Believing in WNY: Buffalo FilmWorks prepared for opportunities ahead

The Buffalo News provided a timely update (link) on the Western New York film industry recently with its article, "Lights, camera, Buffalo: Hollywood is back in town and likely to grow." The article by features writer Tim O'Shei noted the momentum in the Western New York film industry as major film and television productions are showing renewed interest in filming here.

That is great news for a region that started preparing for this trend years ago, based on its attractive attributes and accessibility.

Those hopes faced temporary headwinds in recent years due to Hollywood labor strife and a competitive landscape amidst U.S. states wooing those productions.

But Hollywood is back in action and New York state boasts newly-enacted, lucrative incentives. Local film studios, the Buffalo Niagara Film Commission and the robust WNY film industry workforce are reaping the benefit.

These are trends the Western New York Impact Investment Fund bet on when our CEO, Tom Quinn, met with FilmWorks CEO Jennifer O'Neill and other team members in July 2022 to finalize a $750,000 investment. That deal is the only private capital FilmWorks has ever raised, and supported the continued buildout of its Sound Stage Four, one of the largest production sound stages in the U.S.

Buffalo FilmWorks completed construction of Sound Stage Four in late 2022, and can now provide full concierge service for production, personnel, cast and crew. Its services include prop and equipment rentals, transportation, living accommodations, dressing rooms, office space, conference rooms, catering and personal assistants. The 120,000 square foot facility can accommodate major productions from anywhere in the world.

Now it's time to capitalize on the opportunities being presented.

And by "opportunity," the Western New York Impact Investment Fund has a slightly different definition than your traditional venture capital or private equity firm. Our Fund was launched in 2017 to make place-based social impact investments that show both commercial promise but also make a positive contribution to Western New York's economic resurgence. By tying this philosophy to a rigorous due diligence methodology, we've been recognized on a national level by publications such as The Foundation Review and Forbes.

Under Tom, our founding CEO, we have raised more than $20 million to deploy in the community and invested in 13 companies, with more to come.

Buffalo FilmWorks is an example of how we bring that theory to life. Consider:

• Female founder: The company is majority-owned and led by a female entrepreneur, Jennifer O'Neill, whose talent and determination pulled the company through challenging headwinds. Jenn is one of four female-led startups the Fund has backed.

• Economic revitalization: Buffalo FilmWorks is located in a formerly vacant factory off Clinton and Babcock streets, providing economic activity and vitality in a neighborhood that has suffered from disinvestment. That trend has been part of several of our investments over the years, including Viridi's re-use of a former auto factory on the East Side; CleanFiber's revitalization of a former Bethlehem Steel plant in Blasdell; and Top Seedz's move into a large factory in downtown Buffalo.

• Job creation: As O'Shei's article noted, the WNY film industry has gone from a few skilled craftsmen to a workforce with hundreds of laborers belonging to multiple different unions. These are well-paying jobs and a growing segment of the broader regional labor pool, and they are supported by productions that need sound stages such as Buffalo FilmWorks. The Fund's portfolio companies have gone on to create more than 500 jobs, with 73% of those employees coming from underprivileged populations.

"From the beginning, the WNY Impact Investment Fund has been reaching into our community to find strong social impact projects led by driven founders," Tom said. "This requires an intentional effort that stretches from business development to due diligence and negotiations. But our success is proving what happens when you believe in your community."