and the USA was getting worse.
Flight Centre Buys 25% Share in The Upside Travel Company
Flight Centre, the world’s largest travel agency and ASX-listed company, purchased 25% of The Upside Travel Company. The company did not disclose how much they paid, but Flight Centre is now the largest single shareholder of Upside.
Quintin Soloviev
Flight Centre anticipates that Upside’s unique tech platform will add value to its Corporate Traveler brand. They look forward to using Upside to target customers in North, Central and South America immediately, and move on to customers in the UK at a somewhat later date.
“Upside … has the potential to disrupt traditional offerings in the [small and medium-sized enterprise] sector in the future,” said Graham Turner, Flight Centre managing director.
Dean Smith, Flight Center’s president, said the company would gain an edge over its competitors from Upside’s “cutting edge artificial intelligence” technology.
“Its use of machine-learning models to dynamically price business travel packages in real-time to save clients’ money while increasing traveler options is just one example of Upside’s best in class technology,” he said.
Flight Centre’s stock gained two percent after the announcement, trading at $44.07 in the afternoon.
New York Firms Rebranding
It’s more than a name obviously but when a successful company changes it, one has to wonder why. New York & Company – the successful corporate women’s apparel firm – will soon become RTW Retailwinds next Monday. As part of its rebranding move, this will be the name under which it will be traded on the NYSE on November 20; with the RTW ticker symbol.
It’s not just the name that is changing though. For rebranding purposes there are other transformations being undertaken such as an expansion of Fashion to Figure (its plus size brand) as well as a brand new lingerie lifestyle brand and a Kate Hudson casual lifestyle collection. Greg Scott, CEO of the firm explained:
“RTW reflects our vision to maximize the power of our platform to create destination celebrity and lifestyle brand assortments across categories and channels. We move forward strongly positioned to continue our expansion of NY&Co, expanding celebrity brands with the upcoming launch of Kate Hudson and entering intimate apparel – a core competency of our team.”
Over in Buffalo, We Care Transportation (Buffalo’s most expansive non-emergency medical transportation provider) is ditching its name to become Cedar Bus Co. In its explanatory press release it was written that:
“The change reflects the organization’s evolution and ongoing commitment to clean energy and the communities they serve.”
In time for its 5th anniversary, Figliulo & Partners will simply become Fig, in some measures “to tie together the agency’s many developments since it opened in 2013.”
Tech Success in NYC
As Sam Natapoff recently explained in an article in Salon, “Fifteen years ago, New York City was a tech afterthought.” A lot has changed though over the last decade and a half with it being ranked as “the second highest performing startup ecosystem in the world after Silicon Valley.” Statistics show that New York City features:
- More than 280,000 tech jobs in the city
- More than 128,000 tech jobs in the state
- A 57% increase in tech employment between 2010-16
- 7 meter square feet of Manhattan office space occupied by tech tenants in 2016
- 7,500 New York based tech companies (23% increase since 2010)
And even more than that, New York is actually beating Silicon Valley in some sub-industries.
New York has successfully resuscitated its economy resulting in the recruitment of human capital and the promotion of technology and VC financing. What’s also impressive is that New York has done this without having “a strong engineering base;” rather, it utilized “the natural strengths of its existing economy, its diverse industry base, its human capital diversity, and its desirability as a place to live.”
New York has always had a good business background. According to an article by Gerrit De Vynck and Julie Verhage earlier this year part of the city’s success can be attributed to diversity vis-à-vis gender and race as well as “the metropolis’s centuries-old status as a center of global commerce. New York provides a contrast to Silicon Valley, which has been criticized for tunnel vision, being insular, out of touch with the rest of the country and overly homogeneous–both company employees and the people for whom they create products.”