New York closed home sales rise nearly 17% in October

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Pending sales jump almost 39 percent ALBANY — The New York state residential real-estate market roared in October as realtors sold 14,981 previously-owned homes in in the month, up 16.6 percent from more 12,853 homes sold in the year-ago month. Future closed home sales are poised to rise even more as pending sales jumped nearly […]

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Pending sales jump almost 39 percent

ALBANY — The New York state residential real-estate market roared in October as realtors sold 14,981 previously-owned homes in in the month, up 16.6 percent from more 12,853 homes sold in the year-ago month.

Future closed home sales are poised to rise even more as pending sales jumped nearly 39 percent in October. That’s according to the New York State Association of Realtors (NYSAR)’s October housing-market report issued Nov. 19.

“As the weather gets colder, the New York housing market continues to heat up. Sales remained at higher than normal levels amid continued low inventory across the Empire State,” NYSAR said in its housing-market report.

Sales data

Pending sales totaled 16,333 homes in October, up 38.8 percent from 11,766 pending sales in the same month in 2019, according to the NYSAR data.

With housing sales rising amid limited inventory, the prices of homes jumped. The October 2020 statewide median sales price was $340,000, up 24.5 percent from $273,000 in October 2019.

The months’ supply of homes for sale at the end of October stood at 4.3 months, down more than 23 percent from 5.6 months a year earlier, per the report. A 6 month to 6.5 month supply is considered to be a balanced market.

The number of homes for sale in the Empire State totaled 51,351 in October, a decrease of 20.9 percent from 64,930 homes in the year-prior period.

Central New York data

Realtors in Onondaga County sold 560 previously owned homes in October, up 5 percent from 532 in the same month in 2019. The median sales price rose about 12 percent to $175,000 from more than $155,000 a year ago, according to the NYSAR report.

NYSAR also reports that realtors sold 203 homes in Oneida County in October, down about 8 percent from the 220 sold during October 2019. The median sales price increased about 9 percent to $161,000 from $148,000 a year prior.

Realtors in Broome County sold 197 existing homes in October, up about 19 percent from 166 a year ago, according to the NYSAR report. The median sales price rose about 29 percent to nearly $145,000 from $112,000 a year before.

In Jefferson County, realtors closed on 157 homes in October, up about 31 percent from 120 a year ago, and the median sales price of more than $203,000 was up about 11 percent from more than $182,000 a year earlier, according to the NYSAR data.

All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.

CEO Focus: Celebrating Nearly 300 Economic Champions During an Unprecedented Year

Business Mentors, Subscriber Only

While 2020 has been an unprecedented, challenging year for businesses in Central New York, we feel it is important to recognize the bright spots — big and small — that have emerged in the midst of it all. The tenacity and resilient spirit of our members is essential to our emergence from this crisis. [On.

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[On. Nov. 19], CenterState CEO’s virtual Economic Champions celebration, presented by Fust Charles Chambers LLP, recognized 295 companies for their collective accomplishments this year. That includes the hiring of more than 2,400 employees, 5.6 million square feet of expansions, and $752 million in capital investments. At a time of tremendous economic pressure, we recognized 88 businesses for opening new storefronts, offices, and facilities, and we highlighted 40 companies for celebrating a milestone anniversary. See the full list of businesses recognized at: https://www.centerstateceo.com/news-events/centerstate-ceo-celebrates-2020-economic-champions.

We were also proud to present CenterState CEO’s Community Visionary Award, sponsored by Wegmans, to the Allyn Family Foundation for embodying a vision of economic opportunity and having a positive impact on community prosperity. We recognized the foundation for its work in catalyzing initiatives such as Blueprint 15, the Early Childhood Alliance, Work Train, and most notably this year, advancing construction of the $25 million Salt City Market. The project will create new opportunities for diverse entrepreneurs and provides them with physical space to launch their businesses.

These accomplishments highlight the dedication and perseverance of the business community during even the most challenging of times. To all of this year’s Economic Champions, thank you for the work you do to advance not only your business, but also the entire regional economy. It is a genuine privilege to be able to support and learn from hundreds of community leaders, partners, and businesses that are working together to build back stronger.

Robert M. (Rob) Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on Nov. 20.

