START-UP NY at RIT
A business that was launched at Rochester Institute of Technology and has become the fastest growing company in Connecticut, is opening offices in Rochester.
RIT grad Austin McChord created "Datto, Inc." which provides off-site data backup, disaster and recovery solutions for companies.
Using the state's START-UP NY program, Datto will operate out of RIT owned property and initially create over 70 jobs in exchange for the incentives offered through the program.
START-UP NY allows companies to operate for ten years in tax-free areas associated with colleges and universities around the state.
Of the 64 tax-free zones in the state, 59 are in upstate.
Governor Andrew Cuomo, who made the announcement about Datto at RIT today, says the program makes New York the least expensive place for businesses.
He says, overall, 12 businesses are expanding or locating in the state through START-UP NY, investing nealry 50-million dollars and creating almost 400 jobs in those tax-free zones.
As for existing businesses that aren't eligible for the program's tax incentives, Cuomo says the program can make a region stronger, and by attracting more people and growing the local economy, the property tax burden can be divided over more people.
30 RIT graduates already work for Datto, and company chair Paul Sagan says the incentives and the location are both a great fit.