VisionNYC Newsletter on Business Programs, Winter 1999

NYC 9/11 Public Portal Document

Winter 1999 programs and services that benefit business

■

VISIOnNYC ■

news from new york city

30 Of New York City's Brightest Companies Presented At Alley To The Valley 1999

5 he New York City Economic Development Corporation, ALLEYS VALLEY I along with AlleyCat News, hosted the second annual Alley to the Valley Conference in San Francisco, on March 8 and 9. During this two-day conference, 30 New York City companies presented their business plans to West Coast venture capital firms. Giuliani Administration Launches Biotechnology initiative “The companies selected to present at Alley to the Valley this year represented New York City's brightest emerging high-tech companies,”

W ayor Rudolph W. Giuliani recently announced the establishment of a Task Force on Medical Research and Development that will recommend ways the city can become more competitive in the medical said Charles Millard, president of EDC. “These businesses had an excellent opportunity to establish relationships with their West Coast counterparts. And with Mayor Giuliani’s ongoing support, the city's research field. A toll-free number, 1-877-NYC-4-BIO, has been . high-tech industry will continue to expand with companies as promising established to assist any biomedical company that would like to open a as the firms who attended this conference.” facility in New York City.

Among the presenting companies were: Absolute Reality Corp.; In addition to establishing the task force, the Mayor reaffirmed his goal to AdOne, LLC; Advanced Materials Design, LLC; Bikini.com; Chai make New York City the number one place for National Institute of Technologies Services, Inc.; Congruency, Inc.; DIG Video; The Duck Health funding. He also restated his support for the creation of research Corporation; Electronic Sales Systems, Inc.; GORP; Horizon Live parks throughout the city modeled after the successful Audubon Distance Learning, Inc.; HotelNet USA Inc.; Hyperspace Cowgirls; Biomedical Science and Technology Park at Columbia University. lllusionFusionl; Index Stock Imagery; Intelligenesis Corp.; Jumpcut; MSGI; Paradigm Software Technologies Inc.; Passlogix, Inc.; Renal To further encourage the growth of the biotechnology industry in Tech International, LLC; RivCom, Inc.; Robocast, Inc; Soliloquy Inc.; New York City, the Mayor, along with Chancellor Rudy Crew, proposed a Small World Sports; StarMedia; Unicast Communications; Uproar, Inc.; major new apprenticeship program that will link high school students to Volatile/Ezcd.Com; and W-Trade Technologies. medical researchers across the city. The program will give students the opportunity to learn about science and its application. In addition, a high school that will specialize in training students in medical research and innovation has been proposed. Record Number Of Jobs Created In NYC new record was set in 1998 when New York City's economy added more than 99,000 jobs. That is the largest annual number Foreign Trade Zone Expands To Staten Island since record keeping began in the early 1950s. Many of these jobs are in the new media industry, which has expanded by 150 percent / /owland Hook Marine Terminal and the adjacent Port Ivory site in since 1993. Staten Island are now part of Foreign Trade Zone 1, which also encompasses the Brooklyn Navy Yard. This designation means that Fastest-Growing Job Categories in NYC goods stored, assembled, repackaged and manufactured at the site 1998 estimates of new Jobs In key sectors. In thousands

will be subject to lower duties and government excise taxes, and costs Business services for importing and exporting within the zone will be significantly lower. Securities, commodities firms The designations will also translate to more jobs and an overall Eating, 6.7- increase in economic activity on Staten Island. drinking places Engineering, management services “Expanding Foreign Trade Zone 1 to Staten Island will provide New Motion pictures York City with a tremendous opportunity for increased manufacturing Trade contractors 4.2- J and foreign commerce,” said Mayor Giuliani. “The lowering of duties means substantial savings for companies investing in these sites. Private education ■ 4.1

And by establishing Howland Hook and Port Ivory as duty-free ports of Social services 3'0; call, the city has taken another great step forward in revitalizing its Health services 3.8 waterfront." Amusement, I recreation | 2.9

0 5 10 15 20 25 Source: Crain's estimates, based on NY State Department of Labor Data

NYC-WTC_000141852