The 3rd annual Upstate CEO Report, commissioned by Upstate Venture Connect (UVC), shows that fast-growing companies across our region have average salaries that are up to 60% higher than the average salary in a typical upstate metro area.
“Scalable companies targeting national and global customers are distributed across our region,” stated UVC CEO Nasir Ali. “They don’t often show up on traditional economic development metrics, but clearly have an outsized impact on our communities.”
CEOs from more than 170 upstate New York companies responded to the survey. A faculty-guided student team from Le Moyne College’s Madden School of Business conducted the survey and compiled the results for analysis.
Scalable companies are often in the newer industries and building products for national/global customers. Survey respondents in this category plan to hire six to seven entry level people on average in 2019 and two thirds of those positions require a college degree.
Results indicate that scalable companies have:
· More employees;
· Higher average page;
· More aggressive hiring plans; and
· Are more likely to receive outside financial support than companies whose primary focus is local customers.
These results confirm similar trends found in our two prior annual surveys. Download detailed analysis here: UVC.org/2018-19-Upstate-CEO-Report
The 2018-19 Report lays out a number of recommendations that can be implemented by academic, private and public sector leaders to enable the creation and growth of more scalable companies. Chief among them are strategies to build greater links between fast-growing company leaders and the students on campus, as well as approaches to increase the pool of private and public financial support needed for such firms to achieve their objectives.
The engagement with the Madden School is just the latest connection between the school and Upstate Venture Connect; others include Le Moyne hosting each summer since 2014 the StartFast Venture Accelerator, along with various initiatives with the Keenan Center for Entrepreneurship, Innovation and Creativity, one of three centers of excellence at the Madden School.
“There’s a reason why the Madden School’s marketing program is ranked #29 nationally, according to U.S. News & World Report,” said Madden School Dean Jim Joseph. “Dr. Margie Ierlan, who oversaw the student survey work, continues to push her students to reach higher. Participation in a study of this significance is one more example. We’re thankful for UVC’s continued faith and support in the Madden School.”
The 2018-19 Upstate CEO Report was made possible by financial support from Rochester, NY-based Fast Tracking Solutions (FTS). "We believe that talent is the key to fostering significant growth across upstate New York," said Thomas Carpitella, FTS CEO. "FTS is dedicated to helping our clients find and retain exceptional talent for all levels of the enterprise."
UVC Chairman Martin Babinec also noted, "Undertaking a survey like this is not an easy task. We are very grateful to our partners, especially FTS and the Madden School at Le Moyne College for the support that they provided."
About Upstate Venture Connect
Upstate Venture Connect
(UVC) is on a mission to connect UNY entrepreneurs to the people and resources needed to build high-growth companies. UVC is a 501c3 non-profit supported by tax deductible donations and sponsorships.
About the Madden School of Business at Le Moyne College
More than ever, business educators must prepare a new generation of innovative, globally aware leaders. Towards this end, the Madden School
strives to imbue its students with the ability to understand, discern, and lead as they address the most pressing issues of our times.
About Fast Tracking Solutions
Fast Tracking Solutions
(FTS) is an international search firm that provides its clients with top talent across all industries and functions, from technology to accounting/finance. Extreme success in these industries has generated explosive internal growth, making FTS one of the fastest-growing search firms in North America. The firm’s corporate HQ is located in Rochester, N.Y.