>> COMING UP TONIGHT: GRAB SOME COTTON CANDY AND A COLD POP AS WE EXPLORE THE LOCAL ECONOMIC INFLUENCE OF THE NEW YORK STATE FAIR... WE DELVE INTO THE EXTENSIVE EXPANSION OF AN OPTICS MANUFACTURING GIANT IN ONTARIO • AND EXPLORE IMPEL'S GROUNDBREAKING AUTOMOTIVE DIGITAL PLATFORM LOCATED RIGHT HERE IN SYRACUSE -- ON THE MONEY BEGINS RIGHT NOW • DML GOOD EVENING AND WELCOME TO ON THE MONEY, WCNY'S FINANCIAL AND ECONOMIC DEVELOPMENT PROGRAM - THINK OF IT AS YOUR LOCAL FINANCIAL NEWS PROGRAM FEATURING SOME INTERESTING PEOPLE, BUSINESSES AND HAPPENINGS FROM EVERY CORNER OF CENTRAL NEW YORK.

I'M LAIZA SEMIDEY.

DURING OUR SEASON WE'LL SEE WHERE MONEY IS BEING MADE, SPENT AND SOMETIMES LOST AND FOCUS ON PROJECTS AND ACTIVITIES AFFECTING US LOCALLY.

OUR FIRST REPORT TAKES US TO THE NEW YORK STATE FAIR.

AROUND ONE MILLION VISITORS ARE DRAWN TO SYRACUSE ANNUALLY BY THE NEW YORK STATE FAIR.

WITH SUCH A MASSIVE SURGE IN VISITORS, THE AREA BOASTS A PLETHORA OF OFFERINGS.

A TWO-PART QUESTION ARISES: WHERE DOES THIS INFLUX OF FUNDS END UP AND HOW DOES IT BENEFIT THE LOCAL ECONOMY?

IN AUGUST, OUR TEAM VENTURED TO THE FAIRGROUNDS TO FIND OUT.

>> WE ARE THE MOST HISTORIC FAIR IN THE COUNTRY.

FIRST EVER FOUNDED BACK IN 1841, STARTED AS A VERY BOUTIQUE AGRICULTURAL FAIR, MOVED ALL OVER THE STATE FOR A PERIOD OF TIME.

THEN STIMULATER WAS FOUNDED RIGHT HERE.

IT'S GROWN DRAMATICALLY SINCE ITS FIRST INCEPTION.

THERE IS 50 BUILDINGS ON THIS 375-ACRE FACILITY.

AND THERE IS REALLY SOMETHING FOR EVERYONE.

THERE IS ETHNIC VILLAGES HERE, VARIOUS FOOD FORMS, GREAT FEARM ENTERTAINMENT.

TOURING ACTS THAT PLAY ON STAGES HERE.

IT'S A CULMINATION OF ALL THAT NEW YORK STATE IS.

IF WE ARE LOOKING AS WE DO, WE ARE SEEING A LOT OF FOLKS FROM CENTRAL NEW YORK, RIGHT, A LOT OF FOLKS FROM BUFFALO AND ROCHESTER.

WE ARE SEEING AN INFLUX, AN INCREASED INFLUX FROM ALBANY AND FROM NEW YORK CITY.

WE JUST HAD A GROUP FROM DIGNITARIES FROM ENGLAND COME IN.

I RAN ACROSS PEOPLE FROM OTTAWA, ONTARIO MULTIPLE TIMES AT THE FAIR.

PEOPLE KNOW ABOUT THE FAIR.

THERE IS A LOT FOR FOLKS TO DO HERE ON A VERY ECONOMICAL BASIS.

PEOPLE COMING FROM ALL OVER AND.

(TRAIN SOUNDS).

>> COMING BY TRAIN, TOO.

>> A NUMBER OF PEOPLE EACH YEAR AT THE FAIR EQUALS ABOUT 900,000, SOMETIMES OVER A MILLION.

SOMETIMES LESS THAN 900,000.

THAT'S A GOOD MIDDLE GROUND.

THAT'S PEOPLE WHO WALK THROUGH THE GATES TO ATTEND THE FAIR.

THERE ARE EXHIBITORS, WORKERS, FAIR STAFF SO THAT NUMBER IS EASILY A MILLION PEOPLE OVER THE COURSE OF THE FAIR.

PEOPLE VISITING VENUES OUTSIDE OF THE FAIR WHILE THEY'RE HERE.

