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ExportNY helps companies tap international markets
The International Trade Administration recently reported U.S. export statistics for 2013. According to the state export fact sheet, the metro areas of Syracuse and Utica–Rome were responsible for more than $2.5 billion in merchandise exports. New York’s top-five export markets were Canada, Switzerland, Hong Kong, Israel, and China. Of the 41,000 exporting companies from New […]
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The International Trade Administration recently reported U.S. export statistics for 2013. According to the state export fact sheet, the metro areas of Syracuse and Utica–Rome were responsible for more than $2.5 billion in merchandise exports. New York’s top-five export markets were Canada, Switzerland, Hong Kong, Israel, and China. Of the 41,000 exporting companies from New York state, 94 percent were small to medium-sized businesses with fewer than 500 employees.
A world of opportunity is out there if you know how and where to fulfill your company’s potential for success on an international scale. But, how can you get there from here? As a small or mid-sized business, your resources may not span the globe. Yet, if you had access to the international marketing expertise and training you need, your company could become a successful and profitable competitor in the global marketplace.
ExportNY, a four-month international business-development program, held its inaugural class back in 1998. Dr. Peter Koveos of the Whitman School, Carolyn May (then of National Grid), and Bob Trachtenberg (recently retired president of the Central New York Technology Development Organization), along with educators from SUNY Buffalo, SUNY Albany, and Michigan State, collaborated to develop the comprehensive syllabus that is still used today.
The research that led to ExportNY was funded in part by a Department of Education grant awarded to Syracuse University in 1996. The fact that many federal and state programs around the country have modeled their own export education programs on ExportNY’s program is a testimony to the quality of the curriculum. Add to that the 120 or so companies in New York that have graduated from the program, and that it received national recognition in 2002 as the “NASBITE: Outstanding International Trade Education Program,” and you have a compelling story.
ExportNY is designed for executives responsible for their company’s international marketing, finance, and operations. It helps participants determine which international markets are attractive, prioritize efforts, develop strategies to penetrate each market, and tackle the legal, cultural, logistical, and regulatory issues of doing business abroad. The program takes a strategic approach to developing a global business plan and gives companies classroom training, market research, tools and resources in a stimulating, interactive and supportive environment. ExportNY provides Syracuse University interns help with research and implementation efforts under the guidance of the participant and program staff. Participants spend two days per month in program sessions. Between sessions they work on developing and executing their plan. By the end of this fast-paced program, businesses are on their way to expanding their markets.
Many of Central New York’s successful exporters have incorporated the ExportNY sessions into their ongoing professional development and training for their employees. Participants are encouraged to send two or three participants from different business groups within the organization. Even seasoned exporters have reported that the program was worthwhile, helping them to discover new markets and develop new marketing channels.
To find out more about the next ExportNY class starting in September, contact Sue Kuhns of the CNY Technology Development Organization at skuhns@tdo.org or Steven King of the CNY International Business Alliance at sking@cnyiba.net.
John Tracy is a senior international trade specialist with the U.S. Commercial Service in Syracuse. With offices in 108 U.S. cities and U.S. embassies and consulates in more than 70 countries, the U.S. Commercial Service connects U.S. companies with international buyers. For more information, visit www.export.gov/NewYork
Image Agent has designs on growth with new division
AUBURN — Image Agent, an Auburn–based creative and design-service agency, has launched FLX Wraps, which it’s describing as a new division. The firm operates at 26 Osborne St. in Auburn. FLX Wraps provides graphics for vehicles, such as company vans or personal vehicles. FLX is short for Finger Lakes. Image Agent can
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AUBURN — Image Agent, an Auburn–based creative and design-service agency, has launched FLX Wraps, which it’s describing as a new division.
The firm operates at 26 Osborne St. in Auburn.
FLX Wraps provides graphics for vehicles, such as company vans or personal vehicles. FLX is short for Finger Lakes.
Image Agent can handle the work “in-house,” says Brian Redfield, the firm’s sole owner.
“It’s a seamless service that we can provide,” he says.
Redfield spoke with CNYBJ on April 8.
Image Agent started considering the FLX Wrap service near the end of 2014.
