“I have the best job in the New York,” said an upbeat Dennis Mullen, CEO of the state”™s Empire State Development Corp. and former CEO of food giant Bird”™s Eye. “We may be in unprecedented times, but we can also meet the challenges.”
Mullen met with business owners and leaders in the mid-Hudson community at the Rockland Economic Development Corp.”™s annual awards luncheon at IBM Palisades Center on Nov. 6.
Mullen, calling himself a “glass-half-full kind of guy,” cited New York”™s financial and quality of life appeal that needed to be touted to potential new companies. “We are the third most popular state to live in,” declared Mullen, “and had the 13th largest economy in the world, as well as per capita income, in 2007. We have a legacy of success in this state that is unparalled. My job is to take the glass from half full to full, like the companies being awarded here today. Sometimes you have to look backward to see what you can accomplish moving forward.”
Mullen was tapped by Gov. David Paterson in July to reunite state”™s development corporation into a single agency. It had been split into an upstate agency and downstate agency by former Gov. Eliot Spitzer in 2007; Mullen, heading the upstate division, was touted for his success in luring new business to that part of the state.
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Mullen said New York needs new industries to attract business and capital investment to create anchors for the future. “We have poor R&D ”“ to create business, you need a following; when it comes to ”˜green”™ we are catching up, but we need to put it at the forefront. We have a poor product line. We need metrics that are more contemporary than what we”™ve had in the past.”
Mullen said the state has had a “billion dollars worth of commitments coming back in capital investment, and new job commitments or retained job commitments of over 10,000” within the last six months. Of that figure, the mid-Hudson”™s share is $220 million in investments and more than 2,500 jobs created or retained, he added.Â
“No CEO will come here unless he or she can be sure it will perpetuate personal wealth for the company”™s stakeholders and stockholders,” said Mullen. “That is what they are in business to do; that is why they are paid.” He noted several national companies that came into the western and southern tier, including CVS and Geico Insurance.  “We are starting to make some progress.”
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He asked if representatives of OSI Pharmaceuticals were in the audience. “If not, they should be. It is about to move into Westchester ”“ it is one of the leading firms in biotech and it is coming here. We need more of that.” With 60 percent of the nation”™s pharmaceutical industry  located in New York and 1.2 million skilled workers in the industry, Mullen declared: “What an asset; we need to promote these assets in the mid-Hudson region and throughout the state.”
Four pillars are needed to put New York on a solid foundation, said Mullen: technology; new products coming into the market in field like nanotechnology and biotech; small business; and agriculture. “We need to stay focused on those products and spend dollars on these pillars to bring New York back.”
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Mullen recommended the “graveyard of assets throughout the state ”“ traditional manufacturing facilities ”“ should be given to nonprofits,” offering company owners a write-down, the state would infuse financial aid, eventually turning over the responsibility to the nonprofit to bring new talent, new business and trade the empty space for jobs. “By doing this, we can bring the public and private sector together in a collaborative way and take the old economy and new economy and utilize the assets.”
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To aid small business, where money is tight and business owners are finding it tough to get capital, Mullen recommended to Paterson that the state create a $50 million aggressive revolving loan fund and to reach out to the banking community to match some of those dollars. The state would not run the program ”“ it would be done by the private sector, said Mullen.  “In addition, we are seed-capital starved, and the ESD is recommending a $25 million seed capital fund.”
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Mullen said those two initiatives alone could transform New York”™s “business unfriendly” image and give those looking to relocate a reason to come here. “Let”™s get people excited about what”™s going on here. By creating a small business revolving loan fund and offering seed capital, we”™ll be able to draw positive attention to New York.”
He urged the business community not to leave agriculture out of the economic equation. “It is a huge component of this state ”“ 24 percent of our land is used by 36,000 farmers, a $4.4 billion a year business.”
Mullen made a “promise to be a steward of the taxpayers”™ dollars. I”™m looking for the biggest return on our investments and staying committed to those four pillars. I can”™t put enough emphasis on shared partnership between the private and public sector. We can”™t rely on the government. We must come together and take responsibility, invite the business as well as the colleges into this collaboration.”
Mullens congratulated the REDC award winners: Icco Cheese (manufacturing); Good Samaritan Hospital (service provider); and entrepreneur of the year, Raj Amar, president of Portables Unlimited “for their commitment and passion.”