THAT'S REALLY WHAT OUR MISSION IS IS TO TRY TO GET TO THOSE FOLKS TO MAKE THEM AWARE OF WHAT IS OUTSIDE OF THE FAIRGROUNDS AND PEOPLE DEFINITELY TAKE ADVANTAGE OF IT.

A LOT OF THE BUSINESSES OUTSIDE OF THE FAIR SEE A BIG UPTICK SO THAT TELLS ME THEY'RE VENTURING OFF THE FAIRGROUNDS TO EXPLORE OUR REGION WHICH IS A GREAT THING.

IT BUILDS CREDIBILITY FOR THE REGION.

PEOPLE COME FOR THE EVENT.

PERHAPS THEY HAVEN'T BEEN HERE BEFORE AND THEY GET TO EXPLORE THE AREA AND PLAN FOLLOW-UP VISITS OR LARGE CONVENTIONS AND MEETINGS, THEY COME AND SEE THE FACILITIES AT THE FAIRGROUNDS AND LEADS TO BIGGERY EVENTS ALL 12 MONTHS OF THE YEAR.

>> THE EXPO IS THE LARGEST FREE SPAN BUILDING NORTH OF NEW YORK CITY BETWEEN CLEVELAND AND BOSTON.

ONE THING THE EXPO CENTER HAS DONE FOR US IS ALLOW US TO BRING ADDITIONAL REVENUE INTO THE FAIRGROUNDS.

AND THAT'S WHAT WE ARE ALWAYS TRYING TO DO.

WE ARE ALWAYS TRYING TO GROW OUR PLATFORM, GROW EVENTS AND REALLY THAT AFFECTS THE BOTTOM LINE AND BRINGS EXTRA REVENUE INTO THE FAIR.

THE 13 DAYS OF THE FAIR IS REALLY WHERE WE SPEND A LOT OF THE OUTGOING MONEY FOR THE FAIR.

BUT THE NON-FAIR EVENTS, THE OTHER DAYS OF THE YEAR IS WHERE WE MAKE OUR MONEY.

WHERE OUR MONEY COMES IN THROUGH VARIOUS EVENTS.

ANY TIME WE CAN HAVE A LARGE PLATFORM LIKE THE EXPO ON THE FAIRGROUNDS IS NOT JUST GREAT FOR THE STATE FAIR BUT FOR THE TAXPAYERS BECAUSE IT ALLEVIATES THE FUNDS WE HAVE TO PULL FROM THE GENERAL FUND TO OPERATE THE EXPO CENTER GIVEN WE ARE AN EXCELSIOR FUND WE HAVE TO BE SELF SUSTAINING AND WORKING BACK FROM THAT YEAR AFTER YEAR WITH LESS DEPENDENCY ON THE DEPARTMENT OF BUDGETS AND THE TAXPAYERS AS A WHOLE.

THE ECONOMIC IMPACT ON THE FAIR IS DRAMATIC.

NOT JUST FROM THE VENDORS STANDPOINT BUT ON ANY GIVEN YEAR, WE EMPLOY ROUGHLY 1600 FOLKS TO COME AND WORK FOR US ALONE, NO THE JUST THE VENDORS.

THAT'S REALLY JUST STATE FAIR STAFF WHETHER IT BE IN PARKING OR MAYBE WORKING WITH OUR EVENTS STAFF OR MECHANICAL SYSTEMS THAT MAYBE PEOPLE DON'T SEE.

IT'S A HUGE INFLECTION OF CAPITAL INTO THE CENTRAL NEW YORK AREA AND WE ARE JUST, YOU KNOW, REALLY OVERJOYED THAT IF YOU LOOK AROUND, IT'S A VERY, VERY BUSY DAY HERE AT THE FAIRGROUNDS.

EVERY FOOT IN THE DOOR IS A DOLLAR IN THE VENDOR'S POCKETS AND GOES RIGHT BACK INTO THE LOCAL COMMUNITY SO WE ARE LUCKY TO HAVE THIS IN CENTRAL NEW YORK.

>> OUR THANKS GIVE TO THE NEW YORK STATE FAIR AND VISIT SYRACUSE FOR THEIR VALUED PERSPECTIVES.

UP NEXT IS OUR COMMON CENTS PIECE AND JOINING US IS MELISSA MURPHY.

WELCOME.

>> THANK YOU VERY MUCH.

SO EXCITED TO BE HERE.

>> I AM SO EXCITED YOU ARE HERE BECAUSE THE TOPIC WE ARE TALKING ABOUT TODAY IS FUTURISTIC.

AS A MILLENNIAL, I'M NOT PLANNING FOR THE FUTURE WHEN I GET OLDER.

