From Buffalo Business First...
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New $7 million warehouse coming to Dingens Street:
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Survey underscores economic clout, talent needs of scalable startups from Buffalo to Albany
A survey of company leaders from Buffalo to Albany underscores the economic potential of scalable startups.
The 2018-19 Upstate Venture CEO Survey is the third annual online survey sponsored by Upstate Venture Connect. It was conducted by faculty and students from the Madden School of Business at Le Moyne College.
A total of 179 respondents, including 15 from Buffalo, participated in the survey.
Among its findings:
• The average salary at scalable firms that responded to the survey is about $78,000, about 67 percent higher than the average salary in the survey's target area and 12 percent higher than the average salary in New York City.
• Of the 113 fast-growing firms that responded to the survey, 78 had received some form of public subsidy while 72 had received private capital.
• Net job creation at scalable companies continues well into the first decade of growth (though, admittedly, the rate of failure is higher), with CEOs of companies from zero to 10 years old projecting hiring rates of more than 600 percent over the next five years. Those that have been around for at least 11 years expect to grow more than 40 percent over the next five years.
• The survey respondents plan to fill more than 650 entry-level positions in 2019, and about 62 percent of those positions will require a college degree.
The survey notes that talent attraction is the "number one input driving the growth of these companies." It recommends closer connectivity between colleges and their regional entrepreneur networks. It said the growing companies are responsible for that relationship as well.
"Given that 6 out of 10 entry level jobs at scalable firms require a college degree and Upstate NY is home to over 100 colleges, it is surprising that only half of the companies hire on campus," the survey authors wrote.
Source:
https://www.bizjournals.com/buffalo/..._news_headline
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