|By Business Wire||
|January 9, 2014 09:26 AM EST||
Eleven start-up companies in University City and Center City together received close to $1 million in tax credits as part of the Keystone Innovation Zone (KIZ) Tax Credit Program. All eleven companies -- Curalate, Eight Eleven, Global Technology Enterprises, Longevity Biotech, Optofluidics, RJMetrics, Solve Media, Ticketleap, Torchlight Technology Group, Vita Products and Yorn - are located in the University Keystone Innovation Zone.
Pennsylvania’s Keystone Innovation Zone Tax Credit is a key component of the KIZ program which makes up to $25 million per year available to eligible companies. Companies that do not have any tax liabilities can “sell” or “trade” their tax credits in the tax credit market.
Since 2006 almost $4.5 million in KIZ Tax Credits have been awarded to 28 companies in the University City KIZ. “With the challenging economic climate for the startup community, KIZ Tax Credits provide a great boost for startups and much-needed funding,” says Robert McGrath, Chair of the University City KIZ Executive Committee and Senior Associate Vice Provost at Drexel University.
Eligible companies can access up to $100,000 in tradable credits each year and many of the current awardees are investing those funds in new employees while others plan to purchase equipment to further develop and commercialize products and technologies.
“The KIZ Tax Credit will allow us to hire one more technical employee to help validate key applications of our technology,” commented Bernardo Cordovez, Founder and CEO of Optofluidics. “Further, the sale of the tax credit will help in various aspects of the commercialization of our NanoTweezer system, which launched in December of 2013.”
Robert Moore of RJMetrics noted that his company will invest in another employee as a result of the KIZ Tax Credit received. While Wayne Clarkson, Director of Business Development at Global Technology Enterprise Limited stated “like other start-ups, every penny counts for us. The KIZ Tax Credit Program is critical for our growth. It enables us to innovate by means of research and development. We plan using the cash flow generated by the tax credit to purchase high-power computing servers, specialized software licenses, etc.”
The deadline for applying for a KIZ tax credit is September 15th of each year. Currently, revenue from grants, sales, royalties and other income can be included in tax credit applications, but equity and early-stage venture investments cannot be considered.
UC KIZ companies interested in applying for a tax credit should call 215.966.6156 or email [email protected] for more information.
About the University City Keystone Innovation Zone
The University City Keystone Innovation Zone is a partnership of BioAdvance, Drexel University, Thomas Jefferson University, University City Science Center, University of Pennsylvania, University of the Sciences in Philadelphia and The Wistar Institute. It was established in 2004 by the Commonwealth of Pennsylvania as a Keystone Innovation Zone, a geographically designated zone designed to create a “knowledge neighborhood” that develops technology business communities by aligning talent and resources. UC KIZ partners are committed to working together to ensure that life sciences technology opportunities are developed and supported to maximize the potential of university research, start-up companies and international companies seeking to locate in the region.
For more information about the University City Keystone Innovation Zone, call (215) 966-6156 or visit www.uckiz.com.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 28, 2016 10:30 AM EDT Reads: 754
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Jul. 28, 2016 10:15 AM EDT Reads: 482
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 28, 2016 10:00 AM EDT Reads: 261
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 28, 2016 09:30 AM EDT Reads: 1,393
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Jul. 28, 2016 09:28 AM EDT Reads: 202
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 28, 2016 09:00 AM EDT Reads: 1,603
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 08:30 AM EDT Reads: 1,677
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Jul. 28, 2016 08:30 AM EDT Reads: 357
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 28, 2016 07:45 AM EDT Reads: 919
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 28, 2016 07:30 AM EDT Reads: 519
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Jul. 28, 2016 07:15 AM EDT Reads: 697
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Jul. 28, 2016 06:45 AM EDT Reads: 1,863
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 28, 2016 06:45 AM EDT Reads: 1,559
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 28, 2016 05:45 AM EDT Reads: 2,326
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 04:45 AM EDT Reads: 1,382