AND AS AN ONLY CHILD TO MY MOM IS MY NUMBER ONE PRIORITY.

YOU ARE HERE TODAY BECAUSE I WANT TO KNOW ABOUT THE FINANCIAL ASPECTS OF THIS.

WHAT IS THE COST OF THIS CARE?

>> SO IF YOU ARE LOOKING TO BRING IN-HOME CARE, YOU ARE LOOKING AT AN AVERAGE OF $25 AN HOUR AT THIS CURRENT TIME IN THIS AREA.

SO TO HAVE THERE-HOUR CARE IN THE HOME, YOU ARE LOOKING AT ABOUT A QUARTER OF A MILLION DOLLARS PER YEAR.

SO THAT CAN BE DAUNTING.

AND MOVING INTO A FACILITY ISN'T MUCH CHEAPER.

SO ASSISTED LIVING IS ABOUT $6,000 A MONTH.

AND NURSING HOME IS GOING TO BE ABOUT DOUBLE THAT.

>> ANY PROGRAMS THAT SUPPORT FINANCIAL HELP FOR FAMILIES?

>> SO THE WAY MOST PEOPLE PAY FOR CARE IS EITHER PAYING PRIVATELY OR THERE ARE SOME SERVICES AVAILABLE.

THROUGH THE VETERANS ASSOCIATION, THROUGH THE OFFICE FOR AGING, SO THOSE ARE GREAT RESOURCES TO LOOK FOR.

SOMETHING PEOPLE DON'T UNDERSTAND AND NEED TO LEARN TO TIE INTO THEIR FINANCIAL PICTURE IS WHAT MEDICARE IS GOING TO COVER AND WHAT MEDICAID IS GOING TO COVER.

THERE IS A BIG DIFFERENCE BETWEEN THE TWO.

MEDICARE IS GOING TO BE AN INSURANCE THAT COVERS SOME HOSPITAL STAYS, SOME SHORT-TERM IN-HOME CARE.

BUT NOT THOSE BULK OF HOURS THAT YOU ARE GOING TO NEED IF SOMEBODY HAS, SAY DEMENTIA OR UNABLE TO WALK AROUND THEIR HOME AND NEEDS THAT BULK OF HOURS.

AND THEN MEDICAID, THAT IS ACTUALLY HOW THE MAJORITY OF FOLKS DO PAY FOR CHAIR IN-HOME OR IN A NURSING HOME.

SO THERE IS A STIGMA AROUND MEDICAID AND IT'S DIFFERENT.

GROWING UP IN THE MEDICAID SYSTEM IS NOT THE SAME AS ACCEPTING HELP FOR MEDICAID TO COVER THE COST OF LONG-TERM CARE SO THAT IS SOMETHING THAT EVERYBODY NEEDS TO CONSIDER WHEN PLANNING THEIR FINANCES.

>> OKAY.

SO YOU ARE TELLING ME IT'S EXPENSIVE.

I SHOULD START PLANNING NOW.

>> YES.

>> AND THERE IS SOME SORT OF SUPPORT THAT I CAN GET.

>> THERE ARE THREE PROFESSIONALS THAT EVERYONE NEEDS TO MEET WITH NOW.

THE FIRST ONE IS YOUR FINANCIAL ADVISER.

THEY'RE GOING TO KNOW YOUR FINANCIAL PICTURE.

THE SECOND ONE IS AN ESTATE PLANNING ATTORNEY.

NOT JUST ANY ATTORNEY, SOMEBODY WHO UNDERSTANDS MEDICAID LAW, CAN HELP YOU DETERMINE IF A TRUST IS THE RIGHT THING FOR YOUR FAMILY TO PRESERVE ASSETS.

THE THIRD ONE IS AN AGING LIFE CARE PROFESSIONAL SUCH AS MYSELF, WHO UNDERSTANDS THE COST OF CARE AND THE RESOURCES AVAILABLE SPECIFICALLY IN OUR AREA.

SO IN A PERFECT WORLD, THE THREE OF THOSE PROFESSIONALS ARE WORKING TOGETHER WITH YOUR FAMILY AND HELPING PRESERVE THE LEGACY AND THE WISHES OF EVERYONE INVOLVED.

>> THANK YOU SO MUCH FOR COMING ON TODAY.

>> THANK YOU VERY MUCH FOR HAVING ME.

>> MELISSA MUR AT THIS, C.E.O.

AND FOUNDING OF AGING ADVOCATES.

