The Hudson Valley Center for Innovation (HVCFI), which receives funding from the county and leases space to six tenants at its Lake Katrine headquarters, is expanding its reach outside Ulster County.
In fact, it”™s reaching beyond the entire continent ”“ and an ocean to boot. It turns out one of the recipients of its business expertise is a company based in the Marshall Islands.
The Marshall Islands? What has that to do with the Hudson Valley?
“Part of our mission from day one was to strengthen global relationships within the Hudson Valley,” said Managing Director Les Neumann. “If the company decides we can help it and we”™re able to do that, there are fees involved for raising capital,” which benefit the center and boost its bottom line.
Providing mentoring services and expertise to companies around the globe also spotlights the Hudson Valley as a desirable place to do business, he said. “There”™s an awful lot to be gained from these relationships. Part of our mission is to raise awareness of the Hudson Valley around the world, and that”™s exactly what we”™re achieving.”
Neumann said the company in the Marshall Islands was recommended to the innovation center by a private equity firm. “They wanted to help fund them,” he said. The company”™s founder, who Neumann described as a “young aggressive entrepreneur,” had signed agreements for the exclusive rights to 16 atolls, where he planned to farm sea cucumbers.
The HVCFI was in touch by phone, videoconferencing and e-mail. “We transformed the business in four months,” said Neumann ”“ basically by advising the business owner to parley those contracts into the real estate business. Instead of cultivating the sea cukes himself, he sold $300 million worth of real estate licenses to major pharmaceutical companies for access to the atolls, Neumann said.
Neumann didn”™t reveal the amount of the fee HVCFI received for its services. He said the center was also talking to companies in Greece, Canada and Brazil. “All that we do is by word of mouth,” he said. “A lot of people have their ear to the floor and hear about opportunities. They think about us first.”