Survey: Half of New Yorkers plan to spend less than $500 on holiday gifts

Sports, Entertainment & Tourism, Subscriber Only

Nearly half of respondents (49 percent) plan to spend under $500 in gifts during this holiday season, a figure that is “virtually unchanged from last year.” At the same time, nearly one-third (32 percent), expect to spend $1,000 or more on holiday gifts, which is up from 21 percent a year ago. That’s according to a

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Nearly half of respondents (49 percent) plan to spend under $500 in gifts during this holiday season, a figure that is “virtually unchanged from last year.”

At the same time, nearly one-third (32 percent), expect to spend $1,000 or more on holiday gifts, which is up from 21 percent a year ago.

That’s according to a new statewide survey of consumers that the Siena College Research Institute (SRI) released on Nov. 18.

The survey also found that only 10 percent of holiday shoppers plan to increase their spending this year while 38 percent are going to spend less and 48 percent plan to spend as much as they did last year.

The findings indicate that 38 percent will conduct at least three-quarters of their holiday spending online this year, double last year’s 19 percent, amid the pandemic.

“While most New Yorkers are planning to either spend less or hold the line on spending, one in 10 are ready for a holiday spending spree as one-third are ready to spend $1,000 or more, a figure we haven’t seen since 2007,” Don Levy, SRI director, said in the survey report. “Only 23 percent plan to shop locally on Black Friday or Small Business Saturday but nearly half will be shopping online on Cyber Monday this year. We’ve seen online spending grow dramatically since 2008 but today with 19 percent doing at least half of their shopping online and another 38 percent doing 75 percent or more, we’ve hit a new all-time high,” Levy said.

That holiday feeling

The Siena survey found that 59 percent of New Yorkers are somewhat or very excited about the upcoming holiday season, down from 71 percent a year ago.

And 16 percent say that they are more excited than last year, but 41 percent are less excited. The findings also indicate that 68 percent say that the holidays will be different but that they “cannot be ruined by the virus as the spirit of the season will triumph over the pandemic.”

“Over a quarter of New Yorkers are coming into the holiday season saying that no matter how hard they try, the pandemic will take the joy out of the holidays,” Levy said. “But over two-thirds just won’t let the virus be the Grinch that steals the season this year.”

Only 14 percent will attend holiday parties during the rest of the holiday season while 19 percent plan to host holiday gatherings this year. The survey found that 64 percent of respondents say that they are comfortable attending a small holiday party in a home that includes no more than 10 people, but only 10 percent are comfortable attending a party at a friend’s home where over the course of the evening more than 50 people drop in.

Half of New Yorkers say that they are comfortable going to an outdoor event at which people celebrate the holidays. Only 16 percent would be comfortable going to a work party with more than 25 people and 26 percent would attend a gathering at a restaurant at which everyone is seated for the entire event.

“For so many New Yorkers, 2020 has been a difficult year. Today, unfortunately 54 percent think that the worst of the coronavirus pandemic is still to come. But two-thirds have vowed to not let COVID-19 ruin the holidays. Still, looking to the future, 85 percent of state residents are hopeful that 2021 will be a better year than 2020 has been,” Levy said.

The SRI survey of holiday spending plans was conducted Nov. 4-10, by random telephone calls to 803 New York adults via landline and cell phones. SRI reports this data at a 95 percent confidence level with a margin of error of plus or minus 4.4 points including the design effects resulting from weighting.

Five Star Bank parent announces stock-buyback program

Banks & Credit Unions, Regional News, Subscriber Only

WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced that its board of directors has approved a stock-repurchase program for up to nearly 802,000 shares of its common stock, or about 5 percent of the company’s outstanding common shares. The buyback program permits shares to be repurchased in open-market

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No Nonsense Marketing: Nine Habits that Cause Us Unnecessary Trouble

Business Mentors, Subscriber Only

Most of us are talented at excusing personal habits as trivial idiosyncrasies or minor infractions. Yet, they can come together to form a clear picture of who we are in the eyes of others. Below are nine habits, among many others, that we can easily overlook or ignore. However, if we do, they can cause us

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Most of us are talented at excusing personal habits as trivial idiosyncrasies or minor infractions. Yet, they can come together to form a clear picture of who we are in the eyes of others.

Below are nine habits, among many others, that we can easily overlook or ignore. However, if we do, they can cause us unnecessary trouble — both personally and professionally.