UP NEXT, OUR SEGMENT WE CALL TECH BYTES WHERE WE FEATURE NEW TECHNOLOGIES BEING DEVELOPED OR USED HERE IN CENTRAL NEW YORK.

DO YOU RECALL THOSE CAPTIVATING IMAGES OF PLUTO FROM 2015?

THE SUCCESS OF THE NEW HORIZONS MISSION WAS A COLLABORATIVE EFFORT INVOLVING NUMEROUS CONTRIBUTORS.

AMONG THEM, OPTIMAX, AN OPTICS MANUFACTURING COMPANY, WHO PLAYED A CRUCIAL ROLE IN DELIVERING THOSE REMARKABLE IMAGES.

FAST FORWARD EIGHT YEARS AND THEY'RE MAKING FURTHER STRIDES, INVESTING $20 MILLION IN AN EXPANSION OF THEIR LOCATION IN WAYNE COUNTY.

>> HERE AT OPEN AT THIS MAX WE-- OPTI MAX, WE MAKE SEMICONDUCTOR LITHOLOGY IF I THAT GO INTO THE MACHINE TO MAKE THE CHIPS THAT GO IN OUR CELL PHONES AND COMPUTERS.

THAT'S ABOUT 40% OF OUR BUSINESS.

ANOTHER MARKET SEGMENT THAT WE SERVICE THAT'S ABOUT 30% OF OUR BUSINESS FLOW DOWN FROM THE DEPARTMENT, THE U.S. DEPARTMENT OF DEFENSE AND THEN THE THIRD AREA THAT'S, YOU KNOW, UP TO A FEW YEARS AGO, LESS THAN 1% OF OUR BUSINESS WAS SPACE OPTICS.

TODAY THAT'S OVER 10% OF OUR BUSINESS AND GROWING RAPIDLY.

AND THE REASONS BECAUSE OF ALL THESE LOW EARTH ORBIT SATELLITES THAT ARE BEING PUT UP FOR COMMUNICATIONS.

SO IN JULY OF 2023, WE ARE GOING TO COMPLETE AN EXPANSION OF 35,000 SQUARE FEET.

THIS IS PHASE 1 OF A THREE-PHASE PROJECT BEING SUPPORTED BY THE EMPIRE STATE DEVELOPMENT CORPORATION, I.D.A.

PHASE 2 WILL HAPPEN NEXT YEAR WHERE WE WILL BE RECONFIGURING SOME OF OUR EQUIPMENT INTERNALLY SO THAT WE CAN EXPAND OUR OPTICAL CODING AREA WHICH MEANS ADDING A LOT MORE CLEAN ROOM SPACE AND SOME MORE CODING CHAMBERS.

AND THEN PHASE 3 WILL HAPPEN IN 2025-2026 WHERE WE ARE GOING TO BE ADDING ANOTHER 70,000 SQUARE FEET ON TO THE BACK OF OUR BUILDING.

WE HAVE COMMITTED TO HIRE 50 MORE PEOPLE AS PART OF THIS EXPANSION.

BUT, IN FACT, WE'VE ALREADY HIRED NEARLY 200 PEOPLE IN THE PAST 18 MONTHS.

SO ONE OF THE BIGGEST CHALLENGES WE HAVE IS MAINTAINING AND CONTROL THAT YOU FIND IN MOST ORGANIZATIONS WHERE YOU DO WHAT YOU ARE TOLD AND YOU ARE OKAY.

HERE IS MORE OF A CULTURE OF EMPOWERING THE EMPLOYEES AND EXPECTING PEOPLE READY TO SHOW UP READY TO WORK READY TO LEARN AND CREATE VALUE EACH DAY.

>> GROWING IS FUN AND IT'S REALLY HARD AS WELL BECAUSE YOU'VE GOT THE PHYSICAL GROWTH OF ACTUALLY NEEDING TO ADD PEOPLE, BUT YOU ALSO HAVE THE SYSTEMS THAT ARE EMBEDDED WITHIN THE ORGANIZATION THAT YOU HAVE TO FIGURE OUT HOW TO GROW AS WELL.

SO SCALING THE SYSTEM JUST AS MUCH OF A, CALL IT AN OPPORTUNITY, AS BRINGING SOMEBODY NEW IN.

BOTTOM LINE IS WE HAVE A LOT OF DIFFERENT AREAS HERE THAT REQUIRE A LOT OF DIFFERENT SKILL SETS.