“It just seemed the right time with the signs and with spring coming along,” he adds.
The company created a website totally dedicated to FLX Wraps, on which it describes the division as “the premier large-format graphics and vehicle wrap specialists in Cayuga County.”
Image Agent may consider launching additional visual services using the FLX brand, says Redfield.
Besides its vehicle-wrapping division, Image Agent also offers branding assistance for companies through logo and graphic design, brand and social-media marketing, website development, and ecommerce assistance.
The services could include production of business cards and brochures.
Image Agent also produces displays and signs with an eco-solvent, large-format printer.
“So basically we can print to adhesive vinyl, banner material, canvas … a lot of different materials can go through the printer,” says Redfield.
About Image Agent
Founded in 2007, Redfield first operated his company in a small space in Port Byron and grew its client base before moving to its current location in Auburn in early 2013.
The small business has four employees, including Redfield. The employee count includes one part-time worker, he says.
He doesn’t anticipate adding any new employees in 2015, but “it depends on how the business progresses.”
Image Agent leases the space from Dave Seneca, manager at Auburn Furniture Service Inc. located next door to Image Agent, Redfield says.
He declined to disclose his firm’s revenue information and any projections for 2015, saying only that Image Agent’s revenue has “increased each year.”
The company started serving a large client for whom it produced “a lot” of signs, which helped grow its revenue in 2014, he says. Image Agent is also in discussions with another client that could be a “game changer” for his firm’s sales.
Image Agent services mostly commercial clients and currently has between 80 and 90 clients. They include Pango Mobile Parking, which services the city of Auburn; Kohilo Wind, LLC of Jordan; and TerikTech Corp., an Auburn–based, audio-video installation company.
Image Agent handled a van wrap for TerikTech, according to the Image Agent website.
The firm doesn’t advertise. It services mostly “referral-based” clients and repeat customers as well, according to Redfield.
Redfield, a Cortland native, started the business because he had been handling freelance jobs in the same field while living on Long Island.
When he and his wife returned to Central New York, he was having trouble finding “the type of opportunity he was looking for” in the design industry.
“I decided to open my own company,” he says. “It was … a natural progression.”
Redfield graduated from Cortland High School in 1998 before earning an associate degree in communications at Herkimer in 2000. He went on to earn his bachelor’s degree in multimedia and design from Briarcliffe College on Long Island in 2004.
The student entrepreneurship scene at Syracuse University: Where does it stand?
SYRACUSE –– On March 20, television viewers got a glimpse of Syracuse University’s entrepreneurship scene when SU alumnus Patrick Ambron appeared on ABC’s TV show “Shark Tank.” Ambron (Class of 2009) co-founded BrandYourself, an online reputation-management company that helps people improve online search results for their names. He and his partners started the firm
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SYRACUSE –– On March 20, television viewers got a glimpse of Syracuse University’s entrepreneurship scene when SU alumnus Patrick Ambron appeared on ABC’s TV show “Shark Tank.”
Ambron (Class of 2009) co-founded BrandYourself, an online reputation-management company that helps people improve online search results for their names. He and his partners started the firm in 2009 as part of the Student Sandbox program at the Syracuse Technology Garden in downtown Syracuse. BrandYourself later became a regular tenant in the Tech Garden and won the $200,000 grand prize in the 2011 Creative Core Emerging Business Competition. The firm then moved its headquarters to New York City.
On the Shark Tank episode, Ambron asked the show’s “sharks” (investors) for a $2 million investment in exchange for a 13.5 percent stake in the company. Ambron rejected a counteroffer and walked away without a deal.
BrandYourself may have captured nationwide attention. But, what about the current state of entrepreneurship at Syracuse University? Are there any other emerging success stories?
Professors and students alike say that SU and the city of Syracuse continue to foster a positive environment for entrepreneurship. But room for improvement remains before student entrepreneurship can grow to its full potential.
