|
Category:
Published: October 2007
F. Michael Tucker, the president and CEO of the Center for Economic Growth, explains how CEG is helping build local incubators and why "Anything's Possible."
Success Magazine: Michael, what does success mean to you?
Mike Tucker: Success is what you achieve when you accomplish your goal or whenever luck is on your side.
SM: The Center for Economic Growth (CEG)s motto, "Anything's Possible," is a promising statement. How does the CEG assist companies in achieving their goals?
MT: "Anything's Possible" helps all of us at CEG to open our minds as an organization and a region to take risks, pursue opportunities and challenge ourselves to achieve all that we can. For companies, CEG brings the resources of our 300+ members and 50 Board members from businesses, government, education and the not-for-profit community, along with our talented staff and volunteers, to help regional companies compete and succeed in a global economy.
SM: Your agenda is very action-oriented: Grow, Attract, Prepare. How can a startup company make use of the assets of CEG in this region?
MT: Entrepreneurial startup and emerging companies are the lifeblood of our region's future. CEG supports these companies through our Business Acceleration programs that match high-potential companies with business advisors, mentors and resources that take companies from concept to commercialization. Our venture programs offer access to potential investors from within or outside the region, and our "Connex" programs align entrepreneurs with peers in the region within specific regional industry clusters to gain knowledge and insights. It is the continuum of support that CEG offers, together with our local chambers of commerce and economic development partners throughout the region, that helps our fledgling companies to succeed.
SM: CEG has helped many companies go from a startup to a major world player in the nanotech and biotech arena. Can you give us an example of how you have helped a startup company rise to success?
MT: One current example that illustrates CEG's support for companies is with Bullex Digital Safety, a company that started from three RPI students four years ago with an idea to computerize fire extinguisher training, improving accuracy of trainees and also removing the discharge of chemical associated with actual live extinguisher training. CEG, with the support of NYSTAR, Empire State Development and other government and corporate funding partners, helped with sales and marketing, layout of the manufacturing floor, lean manufacturing support and as a result Bullex has won numerous business plan competitions, including the $100,000 Tech Valley Business Plan competition sponsored by the Tech Valley Summit. And today Bullex has more than 30 employees, three products and a very bright future in the region.
SM: What are the greatest strengths of CEG?
MT: People. CEG's greatest strength is our board, members and staff, along with our many regional partners in business, government, education and the not-for-profit community.
SM: What can CEG do for the small non-tech companies in our region?
MT: Connect them with the many assets and resources we have in the region to help them grow. And also make them aware of the growth patterns and opportunities before us as a region so that non-tech firms can take best advantage of the growth underway and yet to come. With growth will come need for a host of new entrepreneurial ventures in the service sectors, and that is where non-tech companies can thrive.
SM: Incubators are a strong builder of local businesses in communities. What can CEG do to assist the growth of incubators in our region?
MT: We work closely with the range of university and business incubators operating throughout the region. We serve as a resource to them, particularly if they have emerging technology companies that need support. And we can bring our consultants, mentors, board, and networks in business and government to bear to help incubator companies grow right here in Tech Valley.
SM: What effect will the incubator program have on the local community?
MT: Incubators give emerging companies a fighting chance by helping to share overhead costs and by creating a collaborative environment that fosters creativity and builds opportunity. Incubators spin out successful firms to the local community, making room for new companies and new ideas to take hold. That is organic economic development that is critical for the region's economic vibrancy.
SM: You were a recent group chairman at the 2007 Economic Summit held in Saratoga. Your concern was, "Unleashing the Power of Entrepreneurship". How can CEG assist in this endeavor?
MT: Entrepreneurship is an engine for economic growth. That is why CEG supports entrepreneurs through a range of programs, from our presenting the Venture Bplan series with Rensselaer Polytechnic Institute each month, exposing entrepreneurial technologists to venture capitalists, to our support for the Chief Executive Network (CEN) for Manufacturing, which brings together more than 80 chief executives from manufacturers around the region to discuss common challenges and common opportunities. If we can help existing, as well as fledgling, entrepreneurs to succeed by creating a support structure for them, then that unleashes the power of entrepreneurship by creating new jobs and bringing new wealth to the region.
SM: We are initiating a mentoring program in our region. How can a good mentoring program help the up-and-coming entrepreneur?
MT: Many new entrepreneurs are highly skilled and capable in their technology field, and passionate about their idea or product, but sometimes need assistance in understanding all of the necessary components to move from idea to successful product or company. Mentors help guide the development of companies, and their leaders, to address the challenges, develop the teams and pursue the right business strategy for new firms. And they can share their experiences and "war stories" to help bring perspective and perseverance to entrepreneurs.
SM: What assistance can CEG give in initiating this mentoring program?
MT: CEG can help by connecting prospective mentors to new companies, help make mentors aware of other regional resources, and generally speak to the industry sector and market opportunities that the region is well-positioned to pursue.
SM: What needs to be done to curb the exodus of our college graduates from our region?
MT: More than anything else, we need a range of career opportunities and a range of living options for college graduates as well as returning favored sons and daughters. And we need to market the region aggressively to graduates of regional colleges as well as graduates from the region that left the area to attend college. At the end of the day, it's all about a decent job and the quality of life.
SM: How can we set up better entrepreneurial internships in our region?
MT: Better leverage of internship programs that already exist at regional colleges and universities, including CEG's Beanstalk program, which helps match employers and interns throughout the region.
SM: What is the most important goal for CEG for the next five years?
MT: CEG needs to cooperate, collaborate and communicate with our diverse partners and stakeholders to work together to build consensus around an agenda, implement and guide coordinated and measurable initiatives to expand economic opportunities, and enhance the quality of life for all residents of Tech Valley.
|