1. Winging it

What is it? It’s assuming we’re so smart or experienced that we don’t need to prepare for a presentation. It starts out innocently. We run out of time and decide to “wing it.” Before long, it’s a habit. By then, we’ve convinced ourselves that we’re getting by with it. Don’t kid yourself. Everyone — customers, prospects, co-workers, and the boss — knows what you’re doing.

2. Thinking we’re indispensable

“Which of us can resist the temptation of being thought indispensable,” wrote Margaret Atwood. When leaving to take a new job, some want to think they’re leaving a hole that can’t be filled. But, as Dene Ward notes in Medium’s “The Ascent,” “The reality is that every organization can survive a departure, unless you are a sole proprietor!” It’s much better to leave a legacy of quality performance and train a capable replacement.

3. Missing deadlines

No matter the task, assignment, or how much pressure is put on some people, they’re still late, even though they may be bright, capable workers. Missing deadlines can be a form of job protest, like slowing down a production line. A better way is to establish credibility by being on time and then speaking up. Others are more likely to listen.

4. Saying yes but having no intention of doing it

It’s a good way to get off the hook for the moment but it comes back to bite us. In the workplace, it’s called task avoidance. Yet, it doesn’t solve a problem; it only delays facing it — creating doubt and undermining personal trust. Even though it may be stressful, many people repeat it throughout their work lives.

5. Not taking time to communicate effectively

A Fast Company article states, “Communication was the most commonly required skill in job opportunities posted to the platform in July and August” 2020. This is no surprise, since tens of millions are working remotely, due to the pandemic. In spite of the available technology — virtual meetings, texting, email, and, of course, the phone — we have become “silos of one.” The article points out that four of the top 20 most popular LinkedIn Learning courses “deal directly with communication skills training, and three address a related skill, such as ‘Remote Learning Foundations’ and ‘Learning Personal Branding.’ ”

6. Not being aware of what’s going on around us

“When they were fired, 68 percent of participants noted they were surprised — they had not seen it coming,” according to a Forbes article. How does it happen? We all see what we want to see and filter out anything that doesn’t fit the picture of ourselves. An employer tells the story of a 20-year key worker who cried when told the company was closing, even though the information she worked with every day contained obvious clues. She couldn’t see them. This is why questioning our thoughts and ideas helps improve awareness.

7. Not having a plan

With so many ways to vote in the recent election, urging everyone to vote wasn’t enough, particularly during the pandemic. To make sure our vote would be counted, we were urged to have a plan. That was good advice. As a famous author reminds us, “A goal without a plan is just a wish.” And we all know what that means.

8. Ignoring details

With student debt weighing down the future of millions of Gen-Zs and Millennials, many claim they didn’t understand what they were getting into. Some say they signed contracts without reading them or having a trusted person review them. Now their lives are on hold. If we assume everyone is honest, we can find ourselves in trouble. We believe it when told, “Don’t worry about it. It’s all standard boilerplate. Just sign here.” As they say, “The devil is in the details.”

9. Leaving it until the last minute

Some claim procrastinating makes them more creative. They may be on to something since the subconscious mind has more time to do its work. Perhaps, but it’s also true that quality output doesn’t occur with the first pass or initial draft. It requires extra time — for review, additional thought, reworking, and polishing. If that isn’t enough, last minute leaves no room for something going wrong. This is also when we hear the excuse, “I didn’t have enough time.”

There is a long list of other habits that can cause unnecessary trouble. If you take the time to make up your own personal list, you may avoid bothersome problems and move forward faster.

John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. He is the creator of “Magnet Marketing,” and publishes a free monthly eBulletin, “No Nonsense Marketing & Sales Ideas.” Contact him at jgraham@grahamcomm.com, (617) 774-9759, or johnrgraham.com

New technology deployed at Syracuse airport TSA checkpoint

Sports, Entertainment & Tourism, Subscriber Only, Technology

SYRACUSE — New technology at the Transportation Security Administration (TSA) checkpoint at Syracuse Hancock International Airport can confirm the validity of a traveler’s identification (ID) and his/her flight information in “near real time.” “The technology we’ve now installed at the Syracuse International Airport checkpoint enhances detection capabilities for identifying fraudulent ID such as driver’s licenses

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“The technology we’ve now installed at the Syracuse International Airport checkpoint enhances detection capabilities for identifying fraudulent ID such as driver’s licenses and passports at checkpoints and increases efficiency by automatically verifying passenger identification,” Bart Johnson, TSA’s federal security director for upstate New York, said in a release. “The system also has the added capability of confirming the passenger’s flight status in near real time through a secured connection.”