In the 2013-2014 school year, SU’s Entrepreneurship and Emerging Enterprise (EEE) faculty taught 1,800 undergraduate students and nearly 400 graduate students across 206 majors, according to the Martin J. Whitman School of Management’s annual report. Alexandra Kostakis, a professor of entrepreneurial practice, teaches the course EEE 370, “Introduction to Entrepreneurship and Emerging Enterprises,” which has 24 students from Whitman and 20 students from other SU undergraduate colleges. But, in another section, she has only eight Whitman students out of 52 students. Kostakis says she’s never had a class with students from such a wide range of majors.
“What’s great about this class is that [there are] a lot of ideas, because there’s so many students from such diverse backgrounds,” she says referring to the second section. “It is the perfect environment for ideas to happen, because everyone is coming from different places. That’s a great plus.”
Kostakis also noticed that this semester, she has more students visiting her during office hours to discuss business ideas. She has had five to 10 students sign up to be in the Couri Hatchery incubator, a co-working space at Whitman that provides resources and support for student ventures. To her, it is an indication that student entrepreneurship is still growing and is here to stay.
“It’s not a trend or a fad in my eyes,” she adds. “I see it as an opportunity for them to take control of their own future.”
Other professors in Whitman’s EEE department have also taught a diverse range of students, and often cannot accommodate all the students who want to enroll in their class. Ken Walsleben, a professor of entrepreneurial practice, said this semester he turned away 15 to 18 students who petitioned him to add them to his entrepreneurship class. The class had already reached its capacity of 50 students.
Other resources
The resources or opportunities SU students can tap to grow their startups, include competitions such as the Raymond von Dran (RvD) IDEA Awards, which they can enter and win up to $10,000 for their business. Within the Couri Hatchery, students can talk to accountants, lawyers, and other experts about their business ideas. Outside of Whitman, SU also has other programs and offices that support student entrepreneurship. They include the Newhouse Center for Digital Media Entrepreneurship — which promotes new media entrepreneurship opportunities to students, providing resources to help start digital-media ventures — and the
ICE Box — a space for innovation, collaboration, and entrepreneurship at the iSchool.
Students also have access to programs in the city of Syracuse. For example, CenterState CEO, which operates the Tech Garden, has launched a new startup competition called The Germinator. It’s a contest for startups that will award $600,000 in total over a two-year period with funding rounds starting every six months.
Other priorities
But with all the opportunities and resources, why aren’t there more student-run businesses across the Syracuse community?
Starting a business after college may not be a high priority for all students, says Peter Scott, a professor of entrepreneurial practice at the Whitman School.
“Most students are interested in other stuff,” he says. “They’re interested in going to the bar. They’re interested in getting their degree. They’re young and unfocused.”
Last year, Scott taught a senior capstone class in entrepreneurship. One group of students came up with an idea in which tennis-court paint would change color for five seconds if the ball hit the line.
“Cool idea,” he quips. Out of the 60 or 70 business plans for the capstone, the tennis-court paint plan was in the top five. Scott encouraged the team to enter IDEA and other business competitions in the spring, but they never did — even though Scott thought that they had “a really good chance” of winning prize money for their venture.
“They’re students,” he says. “They’re in their last semester. They’re thinking about jobs, right? Like real jobs. They’re thinking about graduating, and having fun.”
Last year, Syracuse University student Tom Charles and his two other teammates won $7,500 from the IDEA Awards. The funding was for Compas, an event-management service for student organizations on college campuses. It originated as a final project for an information-technology class in which Charles and his teammates were enrolled. However, they folded the company shortly after the competition.
“Being that the app started as just an idea for a class project, we never really assessed the business environment at all,” says Charles, who is now a graduate student in Whitman’s entrepreneurship program. “We didn’t think it was the best use of our time.”
However, Charles believes that student entrepreneurship at SU is continuing to grow. He says he would like to see more centralization in the resources for entrepreneurship on campus, instead of having many different offices scattered across the various colleges. Putting entrepreneurship resources and spaces in one spot would mean students would make more connections with other entrepreneurs and have an easier time to find the right tools to start their business, he contends.
CORE eatery set for early May opening in Clay
CLAY — CORE, a new fast-casual, “active lifestyle” eatery, plans to open in early May at the former location of Jolime Fresh Garden Café in the town of Clay. The opening of CORE at 7265 Buckley Road, its first location, will follow renovation work at the former Jolime Fresh Garden Café, which closed late
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CLAY — CORE, a new fast-casual, “active lifestyle” eatery, plans to open in early May at the former location of Jolime Fresh Garden Café in the town of Clay.
