Growing Westchester’s Economy Requires a Gardener’s Mindset
For as long as I can remember, regions around the country have battled with each other to attract desirable businesses from other areas.
Governments and economic development agencies tout their victories on one hand — while trying to downplay the defeats on the other, and in many cases the end result is that nothing is gained.
The pace of this activity seems to have picked up in recent years, as governments and economic development agencies feel the pressure created by vacant office space, a diminishing tax base and a rise in unemployment.
Sometimes, the biggest headlines are written about things that didn’t actually even happen. Local newspapers and news outlets will cover news of a Fortune 500 company deciding not to move — particularly if they were enticed to stay with the promise of a tax break, grant or some other economic benefit.
As long as a state’s or county’s neighbors are engaged in the activity of using economic incentives to lure businesses away, the practice will continue, but there has to be a better strategy than this zero-sum gain.
As the agency of record for the Westchester County Office of Economic Development, Thompson & Bender has worked with Westchester County Director of Economic Development Laurence P. Gottlieb over the past year or so as he has led the initiative to leverage the areas in which our county holds a competitive advantage.
As Gottlieb pointed out shortly after he took office, Westchester County has one of the best educated workforces in the nation. Our highly educated workforce has helped grow some of Westchester County’s key growth sectors such as green biotech, finance, healthcare, IT and green technology.
This unique aspect of Westchester as a business location was used as a basis of our campaign promoting Westchester County as New York’s Intellectual Capital®. The campaign, which was honored with many industry awards, including the 2011 Ad Club of Westchester’s Best in Show, has become an iconic slogan for the county, and has clearly positioned Westchester with a competitive advantage in this critical area, making Westchester an attractive location for companies looking to relocate and for start-ups looking for a place to launch.
Gottlieb was one of the leaders who helped launch the concept of BioHud Valley, and dividends are already being paid. Nearly 20 percent of the biotechnology workforce in New York – 8,000 employees – is in Westchester County. That’s the largest concentration within the state. Westchester is also home to the largest biotech company in New York, Regeneron. Plans are underway for additional lab space, incubator space and educational programs in Westchester County.
Recently, my agency has begun talking with Larry Gottlieb about the next phase of our campaign. The new initiative focuses on cultivating existing companies in Westchester which can thrive and grow by connecting with the many resources that the Department of Economic Development offers. By utilizing the financial, HR and IDA resources offered through the County, local businesses can grow to the next level , creating more jobs and filling more vacant office space.
Often referred to as ‘economic gardening’, the idea is based on the premise that it’s easier, less expensive and far more effective, to grow an economy from within, than to ‘hunt’ for businesses that are located elsewhere.
We should be looking for ways to act as a catalyst — and identifying those companies that are poised for growth. These are companies that are one or two small steps away from making a major leap — all they need is a hand.
In the same way a successful sports franchise looks to develop its farm teams to stock its championship teams of tomorrow, we must grow our economy from within our own borders. Westchester has the talent and the entrepreneurial vision for a great future. Our job is to help that talent and vision grow — and above all else, make sure we don’t get in the way.
Elizabeth Bracken-Thompson is Executive Vice President, Creative Director and Principal at Thompson & Bender, the leading full service public relations, advertising and marketing agency in Westchester County, NY. Thompson & Bender has been serving a diverse group of businesses and organizations in the New York metropolitan area for the past 25 years.
Adam has worked in the local news industry for the past two decades in Westchester County and the broader Hudson Valley. Read more from Adam’s author bio here.