Funding for SUNY Fredonia Incubator Tenant

Dunkirk, NY – Chautauqua County Executive Gregory J. Edwards has announced approval of seed funding in the amount of $20,000 to Henlie, Inc., headquartered in the SUNY Fredonia Technology Incubator at 214 Central Avenue, Dunkirk. Henlie, Inc. is a developer of social networking applications, mobile applications, and educational software. Founded by Craig Rittling, President, the company recently wrapped up development of its first application called “PettyCourtTM” which will launch end of April.

PettyCourtTM is a first-of-its-kind social networking application that will launch simultaneously as a stand-alone website and also a Facebook application with exposure to approximately 170 million U.S. members. PettyCourtTM will target various market segments including reality TV viewers, social network members, and online gamers. With the tagline “Resolve the debate… litigate- PettyCourt awaits,” PettyCourtTM will provide an online solution for members to resolve disputes that are either too small in value or too trivial for small claims court. PettyCourtTM will fill the void between doing nothing and filing a lawsuit in small claims court. Edwards congratulated Rittling on the product launch and thanked him for locating his corporate headquarters in Chautauqua County.

Edwards, who conceived the idea of the Chautauqua Seed Fund, said, "Since taking office six years ago, a key initiative of my administration has been fostering entrepreneurship and supporting small businesses in Chautauqua County. Recognizing a gap in funding availability, we created the 'Chautauqua Seed Fund' to provide businesses located in the SUNY Fredonia Technology Incubator with greater access to capital during the time when they typically need it the most- the start-up stage." Edwards went on to explain that funding small business growth and development can be challenging. Often considered too new or too risky to qualify for traditional bank financing, entrepreneurial capital needs are also often too small to attract venture capital or, in some cases, even angel funding. Seed funding can be used to bridge the gap.

The Chautauqua Seed Fund is a collaboration among Chautauqua County Executive Gregory J. Edwards, the Chautauqua Region Industrial Development Corporation (CRIDC), the SUNY Fredonia Technology Incubator and the City of Dunkirk. Created in 2009 with an economic development grant from the County of Chautauqua Industrial Development Agency (CCIDA), the fund provides early-stage capital investments from CRIDC with strategic guidance from the incubator's management to its entrepreneurial clients. A committee comprised of representatives from each entity and a local certified public accountant chooses companies to receive funds. Investments typically range from $15,000-$30,000 with a minimum 30% equity investment required of the business. In most cases the investment will take the form of a convertible note that converts into stock, usually at the time of the next round of funding. This is the sixth Seed Fund note approved by CRIDC with $145,000 distributed to date.

The SUNY Fredonia Technology Incubator is a university-sponsored economic development initiative that supports entrepreneurs and business start-ups in the technology sector and related industries. The Chautauqua Region Industrial Development Corporation is a 501(c)3 organization and an economic development arm of the CCIDA with the same officers and Board of Directors as the CCIDA.

Pictured, William Daly- CCIDA Admin. Director/CEO, Craig Rittling- Henlie, Inc. President, Gregory Edwards- Chautauqua County Executive

County of Chautauqua Industrial Development Agency photo

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