The opening of CORE at 7265 Buckley Road, its first location, will follow renovation work at the former Jolime Fresh Garden Café, which closed late last year.
CORE is a company that is separate from Jolime, says John Caveny, co-owner of Jolime and an operating partner of CORE.
John Caveny spoke with CNYBJ on April 14.
The owners want customers to see CORE as a place they can come to get healthy food, says Caveny.
“Everything on the menu is fresh. We don’t have any freezers. Everything’s prepared daily, like our dressings that we make from scratch every day,” he adds.
The group created CORE to offer quick meals for lunch and dinner featuring “unprocessed ingredients that enable peak performance.”
When asked if the Cavenys had plans to transform the existing Jolime locations into CORE locations, Caveny replied “not at the current time.”
The existing Jolime locations operate at 125 E. Jefferson St. in Syracuse and at North Medical across West Taft Road from CORE in Clay.
The eateries are performing “fine on their own,” Caveny contends.
Jolime still offers “comfort” food, such as a bagel with butter, a sandwich that a customer can dip into a cup of broccoli-cheddar soup.
“They’re not necessarily healthy for you,” Caveny notes.
Core operations
CORE will operate in a 4,500-square-foot space, says Caveny, noting he leases the space from Chuck Hafner, Caveny’s uncle.
Hafner operates Chuck Hafner’s Farmers Market & Garden Center, Inc. next door.
CORE will employ between 30 and 40 people, he adds.
Caveny and his wife, Lisa Caveny, joined Larry Wilson and Todd Mansfield in announcing late last year that they would transition the Jolime location to create a “unique active lifestyle” restaurant with plans to add additional locations.
Caveny declined to disclose each owner’s share of the business.
A CORE news release describes Wilson as a “successful entrepreneur and restaurateur” and Mansfield as a “medical-industry veteran.”
Wilson, a Vestal resident who John Caveny has known for more than 25 years, owns more than 25 Moe’s Southwest Grill and Hoopla! Frozen Yogurt locations throughout New York, Pennsylvania, and Maryland, according to the release.
Caveny has also known Mansfield for more than 25 years, he says.
Wilson served as the contractor on the renovation project. Lisa Caveny led the effort in designing the space.
Caveny declined to disclose how much it cost to renovate the space for the CORE eatery, but says it is “self-financed” and a “significant investment.”
How it started
Larry Wilson approached Caveny as he was opening Hoopla! Frozen Yogurt locations, including one in Westchester County.
“And he noticed a line out the door at this place that was opening up another block away. He went to check on it, and it was a concept called Chop’t. There was a line out the door and all people were eating is salads,” says Caveny.
It was a location of the Chop’t Creative Salad Company. It operates eateries in the New York City and Washington, D.C. areas, according to its website.
Similar types of restaurants are “sprouting up” in places such as Boston, Washington, D.C., and other major markets, filling the demand for people who just want to
eat healthy food, says Caveny.
“It’s active people [who] are looking to eat healthy every day,” he adds.
Wilson told the Cavenys he believed upstate New York had an “appetite” for these food products, Caveny recalled.
The Cavenys researched the idea, visiting eateries that are serving healthy foods in places such as Boston and New York City.
They decided to convert Jolime, figuring they had established a footprint; had customers who “appreciate” them for fresh food; and the location near Chuck
Hafner’s garden center with the available produce.
“It just seemed to make sense,” he concluded.
They figured they’d renovate what they already had and use it as a “prototype model,” as opposed to starting something new at a new piece of property.
“If it works here, then maybe we do some more,” he adds.
The Cavenys decided last fall that they had conducted enough research and accumulated enough data to make a decision.
They believed they had examined enough concept models to determine “there’s nothing like this in upstate New York, and we thought if we brought it, there was a really good chance of success.”
The partners chose the name CORE to represent the physical center of a human body “and being centered and being balanced … Food plays a tremendous role with that,” says Caveny.
In the eatery’s logo, the “O” part of CORE is the core of a carrot.