SO WE'VE GOT THE TRADITIONAL ACADEMIC-BASED CANDIDATES THAT JUST PROVIDE A FOUNDATION THAT WE CAN BUILD OFF OF AND THEN WE HAVE THE NON-TRADITIONAL CANDIDATES AS WELL, THAT YOU WOULDN'T NECESSARILY THINK WOULD BE GOOD FITS BUT WHEN YOU GET ENGINEERING MINDSET-BASED PEOPLE, WHETHER THEY'RE MECHANICS, GAMERS, ARTISTS, MUSICIANS, CHEFS, AND APPLY THEM INTO THESE TYPES OF ROLES URBAN COUNTIES YOU CAN REALLY CREATE REALLY COOL OPPORTUNITIES FOR PEOPLE.

>> OPTIMAX TURNED 30 YEARS IN 2021 AND THE FIRST 30 YEARS OF BUSINESS WE GENERATED $500 MILLION IN REVENUE AND ROUGHLY HALF OF THAT WAS SHARED WITH OUR WORKFORCE IN PAYROLL BENEFITS AND BONUSES.

WITH THE EXPANSION THAT WE ARE DOING, IT SETS THE STAGE FOR OPTIMAX TO ACCOMPLISH $5 BILLION IN THE NEXT YEARS AND ROUGHLY HALF OF THAT WILL BE SHARED WITH OUR WORKFORCE AND NOW THAT WE ARE OWNED BY A TRUST, ONE OF THE PRIMARY TENANTS IS NEVER SELL THE BUSINESS.

ANOTHER WIN IS ALWAYS SHARE AT LEAST 25% OF THE PROFITS WITH THE EMPLOYEES.

WHAT WILL HAPPEN OVER THE NEXT THIFORT 30 YEARS IS THAT WE WILL SYSTEMATICALLY STRENGTHEN THIS COMMUNITY.

AND IF WE CAN GET ANOTHER 10 OR 20 COMPANIES DOING WHAT WE ARE DOING, WHERE THEY MAKE SURE THAT THE WEALTH THAT'S BROUGHT TO THE COMMUNITY THROUGH OUR MANUFACTURING EFFORTS STAYS HERE IN OUR COMMUNITY, WE WILL STRENGTHEN THE ENTIRE REGION.

>> AND TONIGHT FOR BY THE NUMBERS WE LOOK AT E-LEARNING.

THE MARKET IS SET TO GROW WORLDWIDE UP TO $325 BILLION BY 2025.

TAKING IT A STEP FURTHER INTO THE CORPORATE E-LEARNING MARKET, THAT IS SET TO GROW A LITTLE OVER $38 BILLION.

WITH THE HELP OF E-LEARNING, COMPANIES HAVE SEEN RESIDENTIAL TX RATES INCREASE TO 60% FROM 25%.

AND WE KNOW HOW EXPENSIVE IT IS TO HIRE PEOPLE.

REVENUE HAS INCREASED 42% FOR COMPANIES AND WHEN COMPANIES HAVE IMPLEMENTED COMPREHENSIVE TRAINING PROGRAMS, THEY HAVE SEEN A 24% HIGHER PROFIT MARGIN.

AND IF YOU LIKE TO SAVE MONEY, OVER $200 MILLION WORTH OF SAVINGS.

YOU MAY NOT BE A TECH COMPANY BUT I'M SURE YOU HAVE TECH COMPANY IN YOUR ORGANIZATION.

SO MAXIMIZING YOUR E-LEARNING TRAINING WILL GET YOUR COMPANY THE BEST RESULTS.

YOUR EMPLOYEES DON'T HAVE TO CHOOSE BETWEEN WORKING AND LEARNING.

SO IT'S A WIN-WIN.

SELF-PACED LEARNING IS SUSTAINABLE, PROFITABLE AND ATTRACTIVE TO YOUR WORKFORCE.

THESE ARE YOUR NUMBERS FOR TONIGHT.

WE CONTINUE NOW WITH OUR SPOTLIGHT SERIES WITH J. DANIEL PLUFF.

THE SERIES HIGHLIGHTS BUSINESSES AND PEOPLE DOING SOMETHING SPECIAL IN OUR AREA.

AS WE LEARNED IN OUR FIRST TWO SEASONS OF ON THE MONEY, CENTRAL NEW YORK HAS MORE THAN ITS SHARE OF START UP COMPANIES WORKING WITH ALL FORMS OF NEW TECHNOLOGIES.

SOME COMPANIES WITH TIES OUTSIDE CENTRAL NEW YORK HAVE COME HERE TO LAUNCH AND GROW THEIR BUSINESSES, WHILE OTHERS ARE MUCH MORE LOCAL TO OUR REGION.

