Struggling to retain Buffalo business

January 20, 2014 Updated Jan 20, 2014 at 11:24 AM EDT

By WKBW Admin

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Struggling to retain Buffalo business

January 20, 2014 Updated Jan 20, 2014 at 11:24 AM EDT

Foreign investors are pouring dollars into businesses on the Buffalo Niagara Medical Campus. Now Buffalo is facing a challenge of how to keep those businesses here, once they become successful.

A report in today's Business First says "by the time you hear about Buffalo's most successful small business, they already may have packed up and left town." Kinex Pharmaceuticals, which develops cancer drugs, has raised tens of millions of dollars locally and overseas, but there's a possibility that overseas investment money could ultimately lure the growing company away. Medical campus officials say "it¹s a lot less expensive to keep locally developed companies than it is to attract new ones to the region." So they don't want to lose Kinex and others since they create jobs and attract investors.

Meanwhile, on the Buffalo waterfront, a Philadelphia firm will now handle entertainment operations at Canalside, instead of Buffalo Place. A report in today's Business First says that has raised the question: who will produce the free and ticketed summer concerts? Business First says negotiations in the coming weeks between Buffalo Place and Global Spectrum, over a three year deal, may determine the answer. 18 summer concerts typically attract more than 200,000 people and have a projected economic impact of more than $6 million. Landing a national firm could mean more events year round.

You can read more about these stories in today's Business First.

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