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Bi-Weekly Development News for Warren County and the Region
Ed Bartholomew, President  |  Arleen Girard, Chair

JULY 13, 2018

INSIDE EDC

EDC ANNUAL LUNCHEON REPORT

The Era of Cognitive Computing and Artificial Intelligence

IBM's Dr. John E. Kelly III's presentation to over 225 executives attending the EDC Annual Luncheon on July 2nd at the Great Escape Lodge gave insight into what's ahead for Artificial Intelligence and the rapidly growing field of Cognitive Computing/Machine Learning. He stressed his belief that major "exponential" disruptive changes will result in every industry, institution and lifestyle, using health care as an example. 


According to Dr. Kelly, we are only at the very beginning of this exciting new era. Read Maury Thompson's article on the event (below) and take a look at the  video of Dr. Kelly's address

Thanks again to EDC Annual Luncheon event sponsors and EDC Titanium and Platinum members for making this event possible.

Taking the IBM Watson to the next level
by Maury Thompson

"Watson," the artificial intelligence computer, or "smart machine," that defeated two Jeopardy quiz show champions in 2011 has advanced from chess and trivia competitions to aid in the diagnosis and treatment of cancer.

"Artificial intelligence is here to stay," said Dr. John E. Kelly III, IBM senior vice president for cognitive solutions and IBM Research, speaking at the EDC Warren County annual luncheon July 2, 2018, at Great Escape Lodge and Indoor Water Park in Queensbury.

Artificial intelligence uses a computer to gather information and process it in the way a human brain would:
  • One application is in the early detection of breast cancer, by scanning images to recognize cancer, in some instances before it shows up on a traditional radiology scan, Kelly said.
  • The technique can help a physician detect cancer early on or confirm a diagnosis, getting patients into treatment sooner.
  • Another application reads a personal electronic medical record and matches a reoccurring cancer patient with a recommended clinical trial in a span of three minutes.
  • Another application compiles the knowledge of medical experts at Memorial Sloan Kettering Cancer Center and makes it available to physicians around the world.
  • A physician in India can get answers to questions about any of 16 common forms of cancer in less than one minute, Kelly said.
  • In another instance, IBM recently began a two-year study with Broad Institute of Boston, a collaboration of MIT and Harvard University, to find causes for mutation of cancer.

Kelly said artificial intelligence isn't limited to health care.
"This kind of thing is going to happen in every industry," said Kelly.

When introducing Kelly, EDC Warren County President Edward Bartholomew joked that perhaps Watson could predict which college Glens Falls High School basketball standout Joseph Girard III will play for.

Artificial intelligence technology is growing at an "exponential" rather than "linear" rate, Kelly said. Imagine, he said, if you put your foot on the gas pedal of an automobile and couldn't take it off again.

One of the reasons is because information is expanding faster than human computer programmers can keep up with it.

"We now know that data is doubling every 12 to 18 months, and in some industries, like health care, it is doubling every six months," he said.

Artificial intelligence also has applications in environmental health.

The Jefferson Project, a collaboration between IBM, RPI and The Fund for Lake George, has installed sensors around and in the depth of the lake that monitor environmental conditions and invasive species.

Computer modeling can analyze the information to determine where a problem started or predict its future impact.

"This is now the most instrumented lake on the planet and it is becoming the smartest lake by far," he said. Kelly said the next wave of innovation will be developing a new super-speed "quantum computer," which would perform calculations based on the behavior of sub-atomic particles.

"There are a few companies and countries in the world that are racing to build one of these," he said.


Maury Thompson is a former newspaper reporter, who retired from The Post-Star after 21 years covering the region.  He keeps his finger on the pulse of economic development, business and quality of life in Warren County by writing a periodic column for EDC Warren County. 

AngioDynamics Reports Fiscal 2018 Fourth Quarter and Full-Year Financial Results

AngioDynamics has two facilities within Warren County in Glens Falls and Queensbury. 

Fiscal 2018 Fourth Quarter Highlights
  • Net sales of $88.3 million, an increase of 1.6% year over year
  • Gross margin expanded 500 basis points year over year to 53.7%
  • GAAP EPS of $0.06 per share; adjusted EPS of $0.20 per share
  • Operating cash flow of $23.8 million; free cash flow of $23.0 million
Full-Year 2018 Highlights
  • Net sales of $344.3 million, a decrease of 1.5% year over year
  • Gross margin expanded 100 basis points year over year to 51.4%
  • GAAP EPS of $0.44 per share; adjusted EPS of $0.74 per share
  • Operating cash flow of $41.3 million; free cash flow of $38.9 million
Read More in  Business Wire

CR BARD/BD Seeks Manufacturing Team Members 

CR BARD/BD is hosting a Job Fair with immediate job openings on Tuesday, July 17th, 10 a.m. to 2 p.m. at SUNY Adirondack Campus, Northwest Bay Conference Center, Adirondack Hall.


WARREN COUNTY HAPPENINGS
VisitLakeGeorge.com Regional Tourism Coverage


Throughout the summer, there is tremendous economic activity in Warren County in and around Lake George.

VisitLakeGeorge.com is a resource for visitors provided by the Warren County Tourism Department that offers content about all of the region's attractions, including its beaches.

ECONOMIC DEVELOPMENT & REGIONAL NEWS
Trump's Tarriff Barrage Pushes China Fight to Point of No Return

Earlier this week, Industry Week reported that, "...matching the latest U.S. barrage would force China to either levy much higher tariffs or take more disruptive steps like canceling purchase orders, encouraging consumer boycotts and putting up regulatory hurdles. Not only does that risk provoking Trump to follow through on threats to tax virtually all Chinese products, it could unleash nationalist sentiment on both sides that fuels a deeper struggle for geopolitical dominance."

Read More in  Industry Week
UPCOMING EVENTS

Prepared by Warren County Tourism Department


CONTACT EDC 
For member information on how to join EDC, contact:
Ed Bartholomew, ebartholomew@edcwc.org

To share your news, submit to info@edcwc.org

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EDC Warren County  |  www.edcwc.org  |  518-761-6007