“One of our mantras at CORE is real food for active people. There’s a real performance piece to eating well,” says Caveny.
The eatery’s customers could include someone who’s ended treatments for cancer, someone trying to lose 30 pounds to avoid diabetes, or someone training for a
marathon, he suggests.
“All of those people have one thing in common … The better you eat, the better you feel,” says Caveny.
SOHO business show includes exhibitors, seminars to help small-business owners
SYRACUSE — It’s a chance for small-business owners and entrepreneurs to learn about available products, services, and resources in a one-day event featuring exhibitors and seminars. Premier Promotions is organizing the 17th SOHO Syracuse Small Business Show on Thursday, April 30, from 9 a.m. to 5 p.m. at the Nicholas J. Pirro Convention Center
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SYRACUSE — It’s a chance for small-business owners and entrepreneurs to learn about available products, services, and resources in a one-day event featuring exhibitors and seminars.
Premier Promotions is organizing the 17th SOHO Syracuse Small Business Show on Thursday, April 30, from 9 a.m. to 5 p.m. at the Nicholas J. Pirro Convention Center at Oncenter.
SOHO is short for small office/home office.
The event seeks to help small businesses deal with the constant changes in the economy, says Steve Becker, owner of Premier Promotions, Inc., who has helped in producing all the previous 16 SOHO shows.
“What we try to do with the show is give companies options for what’s out there to help [them],” says Becker, who spoke with CNYBJ on April 10.
The options could be products, services, or just information, he adds.
The SOHO show aims to provide information on topics such as financial services and new programs. Several government agencies also plan to participate including the Onondaga County Division of Purchase; Empire State Development, New York’s primary economic-development agency; the U.S. Small Business Administration (SBA); and the Small Business Development Center.
“We’re trying to bring people to the show [who] can be assisted, either in an existing business or [if] you want to start a business,” he says.
Becker is anticipating more than 130 exhibitors at this year’s show and between 800 to 1,000 attendees.
Chambers of commerce serving Liverpool, Cicero, Manlius, Cazenovia, and Plank Road (North Syracuse), as well as CenterState CEO, will participate, says Becker.
“They will also have some of their members as part of their [exhibitor] areas,” he adds.
The SOHO Syracuse Small Business Show also includes four half-hour length, small-business presentations on topics that focus on raising digital visibility; Microsoft Windows 10 and business applications; organizations that help small businesses, such as a chamber of commerce; and a 60-minute panel of entrepreneurs who started or sustained a successful company.
The presentations include Destiny USA’s Microsoft Store at 11:15 a.m. with a “Sneak Preview to Windows 10 and Business Applications.” The presentation provides a “peek” at what’s available at the Microsoft Store along with the latest operating system from Microsoft.
“Microsoft 10 is going to be released sometime in 2015. So, we’re going to have that … for people to understand some of the ins and outs of what to look forward to,” Becker says.
Later, at 12:15 p.m., area chambers of commerce, the Small Business Development Center, and the SBA present, “Three Organizations That Can Help Your Small Business.”
Attendees can find out how these organizations offer opportunities to network with other businesses, gain educational business insights, be an advocate for your small business.
“For the chamber, we’re going to have Liverpool … take the lead in that,” says Becker.
The presentations continue at 1:15 p.m. with “How to get your story into The Business Journal,” with advice on what CNYBJ looks for and reports about local businesses.
The final presentation at 2:15 p.m. is from a panel of entrepreneurs presenting an hour-long seminar called “Grand Slam Entrepreneurs — The Sequel.” The same presentation had a “standing-room only debut” in last year’s show, says Becker.
This year’s panelists are John Stage, owner of Dinosaur Bar-B-Que; Andy Picco, owner of Sustainable Office Solutions, LLC; Jessica Sloma, president of Ultimate Arrival, LLC; and Gwen Webber-McLeod, president and CEO of Gwen Inc., a leadership-development corporation.
“Each entrepreneur that’s on the panel will have a chance to tell their story,” says Becker.
Matt Mulcahy, anchor and reporter for CNY Central, will moderate the panel discussion.
