A study commissioned by Watson Bennett Colligan & Schechter LLP offers a bright outlook for startup companies in the region.

"The Early Stage Equity Market in the Buffalo-Niagara Falls Area," completed June 21, was prepared by Jeffrey Sohl, director of the Center for Venture Research at the University of New Hampshire. It was released at Explore Buffalo's Angel Investor breakfast on Wednesday.

The study analyzed Western New York's ability to create startup companies in high-tech fields that produce higher-wage jobs and employment opportunities, as well as the ability of the local Angel Investor network to finance the capital needs of seed and startup companies. Findings include:

• The Buffalo-Niagara Metropolitan Statistical Area in 2009 ranked 86th out of 200 MSAs in its ability to create and sustain jobs. The year-over-year increase places the region fourth on the list of the largest increases in rankings (spots climbed since 2008). That represents an increase of 94 places from 2008 rankings.

• Out of 393 high-tech centers in the United States, the Buffalo-Niagara region currently ranks 85th. High-tech accounted for 25,989 jobs in the region with an average wage of $67,600, compared with the average Buffalo-Niagara wage of $36,400.

• Nearly 37 percent of investment opportunities reviewed by the local angel group had received funding. This number is double the national average of 14.5 percent acceptance rate of investments reviewed.

• There are as many as 100 additional angel investors residing in Western New York who could join the investment group if they were made aware of the local opportunities.

Watson Bennett Colligan & Schechter said it hopes the study will help the local business community benchmark its progress in creating high-tech opportunities for both startup companies and angel investors against other Upstate areas and national averages.

"It's a very exciting time be an angel investor in Buffalo as this report states that in 2009 there was a significant increase in seed and startup stage companies right here in our own backyard," said David Colligan, a partner in the Buffalo firm, "Essentially, this report tells us that there is high-quality deal flow for the local angel investor."