APRIL 2008

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Pittsburgh Region: No. 1 in Nation for Venture Capital Growth & a Top 10 Tech Town

Venture Capital Growth: The Pittsburgh Region is No. 1 in Nation
The Pittsburgh region is No. 1 in the country for growth in venture capital investment over the past 10 years and No. 2 for growth in the number of VC-funded companies over the same time period, according to the recent PriceWaterhouseCoopers National Venture Capital Association MoneyTree report. The report cited life sciences, software and clean technology as key local growth industries. Dean Miller, managing director at Novitas Capital said: "The academic and clinical powerhouses of the University of Pittsburgh ("Pitt"), the University of Pittsburgh Medical Center ("UPMC") and Carnegie Mellon University ("CMU") produce significant amounts of primarily government-funded technology across multiple disciplines … Most importantly, these three entities work extremely well together and all serve as value-added partners for our companies."
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Top 10 in Tech: Forbes Names Pittsburgh a Top 10 U.S. Tech City
Citing commitment, vision, money and leadership as ‘agents of change,’ Forbes.com recently named Pittsburgh one of the nation’s Top 10 “up-and-coming” tech cities. “The old steel town has become an innovative force in areas such as health care, biomedical technology, nuclear energy and robotics,” says Forbes, acknowledging Carnegie Mellon University’s Robotics Institute as “… making great strides in robot development.” Read more (PDF file)

Westinghouse Expansion Again One of the 2007 Deals of the Year
Real Estate Forum recognized Westinghouse as its leasing feature for the “2007 Deals of the Year” (March 2008 issue). This follows the project’s receipt of the 2007 Economic Development Deal of the Year (EDDY) award from Business Facilities. View the virtual issue of Real Estate Forum and see page 37 for details.

Stadiums Fuel Corporate Site Development: Pittsburgh’s North Shore Makes Cover Story Feature
Pittsburgh’s North Shore is featured in NAIOP’s Development Magazine cover story about stadium-related real estate developments (see “A Smooth Development and Approval Process”) “… the Steelers and the Pirates were considering the redevelopment potential of the property located between PNC Park and Heinz Field … dubbed The North Shore, [it] will consist of two million square feet of office, hotel, retail, entertainment and restaurants. Plans also call for a residential component … The North Shore project in Pittsburgh includes corporate build-to-suits for Del Monte Foods and Equitable Resources.”

Local Start-Up Innovates Mobile Consumer Interaction, Doubling in Size
Through their company, SMaSh Technologies, “two Carnegie Mellon University graduates have tapped into the rocketing popularity of text messaging by developing an easy way for cell phone users to connect with advertising … [through] SMS, a simple application that allows cell users to engage in a conversation with a marketer…The firm, including four full-time and two-part time staff, has office space in Pittsburgh and San Francisco and plans to double in size this year.” Read more

Tax Incentives Aid Hannon Electric Expansion
The Beaver County Corporation for Economic Development approved sponsorship of a Commonwealth of Pennsylvania Enterprise Zone tax credit application benefiting Hannon Electric ($192,365). Hannon repairs and rewinds large electrical motors and provides other repair services for large manufacturing customers. It is constructing a new 8,000 SF plant in Harmony Township at an estimated cost of $1 million to accommodate its growth. Hannon plans to employ 11 in the new facility.

Locally Grown Xhibit Solutions Expands
Pittsburgh-grown Xhibit Solutions recently doubled the size of its previous location during its leasing of 12,000 SF in Bridgeville, Pa. Xhibit Solutions provides portable and modular exhibit design and fabrication, graphic output, rental exhibits and convention services.

Business Park Expands – Tax-Credit Zone with Interstate Access
The Beaver County Corporation for Economic Development awarded a $1.3 million contract to Graziani Construction, Inc. (New Castle, Pa.) to undertake Phase II site improvements at the WestGate Business Park – extending the $2.3 million in Phase I site improvements and providing access and services to an additional 80 acres at the site. WestGate is a 225-acre Keystone Opportunity Zone development that provides users needing large sites with immediate access to the Interstate system to reach Northeast and Midwest markets. Phase II completion is expected this summer.

Beaver County Riverfront Development
The Beaver County Corporation for Economic Development also awarded a $1.6 million contract to Graziani Construction, Inc. for Phase I site improvements to its Bridgewater Crossing project (Bridgewater, Pa.) – a 12-acre mixed-use development at the confluence of the Beaver and Ohio Rivers. The completed project will provide private commercial development opportunities, public access to the riverfront and a key connection to Beaver County’s ongoing trail development effort. The project continues Beaver County’s investment to date of over $5 million in encouraging recreational, commercial, residential and entertainment-related riverfront development.

New Pittsburgh Region Business Park Locator Map Available
Making it even easier for businesses considering relocation or expansion to imagine their growth here, a new poster-sized Business Park Locator Map plotting 145 business park locations in southwestern Pennsylvania is now available. It is a companion tool to PittsburghProspector.com, the region’s comprehensive online real estate database. Read more (PDF file)

$1.5M Technology Funding: Six Companies, Two Centers of Excellence
The Technology Collaborative (TTC) awarded $1.48 million across the Commonwealth to six company-based projects and two projects at Carnegie Mellon University, with the University of Pittsburgh and Pennsylvania State University collaborating on two of the company projects. Those receiving funds in the Pittsburgh region include Concurrent Design Automation ($192,500), Carnegie Mellon’s National Robotics Engineering Center ($150,000) and its Robotics Institute ($200,000), RemComm Inc. ($169,100) and Tomo Technology ($204,699). Read more

