The economic transformation of Buffalo Niagara is well underway and the data are now confirming the optimistic economic outlook shared by many across Western New York. The unprecedented support from Governor Cuomo’s Buffalo Billion initiative has leveraged $5.5 billion in private investment in the region over the last five years. Positive economic indicators abound in Buffalo Niagara, the most recent of which is the nearly 8-year low 5.2% unemployment rate in August 2015.
A major driver of the recent explosion of economic growth in our region is the evolving entrepreneurial ecosystem and rapidly developing start-up scene. Entrepreneurs in Buffalo Niagara are taking advantage of the myriad of resources and support provided by the ever-growing network of support organizations.
In an effort to further assist entrepreneurs find sustainable success, Empire State Development has established Business Mentor NY, a no-cost business mentoring program that seeks to foster entrepreneurial and small businesses growth throughout New York State. Through an innovative web platform, entrepreneurs connect with mentors who volunteer to help with key business issues – from accounting and finance to marketing and web design. The program is a true “win – win” – entrepreneurs receive the support and guidance they require to make their business ventures a success and their mentors give back by sharing their expertise and guidance, while at the same time honing their leadership skills and staying engaged with the local business community.
by Matt Hubacher, Research Manager