Passengers should approach the travel-document checking station at the checkpoint and insert their ID directly into the scanner for authentication, “which reduces a touchpoint.” Passengers will not have to hand over their boarding pass (electronic or paper), “thus reducing another touchpoint,” TSA said.

The credential-authentication technology (CAT) unit will verify that the traveler is prescreened to travel out of the airport for a flight that day; however, a boarding pass may be requested for travelers under the age of 18 and/or those with ID issues.

Even with TSA’s use of CAT, travelers still need to check-in with their airline in advance and bring their boarding pass to their gate agent to show the airline representative before boarding their flight.

This technology will enhance detection capabilities for identifying fraudulent documents at the security checkpoint, TSA said.

CAT units authenticate several thousand types of IDs including passports, military common-access cards, retired military ID cards, U.S. Department of Homeland Security Trusted Traveler ID cards, uniformed services ID cards, permanent-resident cards, U.S. visas, and driver’s licenses and photo IDs issued by state motor-vehicle departments.

A CAT unit consists of the passport reader, an ID card reader, a federal personal identity-verification ID card reader, a monitor, a stand, and an ultraviolet light, TSA said.

REAL ID licenses

TSA also notes that “it is critical” that travelers have their REAL ID-compliant driver’s licenses or other acceptable form of identification by the Oct. 1, 2021, deadline. The CAT units will not accept a driver’s license after Oct. 1, 2021, if it is not REAL ID-compliant, TSA said.

Signed into law in 2005, the REAL ID Act enacted the 9/11 Commission’s recommendation that the federal government “set standards for the issuance of sources of identification, such as driver’s licenses.”

That law and subsequent implementing regulations establish “minimum security standards” for state-issued driver’s licenses and identification cards. It also prohibits federal agencies, like TSA, from accepting driver’s licenses and identification cards from states that do not meet these standards for official purposes, such as getting through the airport security checkpoint to board a plane.

New York manufacturing index slips 4 points in November

Manufacturing & Engineering, Subscriber Only

Reading still indicates slight sector expansion The Empire State Manufacturing Survey general business-conditions index fell 4.2 points to 6.3 in November, “pointing to a slower pace of growth than in October.” This followed a 6.5-point decline in the index in October, which came after a more than 13-point jump in September. The November reading —

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Reading still indicates slight sector expansion

The Empire State Manufacturing Survey general business-conditions index fell 4.2 points to 6.3 in November, “pointing to a slower pace of growth than in October.”

This followed a 6.5-point decline in the index in October, which came after a more than 13-point jump in September.

The November reading — based on firms responding to the survey — indicates business activity “expanded … though only slightly” in New York, the Federal Reserve Bank of New York said in its Nov. 16 report.

A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.

The survey found 31 percent of respondents reported that conditions had improved over the month, while 24 percent said that activity had worsened, the New York Fed said.

Economists had anticipated a November index reading of 13.5, according to MarketWatch, citing a survey by Econoday.

Survey details

The new-orders index fell 9 points to 3.7, indicating a “slight increase” in orders, and the shipments index fell 12 points to 6.3, the New York Fed said.

Delivery times were little changed, while unfilled orders and inventories “continued to decline.”

The index for number of employees rose 2 points to 9.4, its highest level in nearly a year, indicating a “modest increase” in employment levels. After rising sharply in October, the average-workweek index fell 11 points to 4.8, its positive value signaling a small increase in hours worked.

The prices-paid index was little changed at 29.1, a sign that input prices rose at the same pace as the prior month. The prices-received index moved up 6 points to 11.3, indicating a “pickup” in selling price increases, per the New York Fed.

The index for future business conditions held steady at 33.9, suggesting that firms remained optimistic about future conditions.

The index for future new orders was positive but slightly lower than in October. Employment levels and the average workweek are expected to continue to increase in the months ahead.

Indexes for future prices paid and prices received both picked up for a second consecutive month.

The capital-expenditures and technology-spending indexes both climbed to 17.9, suggesting “ongoing planned increases” in spending on capital and technology.

The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.

