Oates: “We are looking to reboot …”
NYACK – The new president of the Hudson Valley Economic Development Corporation is not new to the organization. Michael Oates served as its president once before and recently returned to take the group to the next level.
“We are looking to reboot, reenergize, and refocus on our mission,” Oates told the Rockland Business Association at a luncheon in Nyack on Thursday.
Oates outlined the goals that drive “Rockland County’s leading development organization” as well as strategies the HVEDC utilizes to expand and enhance Rockland’s economy.
The HVEDC is renewing its focus on “cluster development” a strategy that involves attracting multiple companies in the same industry to one area. Cluster development allows for increased collaboration and competition between businesses and adds extra incentive for prospective workers to move to a new community, he said.
“When a talented employee knows there are other opportunities in the area they’ll take a chance on that region,” explained Oates. By focusing on attracting an entire industry instead of one particular company the new strategy allows communities to grow their economy without becoming overly dependent on any one major business. “We can’t become dependent on one monster company,” warned Oates, highlighting the need for diverse long-term growth strategies.
Thanks in large part to the HVEDC’s advocacy efforts the Hudson Valley has become a leader in the biotechnology industry, even partnering with New York Medical College to creator an incubator space for developing bio tech companies. “We wanted to make sure we were the center for new innovation” said Oates when explaining the end game of cluster-based development, to not only attract a new industry to a community but to eventually grow local business that can compete in that industry.
Diversification is also a key component of the HVEDC’s strategy. “Cluster Development” calls for the creation of multiple clusters, in the Hudson Valleys case that means a thriving food and beverage industry. The Hudson Valley has experienced “a 500% increase” in the craft beer sector alone, demonstrating the area’s growing role as an agricultural powerhouse. Oates pointed out that agriculture was a natural fit for Rockland and the Hudson Valley, as NYC drives a huge demand for farm to table products. Finally Oates called attention to the staggering unemployment rate, 60 to 70 percent, among the states handicapped population and expressed optimism that growing labor demand in the agricultural sector might be able to remedy that issue.