TWO FRIENDS FROM CHRISTIAN BROTHERS ACADEMY HAD AN IDEA - THEIR GOAL WAS TO SHOW A PRODUCT ONLINE USING AN INTERACTIVE, THREE D APPROACH TO GIVE CONSUMERS A FAR BETTER VIEW OF THE PRODUCT'S FEATURES.

INITIALLY, SUCCESS WAS HARD TO FIND - BUT WHEN IMPEL APPLIED THEIR TECHNOLOGY TO THE AUTOMOBILE INDUSTRY, THE BUSINESS TOOK OFF.

ON THE MONEY MET WITH ONE OF IMPEL'S CO-FOUNDERS TO CHECK ON THEIR SURPRISING GROWTH AND THEIR FUTURE.

>> WANTED TO START OUT WITH A LITTLE BACKGROUND ON YOU, YOUR PARTNER DESK BAILEY FOUNDED IMPELL BUT BEFORE WE GET THERE, TWO LOCAL GUYS, CBA GRADS, OFF TO YOU GO COLLEGE, YOU ARE IN THE CORPORATE WORLD AND SOMEBODY COMES UP WITH AN IDEA OF I GUESS LIKE A SOFTWARE TO SHOW APAIR, I THINK, RIGHT, RETAIL PRODUCTS ONLINE AND WITH MORE DETAIL.

IS THAT HOW IT STARTED.

>> YOU ARE ABSOLUTELY RIGHT.

: WE GOT OUR START IN THE RETAIL SECTOR.

WE HAD SEEN AN EARLY ITERATION OF VIRTUAL REALITY OR A.R.

WITH APPLE AUTOS' RECENT ANNOUNCEMENT... >> JUST TO SHOW PRODUCTS IN MORE DETAIL OPPOSED TO A SWEATER, YOU KNOW, ONE SHOT.

>> THERE WAS A 360 VIEW OF, YOU KNOW, ANY PRODUCT YOU COULD IMAGINE WANTING TO PURCHASE ONLINE AND STARTED IN A LOT OF FASHION ITEMS, ACCESSORIES, HAND BAGS, THAT KIND OF THING.

>> RETAIL STUFF.

>> ALL RETAIL STUFF.

>> IF SOMEONE CAME TO ME WITH THE IDEA, WOULD I SAY THAT'S A PRETTY GOOD IDEA, BUT IN REALITY, IT DIDN'T QUITE MEET YOUR EXPECTATIONS, CORRECT?

>> NO, IT DID NOT.

FOR A LOT OF REASONS, MAINLY FASHION IS SEASONABLE.

AND AS A RESULT RETAIL ONLY USED THE SOFTWARE A COUPLE TIMES OF YEAR TO PHOTOGRAPH THEIR COLLECTIONS BUT THERE IS ANOTHER INDUSTRY THAT HAS A STEADY STREAM OF INVENTORY FLOWING IN AND OUT AND IT'S A HIGHLY CONSIDERED PURCHASE AND THAT IS AUTOMOBILES.

: >> SO SOMEBODY HAS THIS IDEA, WHY NOT TAKE THIS TO THE WHOLE AUTOMOBILE SECTOR.

SPIN CAR, BOOM.

>> AND THERE WE HAVE IT: FOUND PRODUCT MARKET FIT AND THAT WAS ABOUT SEVEN OR EIGHT YEARS AGO NOW AND ON THE BACK OF THAT AUTOMOTIVE CENTRAL PRODUCT REORIENTED OUR WHOLE BUSINESS.

OTHER VARIOUS DIGITAL COMMUNICATIONS AND MERCHANDISING PRODUCTS.

>> ONE THING I THOUGHT ABOUT THOUGH WAS, YOU KNOW, YOUR CUSTOMER IS THE DEALER.

YOU DON'T SELL CARS.

YOU SELL YOUR SOFTWARE TO A CAR DEALER.

>> THAT'S CORRECT.

>> HOW DO THEY NOT DO THAT ON THEIR OWN?

HOW DO YOU GET PROTECTION THERE?

>> WE HAVE SPENT MILLIONS OF DOLLARS IN R & D AND HAVE BUILT UP REALLY, YOU KNOW, NETWORK EFFECTS WITH REGARDS TO, YOU KNOW, OUR A.P.I.

INTEGRATIONS ACROSS THE ECOSYSTEMS SO IT'S NOT JUST-- OUR CONTENT IS NOT JUST VISIBLE ON A CAR DEALERS WEBSITE BUT OEM WEBSITES AND CAR GURUS AND CARS.COM AND WE HAVE ESTABLISHED OURSELVES AS THE STANDARD FOR 360 IMAGING.