NFIB survey finds small manufacturers recovering from COVID-19 impact

Manufacturing & Engineering, Subscriber Only

Small manufacturers are gradually getting more optimistic as they recover from COVID-19-related business disruptions. That’s just one of the findings in the NFIB Research Center’s latest quarterly Small Business Economic Trends industry-specific survey. The report highlights the construction, manufacturing, retail, and services industries. NFIB released previous reports in August and May 2020. “This year has been

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Small manufacturers are gradually getting more optimistic as they recover from COVID-19-related business disruptions.

That’s just one of the findings in the NFIB Research Center’s latest quarterly Small Business Economic Trends industry-specific survey.

The report highlights the construction, manufacturing, retail, and services industries. NFIB released previous reports in August and May 2020.

“This year has been challenging for small business owners as they manage their businesses in a time when the COVID-19 pandemic has led to a steady stream of state and local regulations,” Holly Wade, NFIB executive director of research, said in a release. “Each industry has been impacted differently from COVID-19. This survey highlights that industries, such as manufacturing, are recovering faster than other industries, including the services sector.”

The key findings on the manufacturing sector include the following:

• The Optimism Index in October was 103.1 in manufacturing, a 2.7 point increase from July, but slightly below the overall index of 104;

• The manufacturing industry is still recovering from supply-chain disruptions and business closures due to COVID-19;

• Earnings trends this quarter were “very strong” in manufacturing as a net- negative 4 percent of firms reported higher earnings over the last quarter, up 42 points from July’s quarterly report;

• Business owners in manufacturing are less optimistic about sales expectations in the fourth quarter;

• Only a net 8 percent of manufacturing firms expect higher sales, down 9 points from July and about the overall average;

• Manufacturing companies reported a decrease in future employment plans in October. A net 13 percent reported plans to increase their number of employees, down 13 points from July and 5 points below the overall average.

Construction firms have the highest measure of small-business optimism among the industries, the NFIB Research Center reports. The construction industry Optimism Index in October was 107, up 6.5 points from July’s quarterly report, and 3 points higher than the overall index of all firms. Demand for new construction continues to be driven by record-low interest rates and a shortage of inventory in the real estate market.

The full survey is available at https://assets.nfib.com/nfibcom/Industry-SBET-October-2020-FINAL.pdf

OthersideAI, SU Launchpad startup, secures $2.6M in seed funding

Health Care, Small Business, Subscriber Only

SYRACUSE — OthersideAI, a Syracuse University LaunchPad startup, on Nov. 12 announced that it has secured $2.6 million in seed funding. The investors include Seattle, Washington–based Madrona Venture Group, along with San Antonio, Texas–based Active Capital, San Carlos, California–based Hustle Fund, Chapter One, and top angel investors in artificial intelligence (AI) and software as a Service

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SYRACUSE — OthersideAI, a Syracuse University LaunchPad startup, on Nov. 12 announced that it has secured $2.6 million in seed funding.

The investors include Seattle, Washington–based Madrona Venture Group, along with San Antonio, Texas–based Active Capital, San Carlos, California–based Hustle Fund, Chapter One, and top angel investors in artificial intelligence (AI) and software as a Service (SaaS).

OthersideAI includes Syracuse University students Matt Shumer, Miles Feldstein, and alumnus Jason Kuperberg, who met and created their venture at the Blackstone LaunchPad, powered by Techstars, at Syracuse University Libraries.

The LaunchPad is Syracuse University’s “innovation hub, connecting the entire campus with a global network that provides support for aspiring entrepreneurs, inventors, and creators,” per an SU news release.

OthersideAI is an email-software platform, turning simple summaries into “well-written emails in seconds,” thus enabling users to save time managing their email correspondence. The team developed OthersideAI as part of the LaunchPad’s 2020 SummerStart Accelerator program.

Since announcing the project mid-summer, the waiting list to onboard with OthersideAI has “grown by thousands and has garnered accolades from AI experts around the world,” Syracuse University said.

Shumer, Feldstein, and Kuperberg have been active members of the LaunchPad program for several years. The three co-founders have been participants in numerous campus and national competitions, including ‘Cuse Tank, Impact Prize, ACC InVenture Prize, iPrize, Hunter Brooks Watson Spirit of Entrepreneurship competition, Orange Tank, and the Hult Prize.

They currently mentor other LaunchPad teams.

“This wouldn’t have been possible without the Blackstone & Techstars LaunchPad network and Syracuse University’s LaunchPad,” said Shumer, who is CEO of the company.

OthersideAI is one of the first commercial products built entirely on GPT-3, the AI model from San Francisco, California–based OpenAI, which delivers natural-language results for “virtually any task.”

