Saratoga Business Journal

Saratoga County Prosperity Partnership Has Created Advisory Group For Tech Companies

July 7, 2017

The Saratoga County Prosperity Partnership, the county’s designated economic development agency, announced in June a step forward in advancing its innovative Next Wave Center project.

That step is the formation of an advisory council made up of national and regional technology and business executives to guide the center’s development, launch and operation.

Officials said the Next Wave Center is a physical location that would house companies in the semiconductor supply chain, advanced manufacturing, nanotechnology and clean energy industries. In addition, it would provide education and technical training, a range of business support services, and include a co-working space to serve companies in a wide variety of complementary and collaborative businesses.

The Next Wave Advisory Council will be chaired by Dr. Gary Patton, chief technology officer and senior vice president, worldwide research and development for GlobalFoundries.

The council will provide invaluable guidance and counsel to the Saratoga Partnership and community leaders on the feasibility of the Next Wave Center and other economic development opportunities, officials said. The council will offer input on issues ranging from the scope and level of tenant and program development to leveraging the investment made by GlobalFoundries and New York state in the semiconductor industry to attract additional jobs and companies to Saratoga County.

“GlobalFoundries will provide industry leadership in advanced semiconductor manufacturing to help direct this project and continue to build the ecosystem of supply chain companies that are vital to high-tech growth in the region and state,” said Patton.

“We are thrilled to advance the Next Wave Center through the expertise and guidance of world-class business and technology executives who are committed to expanding economic and workforce development opportunities in Saratoga County and beyond,” said Saratoga County Prosperity Partnership President Marty Vanags. “Under the leadership of Dr. Gary Patton, we look forward to developing a premier space to serve emerging technology companies, and to provide critical training and services that prepare individuals and businesses to grow and prosper.”

The Next Wave Center was identified as a key initiative in the Saratoga Partnership’s Saratoga Strategy. It would provide short-term flex space as a landing pad for companies working with GlobalFoundries, while also serving as a launch pad for those firms to grow their business relationships in the region.

Soteryx, A Data Analytics And Cybersecurity Company, Opens Office In Saratoga Springs

July 7, 2017

By Maureen Werther

In Greek mythology, Soter was the god of safety, preservation and deliverance from harm. When Shaun Wiggins, George Dew and Sam Wiggins decided to start a cybersecurity and data analytics firm, they borrowed from the Greek myth to give their company, Soteryx, its name.

With backgrounds in the military, CIA clandestine services and law enforcement, the three men are positioned to offer cybersecurity, risk management, and crisis response, as well as data analytics, audience engagement and business intelligence.

Shaun Wiggins and George Dew met and became friends during their time working for the CIA and they talked about opening their own company back in the late 1990s. Sam Wiggins also worked with the CIA in clandestine services, but moved to law enforcement, working with the Department of Defense and the Environmental Protection Agency (EPA) before becoming associate administrator of the EPA’s Office of Homeland Security. He is now the executive vice president and president of Soteryx’s Business Intelligence Division.

In 2016, the three men decided it was time to start a venture and they acquired a small public relations firm in the Albany area. The company that emerged, Soteryx, works to help businesses “better engage” by more effectively utilizing data to achieve their goals.

According to their company’s website, Soteryx employs a “four-pillared platform that includes date security, data analysis, data-driven engagement, and data intel.”

Soteryx recently relocated its eastern U.S. office to 18 Division St. in Saratoga Springs. In addition to the Saratoga office, the company has locations on the West Coast, in Latin America and Europe. They work with businesses that use a network of computers and store or transmit confidential information.

Architectural Glass And Metal Will Move Its Operations To Facility In Halfmoon In

July 7, 2017

This building at 3 Liebich Lane in Halfmoon will become the new home for Architectural Glass and Metal. The new space will hold the fabrication area and offices all on one floor.
©2017 Saratoga Photographer.com

By Liz Witbeck

Architectural Glass and Metal (AGM) is moving to a new location.

The firm will occupy 3 Liebich Lane in Halfmoon. The move is tentatively scheduled for mid-August, officials said. The company is currently located at 11B Solar Drive in Halfmoon.

AGM is an architectural contracting firm founded in 1986. They provide glass and metal paneling for commercial properties in the Capital Region.

The new location is 24,000 square feet, the same amount of space as the current location. But there is more warehouse space within the building, which AGM plans to lease out to other companies, officials said.

The facility where AGM is currently housed is two floors, requiring employees to have to move back and forth between levels. The new space will hold the fabrication area all on one floor.

“It’s a better layout and will allow us to be more efficient. The new building will also give us the opportunity to grow and utilize more space if necessary” said Mike Haverly, company vice president.

Businessman Opens His Third ‘Fantastic Sams’ Hair Salon Within Ellsworth Commons In Malta

July 7, 2017

Joan Richards, manager at Fantastic Sams at Ellsworth Commons in Latham works on a client’s hair as owner Jeff McNamara looks on. McNamara owns two other Fantastic Sams locations.
©2017 Saratoga Photographer.com

By Jennifer Farnsworth

Fantastic Sams has opened a location in Malta.