>> HOW DO YOU MONETIZE THIS?

YOU SELL THE SOFTWARE TO THE DEALERS AND THEY PAY YOU A ONE TIME FEE OR PERCENTAGE?

HOW DOES IT WORK.

>> BUSINESS MODEL IS SOFTWARE SERVICE.

OUR DEALERSHIP CUSTOMERS PAY US A MONTHLY SUBSCRIPTION FEE TO USE VARIOUS PIECES OF OUR PLATFORM.

>> I READ RECENTLY, CORRECT ME, I HOPE I HAVE THE NUMBERS RIGHT, A SHORT TIME AGO, $104 MILLION OF CAPITAL FROM A COUPLE OF PRIVATE EQUITY HEDGE-TYPE FUNDS, THAT'S A LOT OF MONEY.

THAT'S A PRETTY GOOD SCORE.

>> YEAH, NO, WE ARE REALLY PLEASED TO PARTNER UP WITH SILVERSMITH AND PREVIOUSLY INVESTOR WAVE CREST PARTICIPATED IN THE ROUNDS THAT CLOSED ON Q1 OF THIS YEAR AND WE REALLY LOOKED AT RAISING THAT OPPORTUNISTICALLY.

WE TURNED THE CORNER ON PROFITABILITY.

>> BEGS THE QUESTION, WHERE DOES ALL THAT MONEY GO?

WHY DO YOU NEED THAT MUCH?

WHAT IS THE NEED FOR THAT.

>> YEAH WE THINK THERE IS THE OPPORTUNITY TO CONSOLIDATE AND CONTINUE TO ACQUIRE OTHER COMPANIES WITHIN THE AUTO TECH LANDSCAPE.

WE HAVE DONE, YOU KNOW THAT TWICE NOW.

OUR FIRST ACQUISITION AND ANOTHER COMPANY OUT OF L.A. CALLED CARLABS AND WE CAN CONTINUE TO GROW ORGANICALLY.

>> I GET ACCUSED OF BEING A CHEERLEADER ON INTERVIEWS BUT I WORRY ABOUT THIS AND TRYING TO PREP FOR THIS, THERE ARE A COUPLE OF OBSTACLES OR CHALLENGES I THOUGHT OF FOR YOU.

ONE OF WHICH BEING THE WHOLE GENERAL FIELD OF TECHNOLOGY, IT CHANGES SO RAPIDLY.

AND HOW DO YOU STAY CURRENT WITH IT AND BETTER YET, HOW DO YOU STAY AHEAD OF CHANGES IN TECHNOLOGY?

BECAUSE WHAT I'M SEEING OUT THERE, YOU NEED TO DO THAT, RIGHT?

>> YEAH, YOU MENTIONED THE ENERGY LEVEL IN THE OFFICE, THAT'S ONE OF OUR CORE CORE VALUES AND CURIOSITY.

STAYING CURIOUS FSMS WE HEAR ABOUT SOME NEW TECHNOLOGY OR A CUSTOMER RAISES SOME INTERESTING THING THEY SAW OR, YOU KNOW, ONE OF OUR, YOU KNOW, ENGINEERS, READS SOME RESEARCH PAPER, WE ARE ALL OVER IT.

AND WITH A.I., WE PICKED UP THIS A.I.

COMPANY NEARLY TWO YEARS AGO BEFORE ANYONE KNEW WHAT CHATGPT WAS.

SO A LOT OF RESEARCH... >> KUDOS TO YOU.

WAS THAT LUCK OR DO YOU KNOW WHAT YOU ARE DOING THERE?

>> LUCK IS A COMPONENT OF EVERYTHING, I THINK.

BUT I THINK WE REALIZED THAT, YOU KNOW, ESPECIALLY WITHIN DEALERSHIPS, YOU KNOW, THEY'RE FACING LABOR MARKET SHORTAGES.

THIS IS SO MUCH THE BROADER RETAIL AND VERY FOCUSED ON WAYS WE CAN AUTOMATE JOBS THAT FRANKLY ARE TOUGH JOBS THAT MOST PEOPLE DON'T WANT TO DO ANYWAY.

AND TARGET NUMBER ONE IS THAT CALL CENTER JOB.

>> CURRENT NUMBER OF EMPLOYEES HERE.

>> SO WE HAVE JUST OVER 200.

>> 2 UNHAD.

>> 200.