Anyone attending any of the presentations can leave a business card for a chance to win a booth at the 2016 SOHO show free of charge. Booth space at the show costs about $600, Becker notes.
The day will conclude with a Business After Hours Networking Reception between 4:00 p.m. and 5:00 p.m. featuring free hors d’oeuvres, a cash bar, prizes, and entertainment from the Maria DeSantis Trio, according to the show agenda.
“To me, SOHO … is really for people to connect [along with] networking, building new relationships, or seeing old friends,” says Becker.
Complimentary tickets are available on the show’s website, but the cost at the door is $5 if people attend without a complimentary ticket, Becker says.
The advertising and marketing materials for the SOHO show include the likeness of Bernie Bregman, owner of BBB Marketing, Inc., smiling and giving two thumbs up. Those materials include a billboard ad, tickets, posters, and the Show Guide.
Bregman — who retired from the Business Journal News Network (BJNN) as a senior account manager at the end of 2013 but still provides marketing services to BJNN through his company — offers a few reasons why Becker tapped him to help market SOHO.
“Well, Steve and I are friends. In addition to that, I’ve been involved with trade shows of this kind for probably 20-some years…,” he says. “And a lot of people know me. So Steve decided, ‘Well, let’s use the face of Bernie Bregman.’ ”
Bregman says he received “lots” of feedback from people who saw him on last year’s SOHO Show billboard and tickets.
Becker and Norman Poltenson, the former publisher of CNYBJ, came up with the idea for the SOHO show in the fall of 1997 and organized the first one in April 1998.
SOHO became an autumn event the following year, but has now shifted on the calendar to the spring.
The trade show took a one-year hiatus in 2012 to avoid conflicting with the CenterState CEO Business Showcase at the State Fairgrounds, an event that has since moved to the fall.
A Plan to Reform New York’s Public Education System
As you are reading this, many of New York’s children have just taken the high-stakes tests connected with the Common Core standards. Our educational landscape has become the unlikely battleground of democracy and personal rights. In the end, the cause is worthy; a sound public-education system for our children is one of the most important
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As you are reading this, many of New York’s children have just taken the high-stakes tests connected with the Common Core standards. Our educational landscape has become the unlikely battleground of democracy and personal rights. In the end, the cause is worthy; a sound public-education system for our children is one of the most important responsibilities of the state and our society.
New York’s implementation of the Common Core standards was flawed and destined to create more challenges and struggles than the ones it was meant to resolve. The failure on the part of the New York State Education Department (NYSED) to engage affected and interested parties during the development of the curriculum was the catalyst that caused the issues we are currently facing — stressed children, frustrated parents, undervalued educators, and school administrative systems that are trying to keep all the parts together for the sake of our kids.
Common Core’s failure is the fault of the state, not our students, parents, teachers, or administrators. Our educational system, led by faceless bureaucrats who make up the Board of Regents and the NYSED, refused to listen to the people. Simply put, New York’s educational system needs reform and transparency.
I commend the many parents, teachers, administrators, and students who have been advocating for reform. From opting out of testing for your own children to contacting the governor and other elected officials, you have been doing your part, raising your voices for change.
I too have taken steps toward reform. I first held a hearing when former NYSED Commissioner John King refused to listen to you. As a result of 14 hearings held throughout the state, my Republican Assembly colleagues and I crafted an educational reform package known as the Achieving Pupil Preparedness and Launching Excellence (APPLE) Plan. The APPLE Plan would engage our teachers, parents, and administrators; ensure fairer funding for upstate schools, especially those in rural areas; and put an end to stressful Common Core testing. In addition to the APPLE Plan, I have also signed on to legislation that re-enforces a parent’s right to opt their child out of Common Core testing and prohibits the schools, teachers, and children from being punitively affected by their choice to refuse the tests.
I firmly believe in having rigorous educational standards for our children, but they must be developmentally appropriate for each child and be flexible enough to accommodate children with developmental challenges. I believe each child deserves an education tailored to their gifts and skills.
