News
October 28, 2016Together, Region Finds a New Life
By Mark Eagan, CEO, Capital Region Chamber
“My model for business is The Beatles. They balanced each other and the total was greater than the sum of the parts,” Apple founder Steve Jobs once said. “That’s how I see business: Great things in business are never done by one person, they’re done by a team of people.”
In the Capital Region, we are fortunate to be witnessing this firsthand. In the spirit of Jobs’ Beatles reference, leaders from across the community have “come together” — from for-profit and non-profit organizations, through partnerships between the business, education and government sectors — to build a regional economy that is not only vibrant, but well-positioned for long-term prosperity.
Look no further than the recent comments by Federal Reserve Bank of New York President William Dudley, who noted the region’s technology sector has reached a critical mass and is likely to be self-sustaining.
“We’re past the tipping point,” Dudley said during a visit to the area. “You’ve gotten to scale in technology. Albany is in quite good shape.”
That assessment should be heartening to those concerned about our high-tech future in the wake of news reports regarding SUNY Polytechnic Institute, one of the region’s shining stars. But it should also come as no surprise to keen observers who are seeing the Capital Region thrive as the centerpiece of Tech Valley.
It is significant that the anchors in our region’s tech community are doubling down on their investments. General Electric has pumped millions of dollars into maintaining its position as the world’s foremost technology company; GlobalFoundries is investing billions of dollars establishing the world’s most advanced computer chip manufacturing facility. Those investments are fueling a manufacturing sector that has added 4,600 jobs in the past five years — the most of any region in New York state — and jump-starting a supply chain that is bringing even more jobs to the region.
It is equally noteworthy to see continued growth of innovative tech companies in a wide range of industries, from life sciences and clean energy to environmental technologies and software, along with the rise of numerous programs, incubators and accelerators to support the creation of tech start-ups. It’s no wonder that just last month, U.S. News & World Report ranked this area as the third-best place in the country — behind only San Jose and San Francisco — to find a job in technology.
Clearly, the momentum of the region’s tech sector is palpable; its impact inarguable; its success undeniable. That that has happened is testament to the efforts of numerous individuals and organizations that have believed in the cause, and worked tirelessly on its behalf.
At the same time, we should recognize that the vitality of our region is the product of a broad-based economy that does not rely solely on one industry.
Our health care sector is expanding rapidly, creating 21st-century jobs while delivering premier treatment and services.
Our institutions of higher education employ tens of thousands while preparing a future generation of movers and shakers.
Our arts, culture and entertainment venues drive vigorous economic activity.
And our nonprofit community may be best known for serving the most vulnerable in our society, but it is also an economic engine in its own right.
There is renewed life in our downtowns, new housing, office, and retail space being built, and new options to shop and dine — all driven by a communitywide commitment that has built a firm foundation for lasting success.
“Coming together is a beginning,” said Henry Ford. “Keeping together is progress. Working together is success.” That is an apt description of the Capital Region, which is on the right course, and moving full steam ahead.
Published 3:35 pm, Albany Times Union, Tuesday, October 25, 2016
http://www.timesunion.com/tuplus-opinion/article/Together-region-finds-a-new-life-10313754.php