The full-service hair salon is a national chain. The new shop is located at 1105 Ellsworth Ave., in the Ellsworth Commons building.

Like the other salons across the area, owner Jeff McNamara said they offer quality service and style, all at a “fantastic price.”

“We have four talented and very eager stylists eager to provide service at our upbeat Malta salon,” he added.

The Malta Fantastic Sams is a higher-end “budget” salon offering everything from hair coloring services and highlights, to straightening and texturizing, facial waxing and perms, he said.

They also provide up-dos for special events. In addition to female clients, McNamara said they are a preferred men’s haircut salon. Services for men include haircuts and beard or mustache trims. He said many of their customers are children as well.

People can make an appointment for a consultation before committing to any sort of style or color.

Orangetheory Fitness Chain Opens Branch At The Crossing Shopping Center, Clifton Park

July 7, 2017

By Liz Witbeck

Orangetheory Fitness has opened a new location at 54 Crossing Boulevard in The Crossing Shopping Center, Clifton Park.

Orangetheory Fitness is a franchise fitness studio based in Boca Raton, Fla. The company started in 2007. There are currently more than 625 locations in 45 states and 10 countries around the world.

Other area locations include Niskayuna and Albany. Another recent fitness studio launched in the town of Victor.

The basis of Orangetheory Fitness is its heart-rate monitored, group fitness, interval training classes. The company offers group personal training workouts based on high-intensity interval training that blends cardiovascular and strength training.

When participants walk into the glowing, orange room, they are given a heart monitor. The heart monitor keeps track of vital signs. There are large screens on the walls that monitor each participant’s heart rate during class. Participants can see their progress in real time. This allows them to motivate themselves and become more competitive, not just with themselves, but with other gym members, according to the company.

Marcus Hepp is the studio manager of the Clifton Park location. He has a degree in physical fitness and previously worked for Planet Fitness.

“People like to see their results,” said Hepp, of the wall-mounted screens. “The visual aid helps motivate them further. They ask themselves, ‘How can I better that?’”

Participants are also emailed their results after class. This helps them record results and stay on track toward their fitness goals.

SPARK Saratoga Group Sponsors A Speaker Series For Those Seeking To Grow A Business

July 7, 2017

SPARK Saratoga, an entrepreneur incubator and early stage company accelerator developed by Saratoga Economic Development Corporation (SEDC), announced its first Summer Speaker Series for entrepreneurs ready to grow their businesses.

The series features established professionals who have sold their company to Time Inc., led Microsoft new product rollouts, called shots on brand and marketing for Fortune 500 companies, wrote checks as investors and much more.

Invitations to the series are reserved for SPARK Saratoga’s admitted business project teams, representing 17 Capital Region businesses to date and SEDC member investors. New project teams having undergone SPARK Saratoga market opportunity analysis and having accepted mutually agreed action plans supporting their development will also receive invitations.

Interested entrepreneurs can visit www.SparkSaratoga.com to initiate review of their idea or existing early stage business status.

“When we announced our aggressive five-year growth plan to Advance Saratoga jobs and investment, a key element was boosting local entrepreneurs capacity to grow here,” said Dennis Brobston, president of SEDC. “With the help of area talent on our Advisory Team, we framed its objectives and rolled out SPARK Saratoga in April.

“With this series of workshops, we are now implementing a critical element to help our project teams develop by aligning them with talented professionals motivated to support our community and its next generation of innovators. That’s a value to families looking to keep young people here, second and third career skilled workers and retirees ready to get into business for themselves, and to our current investors competing to build on their legacy for more future success.”

Business Report: Mid-Year Economic Outlook

July 7, 2017

Stephen Kyne, partner, Sterling Manor Financial LLC.
Courtesy Sterling Manor Financial LLC

By Stephen Kyne

We’re halfway through 2017, so it’s time to take a look at how the year is progressing, and where we see the remainder of the year going, in terms of risks and opportunities in the economy.

The economy has grown at a faster-than-expected pace so far this year. First quarter GDP has been revised up, twice, and well exceeds expectations. Almost all of the S&P has reported earning for its first fiscal quarter of the year, and are trending toward a year-over-year growth of upwards of 20 percent (12 percent, not including the energy sector). These are largely due to top line revenue increases, meaning that increased profits are largely due to business growth, rather than cost cutting. We expect this trend to continue throughout the year.

Inflation is holding steady, in line with 2016 figures, at roughly 2 percent. Some inflation, perhaps counter-intuitively, is fundamentally good for the economy. When we expect goods and services to be more expensive tomorrow than they are today, we make purchases today, which means inventories need to be replenished, which puts people to work and gives them money to spend on the things they want and need. Without some inflation, the economy stagnates.