>> HOW MANY DO YOU NEED?

DO YOU HAVE OPENINGS?

>> WE ARE.

HIRING IS OUR BIGGEST CHALLENGE, KEEPING UP WITH OUR GROWTH RATE.

>> EVERYONE I'VE TALKED TO ON THE FIRST TWO SEASONS OF THIS SHOW, WHEN WE TALK ABOUT EMPLOYEE, THE NEED FOR EMPLOYEES, SAME THING.

WE'VE PEE GOT-- I'M MAKING THIS OPEN.

10 OPENINGS WE CAN'T FILL.

25 OPENINGS WE CAN'T FILL.

HOW ARE YOU GOING TO FIND THE PEOPLE?

THROUGH DO THINGS LIKE THIS AND CREATING MORE VISIBILTY FOR THE BUSINESS BUT IT'S A GREAT PROBLEM TO HAVE.

ANY GROWING BUSINESS FACES THE SAME CHALLENGE.

IT'S A FUN ONE.

>> WE MENTIONED AT THE BEGINNING YOU AND YOUR PARTNER ARE LOCAL.

MOST OF THE FOLKS OUT HERE ARE LOCAL.

LET'S BE HONEST, YOU KNOW, COULD YOU TAKE THIS ANYWHERE IN THE COUNTRY.

WHY STAY IN CENTRAL NEW YORK?

>> THIS IS OUR HOME.

WE THINK THERE IS NO BETTER PLACE TO DO BUSINESS THAN HERE IN CENTRAL NEW YORK.

WE THINK, YOU KNOW, CULTURALLY VALUES OF CENTRAL NEW YORK ARE UNIQUE AND SECOND TO NONE.

>> MICHAEL, TWO, THREE YEARS FROM NOW, WHAT AM I GOING TO HEAR, WHAT AM I GOING TO READ ABOUT IMPEL?

>> TWO OR THREE YEARS FROM NOW, HOPEFULLY WE'VE GOT VIRTUALLY EVERY, YOU KNOW, AUTO RETAILERS IN THE U.S.

USING OUR PRODUCTS, MORE OFFICES OVERSEAS, PROBABLY A LITTLE MORE INVESTMENT, MORE ACQUISITIONS AND ULTIMATELY, HOPEFULLY YOU'LL HEAR A MUCH EASIER ENVIRONMENT TO FALL IN LOVE WITH YOUR NEXT CAR.

>> YOU WANT TO TRIPLE THAT BY 2026?

TOO LOFTY?

>> IF NOT A LITTLE SOONER THAN 2026.

WE ARE TRACKING THAT WAY.

>> WELL, WE WISH YOU LUCK WITH THAT SUCCESS AND REALLY ENJOYED OUR TIME TODAY THANK YOU FOR JOIN CAN US.

>> THANK YOU, DAN.

>> THANK YOU.

>> OUR THANKS AGAIN TO MICHAEL AND THE IMPEL TEAM FOR SHOWING US AROUND THE FACILITY.

THAT'S OUR PROGRAM FOR TONIGHT - NEXT WEEK, WE'LL PROVIDE YOU WITH THE LATEST UPDATES ON ONE OF THE REGIONS' MOST PRESSING ISSUE: THE OPIOID EPIDEMIC.

SEE FIRSTHAND HOW A MICROMOBILITY PROGRAM IS BOOSTING ACCESSIBILITY AROUND SYRACUSE.

AND FOR OUR SPOTLIGHT SERIES -- IT'S A SPECIAL ONE -- WE HIGHLIGHT BUFFALO BILLS' RUNNING BACK LATAVIUS MURRAY, WHO IS CREATING A COMMUNITY CENTER IN HIS HOMETOWN AS A TRIBUTE TO HIS LATE FRIEND.

WE HAVE A LOT MORE COMING THIS SEASON SO IF YOU HAVE AN IDEA FOR A BUSINESS, PERSON OR JUST SOMETHING SPECIAL HAPPENING IN CENTRAL NEW YORK, CONTACT US BY EMAILING NEWS@WCNY.ORG.

TO FIND OUT MORE ABOUT THE PROGRAM, PLEASE VISIT OUR SECRETARY OF STATE ATE@WCNY.ORG.

/"ON THE MONEY."

YOU CAN ALSO VIEW OUR PREVIOUS EPISODES THERE TOO.. AND YOU CAN FOLLOW US ON ALL OF OUR SOCIAL MEDIA PLATFORMS, AS WELL.

I'M LAIZA SEMIDEY, THANKS AGAIN FOR WATCHING.