Nanotech: Funding for Two Regional Companies
“Two Pittsburgh-area companies received $508,238 in funding Tuesday through the [Pittsburgh-based] Pennsylvania NanoMaterials Commercialization Center … NanoLambda Inc., a Harmar-based, University of Pittsburgh spinoff that commercializes advanced sensor technology, received $258,238 … [while Carnegie Mellon spinoff] Plextronics, also based at the former Gulf Oil Laboratories, now known as UPARC, was awarded $250,000 …” Read more

National Green Research: $26M to Consortium for Cleaner Fossil Fuel Development
A consortium of three universities – Carnegie Mellon University, the University of Pittsburgh and West Virginia University – will receive up to $26 million in funding over the next two years to develop clean and efficient technologies for the use of fossil fuels. The results of its work could reduce regional as well as national dependence on foreign oil. Read more

Gates Foundation Gives Pitt $11M for Cutting-Edge Tuberculosis Research
“The University of Pittsburgh Center for Vaccine Research (CVR) received a generous $11.4 million research grant from the Bill & Melinda Gates Foundation to potentially curtail the global tuberculosis (TB) epidemic. The grant has enabled the purchase of new imaging technologies that may shorten and simplify the course of TB treatment.” Read more

Renowned Entertainment Technology Center Opens Japan Campus
Carnegie Mellon’s Entertainment Technology Center (ETC) – a graduate institution that uniquely benefits from the combined strengths of the university’s top-ranked Computer Science and Fine Arts programs – recently opened a location in Osaka, Japan. In addition to the Pittsburgh headquarters, the ETC has a campus in Adelaide, Australia and will open the doors of ETC-Singapore later this year.

Robert Morris University Receives $500,000 for High-Tech Updates
“Robert Morris University has received a $500,000 grant from the United States Steel Foundation for the creation of a state-of-the-art videoconferencing center for its School of Business.” Read more

Pittsburgh International Airport (PIT) – Receives Top Concessions Honor, Traffic Up

• Passenger Traffic Report – January 2008: Eight airlines report increases in traffic
• AIRMALL awarded best (and most unique) airport concessions from Airport Revenue News

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Wind Boom USA: Commonwealth Seeks Companies for German Wind Energy Conference, April 14-15
To assist Pennsylvania-based companies in capitalizing on opportunities created by the fast-growing global wind energy industry, the Commonwealth of Pennsylvania, in cooperation with the American Wind Energy Association and partners in the North Rhine-Westphalia region of Germany, are hosting the Wind Boom USA conference in Cologne, Germany, April 14-15. The event is designed to connect U.S. and German wind energy companies to foster mutually beneficial business relationships. Learn more (PDF file) or contact Suzi Pegg at 412.392.4555, ext. 4544.

FirstEnergy Corporation Assists PRA Regional Marketing Efforts
The Pittsburgh Regional Alliance will participate in FirstEnergy's Regional Marketing Support Initiative at the Medical Device & Manufacturing (MD&M) East expo, June 3-5 in New York City. MD&M is a premier show for the design and manufacture of medical devices and equipment for the health care industry. FirstEnergy's Regional Marketing Support Initiative helped make it possible for the PRA to support this important business cluster.

EVENTS

Wednesday, April 9 – Breakfast Briefing: Mastering the Rockefeller Habits featuring Verne Harnish
Looking for a way to break the entrepreneurial glass ceiling and move up as a professionally managed company while retaining an entrepreneurial spirit? Join us for an informative and enlightening presentation by entrepreneurship expert Verne Harnish. Known as the "Growth Guy" columnist for several publications, a contributing editor for Fortune Small Business magazine and one of the "Top 10 Minds in Small Business," he is the author of Mastering the Rockefeller Habits: What You Must Do to Increase the Value of Your Fast-Growth Firm.

Thursday, April 17-18 – The Business of Brownfields '08
Since 1995, the Engineers’ Society of Western Pennsylvania has presented an annual conference on the subject of brownfield reclamation, and this year will be the biggest event yet. At the David L. Lawrence Convention Center.

Wednesday, April 30 – Local Economy and Urban Farming, Food and Farming-Based Economies: The Next Generation of Business in Pittsburgh
Presented by Carnegie Mellon University. Master of Ceremonies: Fay-Penn Economic Development Council President Michael Krajovic. Featured Speaker: Judy Wicks, one of Inc. Magazine's 25 favorite entrepreneurs, co-founder of the nationwide Business Alliance for Local Living Economies (BALLE) and founder of the Sustainable Business Network of Greater Philadelphia (SBN). Business Community members: $50, Nonprofits: $30, 1-5 p.m.

Wednesday, April 16-17 – 3 Rivers Venture Fair
Explore the most promising technology and life science innovations from an expansive 10-state region and beyond. Join more than 500 venture capitalists, investors, entrepreneurs, university and economic development professionals and technology pioneers for the fourth 3 Rivers Venture Fair at the Lexus Club, PNC Park. Since its inception, the 3RVF has become one of the most prominent technology investment showcases in the Northeast and Mid-Atlantic regions and has helped featured companies raise more than $250 million in investment capital. Questions? Contact Debbie Shiring at 724.226.3962 or d.shiring@verizon.net.

Sunday, June 22-25 – 2008 ASEE Annual Conference & Exposition
Join the American Society for Engineering Education (ASEE) in Pittsburgh for the 115th Annual ASEE Conference & Exposition. Promote your brand and enhance your recruiting efforts at the world’s largest gathering of engineering educators.