Another driver of spending this year may be interest rates. The Fed increased rates another .25 percent in June, as was expected. With the Fed finally making good on promises to increase the rates they charge banks, we’ll see that increase reflected in higher mortgage rates. The expectation of higher future rates pushes fence-sitting potential buyers into the housing market. As a result we’ve seen, and will likely continue to see, increased sales of new and previously owned homes. The same will likely be true of any purchases which are typically made on credit, including automobiles and business capital items.

An asset class that may be hurt by rising interest rates, however, would be bonds – specifically many bond funds. As newly issued bonds carry higher interest rates, the value of previously issued bonds, with relatively lower interest rates, should decrease. These changes should be reflected in the overall value of the funds that hold them.

Business Report: Wealth Management From Ground Up

July 7, 2017

Brian M. Johnson, director of business development. New York Long Term Care Brokers Ltd.
Courtesy Long Term Care Brokers Ltd.

By Brian M. Johnson, MBA, CLTC

If you’re approaching age 50 or thinking of retirement, keep this acronym in mind “SWAN.”

Surveys from folks in this retirement planning age group are interesting because these concerns are almost always in their answers to questions such as: What do you worry about after your working years are over?

Here are some top-concerns:

• Outliving my money.

• Keeping my nest-egg secure (no or little risk of principal).

• Dieing to soon.

• Becoming sick or disabled which in turn could eat up my retirement nest-egg.

• Becoming dependent on my children.

• Leaving a meaningful and significant legacy to my children/grand-children/charity.

These concerns are real-life and can happen to any of us without proper planning

People Getting Older, Wanting To Downsize, Have Options Available In Saratoga County

July 7, 2017July 7, 2017

Joan Taub of Berkshire Hathaway HomeServices in Saratoga Springs says condos are a downsizing options and one of the attractions is not having to bother with maintenance.
©2017 Saratoga Photographer.com

By Liz Witbeck

As people get older, homes they have lived in for so many years may start to seem too spacious for their need. There are maintenance issues and money issues involved with a larger place.

Downsizing is an option for many people, and there are many options available in the Capital Region.

“A lot of people are retiring here” said Joan Taub, a licensed associate real estate broker at Berkshire Hathaway HomeServices in Saratoga Springs. “This area offers so much. People aren’t fleeing New York like they used to. This area offers things for you intellectually and physically. You have the ability to stay right downtown living in a condo. You can walk everywhere. You’ll stay young living here.”

Meg Minehan, an associate broker with Roohan Realty in Saratoga Springs, said the area “is much more responsive now to the 50-and-older community. We couldn’t say that 10 or 15 years ago.”

“A good portion of my clients are baby boomers,” said Jane Sanzen, a licensed associate broker at Julie Co. Realty in Saratoga Springs. “Empty nesters are driving this growth. High-end, luxury living is a very attractive segment for this population.”

Properties available in this area range from $200,000 up to a $1 million, said Minehan, “So there is something for everybody,” she said. She said there are many active 50-year-olds living in the area and for them, being in Saratoga Springs is a good way to keep up with their active lifestyle.

AARP: States Must Accelerate Pace Of Improving Long Term Care Services For Elderly

July 7, 2017

With baby boomers beginning to turn 80 in 2026, states must accelerate the pace of improving long-term services and supports (LTSS) for older people and adults with disabilities, according to AARP’s new state scorecard released in June.

The report, Picking Up The Pace of Change: A State Scorecard on Long-Term Services and Supports for Older Adults, People with Physical Disabilities, and Family Caregivers (Scorecard), shows that although most states have made some progress, the pace of change overall remains too slow and has not kept up with demographic demands.

LTSS includes assistance with activities of daily living provided to older adults and people with disabilities who cannot perform these activities on their own because of physical, cognitive, or chronic health conditions. The types of assistance include such things as help with bathing, dressing, managing medications, preparing meals, and transportation, as well as support for family caregivers.

“This Scorecard sounds the alarm, but it also provides a range of tools states can use to spark new solutions and create systems that are aligned with the new realities of aging and living with a disability,” said Susan Reinhard, RN, Ph.D. and senior vice president and director of the AARP Public Policy Institute. “The proposed cuts to Medicaid—the largest public payer of long-term assistance—would result in millions of older adults and people with disabilities losing lifesaving supports.”

The Scorecard was funded by AARP Foundation, the Commonwealth Fund and the SCAN Foundation. It is the third edition of the Scorecard.

Officials said the Scorecard ranks states based on their performance on LTSS in five main categories: affordability and access; choice of setting and provider; quality of life and quality of care; support for family caregivers; and effective transitions between nursing homes, hospitals and homes

Within the five categories, states are scored on their performance in 25 specific indicators, including such things as Medicaid spending, nursing home cost, home health aide supply, antipsychotic medication use in nursing home residents, long nursing home stays, employment rate of people with disabilities, and support of working caregivers.

“This new Scorecard shows that it’s time for all states to accelerate care improvements for older adults and people with disabilities,” said Dr. Bruce Chernof, FACP, president and CEO of the SCAN Foundation. “States that consistently rank at the top have strategically planned for their aging population across the main sectors of health, housing, transportation and family caregiving.”