Dear Friends of SEDC:
 
Hard to believe we are already in the 4th Quarter of 2017. Time sure does fly when you’re busy!
 
Our Board of Directors and Board of Governors recently reviewed the results to date against our  #AdvanceSaratoga  initiatives to  promote, retain and grow  business opportunities, jobs and investment. While there is still more progress to come, we thought this 2017 “Year-end Preview” was an appropriate update on Saratoga Economic Development Corporation's (SEDC) community-led impact.
 
RETURN ON YOUR SEDC INVESTMENT: 2014 to Present
SEDC has impacted, without direct County funding:
  • Over $2.5 Billion of new project investment,
  • Over 1,700 local jobs retained & created
  • Over $47 million in new payroll.

*GlobalFoundries represents 93% of investment, 8% job impact and 26% of payroll impact

+ Every $1 invested in SEDC equals $18 in local wages created

+ Every $1 invested in SEDC equals $940 of project investment
HERE WE GROW AGAIN
2017 Project Updates

Attraction & Retention Drives Investment, Job & Wage Impact
SPARK SARATOGA
Saratoga’s first and only entrepreneur incubator and early-stage growth company accelerator was formed and  officially launched by SEDC in April 2017 . Its purpose is to  inspire  innovation,  mentor  entrepreneurs and  accelerate  their investments in the region.

Spark Saratoga has already accepted & supported 23 diverse project companies . Those entrepreneur teams have received over 300 hours of mentoring and professional support valued at $12,000. Direct financial support for startup business needs of $4,000 has also been granted. Project companies vary broadly from IT, digital arts, software design, to consumer pet products, food and beverage, craft beer inputs, sporting goods, energy and industrial use products. The entrepreneurs represent diverse walks of life; retirees, second-career, serial entrepreneurs, students and stay-at-home moms.

BUILDING & INFRASTRUCTURE CAPACITY
SEE Saratoga :  Dynamic database to analyze all sites, demographics for development

In conjunction with SEDC investor and economic development partner,  National Grid , and support of CIREB and Saratoga County integrating real estate listings and tax maps, we launched the region’s only one-stop dynamic database to evaluate all real estate. Complete available commercial listings, SEDC member listings, environmental, infrastructure, tax map IDs, key employer, school and demographic data sets can be mined around potential sites. It is accessible 24-7 to site selectors, town planners, school and academia at  SEESaratoga  via desktop or mobile device.   
Logistics H2.0 :  Supporting Saratoga Area Employers’ Competitive Productivity

Efficient, reliable and available energy is key to retaining and growing employers. Saratoga is home to many materials handling companies employing 1,000s of area people delivering tens of millions of wages into the community. To highlight potential electric demand reduction and improved workplace productivity, we teamed with  new SEDC member, Plug Power,  and  long-time member, Logistics One , to develop a live demonstration of the competitive advantages of their hydrogen fueled  GenDrive™  systems to their businesses today. The strategic workshop also featured potential fleet fuel cell applications of tomorrow. An expanded area hydrogen fuel network could support future clean fleet fuel at a competitive cost.
National Grid
Electric/Gas Forecast Survey :  Staying Competitive & Prepared for Growth

SEDC initiated an energy demand analysis, co-funded investor partner, National Grid , confidentially reaching out to targeted large electric and natural gas users and surveying their current needs, delivery challenges, and future forecasts. This proactive effort was helpful to  National Grid and its engineers as they plan energy investments aligned with area energy use. As part of its rate case process, National Grid submitted plans to the NYS PSC for future investment to help serve growing natural gas and electric demand .
WORKFORCE DEVELOPMENT & EDUCATION
Career Jam : October 25th
Delivering on workforce readiness to retain talent

SEDC members and investors have identified local workforce readiness as the number one challenge for growth. Through our Advance Saratoga private-sector strategy, SEDC is focused on helping employers invest more in Saratoga County by working alongside our workforce development partners The Saratoga-Warren-Washington Workforce Development Board , and  The Washington-Saratoga-Warren-Hamilton-Essex (WSWHE) BOCES  for this inaugural event.

Career Jam aims to promote area job opportunities to raise awareness among 8th and 9th grade students, their families and educators of the direct skills and jobs needed in our region. Highlighting these job options earlier can help influence student education and training choices and retain their talents to fill local jobs that can drive future growth.

To date, almost 900 students from 15 local school districts will be attending!

Providing this valuable information to our youth as they decide what careers and education to pursue in their futures is how we Advance Saratoga together!

Economic Development is a team sport requiring continued input, evaluation of the competitive landscape and careful collaboration to execute. Thank you for your community led engagement and investment to promote future job & wage growth. That’s how we will continue to Advance Saratoga!
 
Sincerely,
 
DENNIS A. BROBSTON
President