OthersideAI was one of the first companies to be granted access to the OpenAI API (application programming interfaces) to help test and refine the technology and has been working with OpenAI to build to the safety standards of both entities.

“Email is a crucial application for getting business done, communicating with friends and family, and where we, admittedly, spend many hours a day. However, unlike other applications, email hasn’t evolved in decades. OthersideAI changes that dynamic by helping users compose thoughtful emails with just a couple of bullet points and in their own personal style,” said Shumer. “The response we have had from our early users — and from those who have seen the demo — has been overwhelming and we are looking forward to rolling out OthersideAI more broadly in the coming months.”

“We strongly believe that AI and natural language processing technologies such as GPT-3 will transform many aspects of our lives — from work to our health to leisure. Since our first investment in commercially viable AI technology more than seven years ago, we have looked to back innovative founders like Matt, Miles and Jason, who are building solutions and products that will have significant impact. We are so excited to work with this team as they bring their first product to market,” Matt McIlwain, managing director of Madrona Venture Group, said.

About LaunchPad

The Blackstone LaunchPad at Syracuse University, powered by Techstars, serves faculty, staff, students, and alumni across disciplines who are interested in innovation, invention, entrepreneurship, venture creation, careers, entrepreneurial skills, diversity, equity, inclusion, and taking ideas from concept to commercialization. The program seeks to create an innovation ecosystem across the university to prepare aspiring entrepreneurs.

FuzeHub awards Ithaca firm and five others funding in commercialization competition

Manufacturing & Engineering, Small Business, Subscriber Only

ITHACA, N.Y. — Del Tocororo LLC of Ithaca, which brews sustainable alcoholic beverages called Norwhey, won $50,000 in the fourth annual FuzeHub commercialization competition. The Ithaca firm is among six New York companies awarded a total of $300,000 in the contest. Besides Del Tocororo, two companies from Rochester, along with businesses from Amherst, New York

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ITHACA, N.Y. — Del Tocororo LLC of Ithaca, which brews sustainable alcoholic beverages called Norwhey, won $50,000 in the fourth annual FuzeHub commercialization competition.

The Ithaca firm is among six New York companies awarded a total of $300,000 in the contest.

Besides Del Tocororo, two companies from Rochester, along with businesses from Amherst, New York City, and Stony Brook, also secured $50,000 in funding, FuzeHub said.

FuzeHub is an Albany–based nonprofit that works to help small to medium-sized manufacturing and technology companies in New York.

FuzeHub’s commercialization competition was held Nov. 18 and Nov. 19.

The Jeff Lawrence Manufacturing Innovation Fund provided the funding for the six companies. The Jeff Lawrence Fund, which FuzeHub’s administers, is supported by Empire State Development’s Division of Science, Technology and Innovation (NYSTAR).

Jeff Lawrence, who died in 2015, was a top executive at the Albany–based Center for Economic Growth, the MEP Center for the Capital Region, and a supporter of New York manufacturing and entrepreneurial communities, according to FuzeHub.

MEP is short for Manufacturing Extension Partnership, a NYSTAR-administered initiative that provides direct technology assistance to small and mid-sized manufacturers.

During the competition, 14 finalists from across New York pitched their projects in front of a live virtual audience. A panel of three industry experts selected the award recipients based on the commercialization potential of their technology.

About Del Tocororo and Norwhey

Norwhey is described as a line of beverages that focus on “sustainably” fulfilling consumer needs through fermentation. Consumers are looking for foods and beverages that enable them to meaningfully balance their life, health, and planet, Del Tocororo contends.

Norwhey leverages expertise in food microbiology and new product development to take underutilized food by-products and “waste” and convert those into “delicious, nutritious beverages that are better” for consumers and the environment.

Its first product — Norwhey Nordic Seltzer — uses yogurt whey, a by-product of the New York yogurt industry, as its main ingredient.

It works with companies to take yogurt whey, “and with a proprietary fermentation process, upcycle it into a tasty, low-alcohol beverage naturally high in electrolytes,” like calcium, and B vitamins. Norwhey’s ingredients are whey, water, sugar, juice, and yeast. It contains 3.5 percent alcohol by volume in a 12-oz. serving and has fewer than 100 calories and 4 grams of carbs, according to its website. The beverage is gluten-free and lactose-free.

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