Organizational History

High Technology of Rochester, Inc. (now High Tech Rochester Inc.) was initiated by the Greater Rochester Metro Chamber of Commerce, the University of Rochester, and the Rochester Institute of Technology in 1987. Its goal has been to support the formation of new businesses based on innovative products and systems. Approximately five years ago, it also assumed the goal of working with small manufacturers to improve their productivity and competitiveness. Funding sources are the New York State Office of Science, Technology and Academic Research and local stakeholders.

In an effort to broaden the level of participation and financial support, the Chamber, the U of R, and R.I.T. reached out to Monroe Community College, the City of Rochester, the County of Monroe, Rochester Gas & Electric, Frontier Corporation, Nixon Peabody LLP and PricewaterhouseCoopers LLP to participate both programmatically and financially in High Technology of Rochester.

After hiring the Center for Governmental Research to do an assessment of community potential, HTR identified the resources necessary to facilitate the commercialization process.  Those were identified as business coaching, access to capital, and an incubator facility. In an incubator environment, technology entrepreneurs are the beneficiaries of not only the facility and office services, but also direct assistance from HTR staff. That assistance is in reference to facilitating the achievement of business plan objectives.

Over a 10-year period, HTR has worked with 1,100 technology-based companies. In a survey undertaken in 1997, with a sample of 35 companies which had been consistently involved with HTR over a 3-year period, employment had increased 2½ fold, and sales had grown from $18 million to $61 million.

Over the past 36 months, HTR has assisted 731 manufacturing companies. It was successful in acquiring $3 million of New York State Industrial Effectiveness Program funds to assist 97 of those firms undertake projects totaling $8.3 million affecting 4,700 jobs.

On its way to the development of the Lennox Tech Enterprise Center, HTR’s 50,000 sq. ft. facility on 7 acres in W. Henrietta, HTR managed two pilot incubator programs which served 22 companies over a 3-year period. HTR, through the Chamber, acquired $6.5 million of federal and state money to build the Lennox Tech Enterprise Center. Since opening in October 1997, TEC has admitted 28 companies, graduated 5 firms and currently serves 19 Clients plus an additional 12 TEC Affiliates. It has been positioned as a center for the entrepreneurial technology community.

HTR also reaches out to the entrepreneurs in the community by providing a week of seminars ranging from venture capital, business plan development, the commercialization process to intellectual property.

In the past, HTR has implemented 4 Venture Capital Forums in which promising technology-based companies presented their business plans to an audience of potential investors. As a result of these forums, 37 companies received $47.2 million of investment. It has also worked with the New York State Science & Technology Foundation’s venture fund to invest $6.7 million in 16 Rochester based companies.

High Tech Rochester has used its connections in the community to provide professional services to technology-based entrepreneurs. Working through the Chamber framework, HTR has been able to find strong linkages to blue chip service providers. Coordination with the City and County’s Economic Development Departments is also important. As companies grow and develop they can take advantage of the opportunities provided by both the City and County’s economic development financial programs. LaserMax, an HTR coached company, is the only firm to receive an equity investment on the part of the County of Monroe Industrial Development Agency Revolving Loan Fund.

High Tech Rochester has also worked to provide a competitive advantage for high tech businesses in the region. For example, HTR assisted the University of Rochester in securing $6 million of federal project funds from the U.S. Army to establish the Center for Optics Manufacturing. The goal was to add to the existing infrastructure in the community relating to optics industry development.

HTR has focused on growth from within the community’s technology base to offset the attrition in companies and employment that has occurred in Rochester. It is presently focused on defining ways and means to achieve better outcomes and fulfillment of its mission.