Marc W. Butler (R,C,I–Newport) is a New York State Assemblyman for the 118th District, which encompasses parts of Oneida, Herkimer, and St. Lawrence counties, as well as all of Hamilton and Fulton counties. Contact him at butlerm@assembly.state.ny.us
Prince Charles, you forgot something. Britain’s Prince Charles visited us recently. His parting message was a strong criticism of capitalism. It is an economic system with enormous shortcomings, he told us. Some commentators quickly came to capitalism’s defense. No other system has ever brought prosperity as capitalism has, they reminded us. “It is the profit
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Prince Charles, you forgot something. Britain’s Prince Charles visited us recently. His parting message was a strong criticism of capitalism. It is an economic system with enormous shortcomings, he told us.
Some commentators quickly came to capitalism’s defense. No other system has ever brought prosperity as capitalism has, they reminded us. “It is the profit motive that has pulled us out of man’s natural state of poverty,” one editorial stated. It has its faults. All systems do. But compare its results to those of Marxism and planned economies. Ask a billion Chinese which system lifted them from wretched poverty, etc.
I will let them praise capitalism’s virtues, which are many. At the same time, I wish to remind the prince that he perhaps overlooks something: He is one of the world’s major capitalists.
First, a definition of capitalists. They who invest capital — money — to get a return. From rents, maybe. Dividends from stock. Interest from bonds. Profits when they sell assets for more than they paid.
Prince Charles is the Duke of Cornwall. He is, in effect, the CEO of the Duchy of Cornwall. The Duchy operates as a large company. It owns and manages properties galore — and collects millions in rent from them. Some are farms. Some are homes. Some are commercial buildings, shops, and offices.
The Duchy owns a big warehouse for supermarkets. It owns a Holiday Inn. It is active in a wide range of businesses. This is capitalism, of course. In fact, it is crony capitalism. Because the Duchy pays no taxes. It competes against businesses that must.
The Duchy has $1.5 billion invested. It pays out a profit of more than $30 million per year. To the Prince, to live off.
He also benefits from The Crown Estate. The whole Royal Family does. The Crown Estate is one of the largest capitalist operations in Britain. It owns shopping malls, properties of all types. It owns pipeline operations and windmill businesses.
It owns huge chunks of London’s famous Regent Street. And fun parks, cable companies, aquaculture businesses, farms, and forestry ventures.
Like fellow capitalist businesses, the Crown Estate borrows capital. It makes bets on property — buying and selling. Last year, it bought and sold assets worth hundreds of millions of dollars. It climbs into bed with developers and other capitalists in joint ventures.
The Crown Estate has investments worth about $15 billion. It is proud to report that last year it generated nearly $400 million in profits.
Now the company’s propaganda is filled with terms like “responsible stewardship” and “socially conscious development.” Well, so is the propaganda from ExxonMobil. Meanwhile, the Crown Estate proclaims its number one goal is maximum profit and growth.
You might like to read its annual report. You can find it through Google. In the report it boasts of its “market beating” results.
Meanwhile, Prince Charles boasts about how his Duchy is utterly responsible toward the environment. He makes it sound like a benevolent charity. But if he won’t face reality, we can. It is a business, a capitalist operation. It invests for profits and gains and dividends and rents. So does the Crown Estate.
The Prince also boasts about how green is his Duchy. He warns us we are destroying life on earth with our use of fossil fuels. Yet he leaves a larger carbon footprint in one day of jetting and helicoptering around than you will leave in a decade.
The Prince got a superb education, I know. But I have to wonder what he was taught about capitalism. And capitalists. Like the one he sees in his mirror.
From Tom…as in Morgan.
Tom Morgan writes about political, financial, and other subjects from his home near Oneonta, in addition to his radio shows and TV show. Contact him at tomasinmorgan@yahoo.com
Cornell School of Hotel Administration offers concentration in entrepreneurship
ITHACA, N.Y. — The Cornell University School of Hotel Administration (SHA) has announced it’s offering a new concentration of study in entrepreneurship. The Leland C.
Report: Most areas of CNY gained jobs in the last year
Most areas of Central New York added jobs between March 2014 and this past March. The Ithaca region was the lone exception, having lost a
New York manufacturing conditions turn negative in April
The Empire State Manufacturing Survey general business-conditions index plunged eight points to -1.2, the Federal Reserve Bank of New York reported Wednesday. The index turned
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