Courtesy SEDC
By R.J. DeLuke
The Saratoga Economic Development Corp. (SEDC) has been a driving force in the economic development in the area for more than four decades.
Functioning as an independent, nonprofit group, its purpose is to create jobs and diversify the tax base. It is always examining what business or industry might be a good fit for the community and how to entice them to the area.
To that end it has helped attract companies like QUAD/Graphics, SYSCO Food Service, Ball Metal Corp., the Ace Hardware and Target distribution centers, Arnoff Global Logistics, Greenfield Manufacturing, AgroChem and many more to the area.
It was also a key player in the development of the $200 million Luther Forest Technology Campus.
Business retention is also important. SEDC works with state and regional officials on economic development programs available to encourage continued growth of existing industries.
Funding from the organization comes from businesses who pay memberships and thereby help the SEDC continue to work for a stronger economy that benefits all businesses. It also receives some funding from Saratoga County (though SEDC remains politically neutral).
Those that pay the SEDC fees are called “stakeholders.” And to retain and grow those entities, having tangible benefits is important. Retaining stakeholders (and growing them) is on a par with keeping Saratoga County’s existing businesses within the thriving business community.
“Stakeholders are imperative to our organization in many ways,” said Tori Riley SEDC vice president. “Our stakeholders are well-respected professional service providers that work throughout the region, across the United States and even around the world in a myriad of industries. The information, networks and connections are reciprocal and we elevate each other’s accomplishments by providing an inclusive platform that situates everyone at the table of opportunity.”
She said SEDC was founded by private sector leaders and “our mission has not deviated for over 44 years. As businesses do, we have adapted to how we accomplish our goal; which is to provide the best possible quality of life for the residents of Saratoga County.”
For the stakeholders, SEDC staff works diligently “to afford them opportunities to stay in the know and make a bid for business. In return, we are informed and connected to best serve SEDC’s overall mission to promote retain and grow our county responsibly and sustainably.”
There are also challenges to membership retention. Riley said stakeholders recognize that their membership is an investment in the overall economic vitality of the county. One stakeholder benefit that may not seem as tangible as others is that when SEDC works with people in other areas, they shine a light on the existing businesses.
“We take great pride in showcasing Saratoga County on national and international stages and that includes knowing and sharing our stakeholders abilities and scopes of service and/or products,” said Riley. “Because that is a large part of what makes our region absolutely incredible. I think the greatest challenge in retaining stakeholders comes when we aren’t elevating and diversifying the economy for the benefit of all.”
“Our accomplishments, in partnership with county and IDA leadership, as well as business and educational leaders, would not be possible without stakeholders that are respected experts in their fields,” she said. “It takes a well-rounded community with altruism to understand and employ best business practices.
“SEDC stakeholders are above and beyond in altruism in community, expertise in development/professional services as well as generous in creating returns for all industries investment without sacrificing any quality of life.”
Riley said stakeholders are retained by keeping them engaged and connected, providing the necessary knowledge and networks to assist their growth opportunities.
“Our stakeholders know their investment isn’t used for any other purpose but to promote complementary industries to accent our existing, vibrant and diverse base,” she said.
Retained businesses continually invest in the community, “which leads to growing well-paying jobs for current and future residents. It is a responsibility we do not take lightly and our stakeholders recognize that while we are accomplishing these achievements, we are utilizing their expertise to do so,” Riley said.
“Our stakeholders have a seat at the table that make these projects come to fruition. We couldn’t do it without them and we are not shy to share that. We are proud to say our stakeholders know us before they need us. And they know when they need us, we show up with the expertise they rely upon, connections they are in need of and programs/resources that are applicable to the project at hand. And we see it through with them.”