FAQs

Q: What is the Advancing Tech Valley Initiative?

A: The Advancing Tech Valley initiative is a partnership and regional collaborative approach between the Center for Economic Growth (CEG) and the Albany-Colonie Regional Chamber of Commerce (ACRCC) to increase the economic prosperity and quality of life throughout the 19-county Tech Valley region by addressing business climate, workforce recruitment and retention, business growth, and marketing issues regionally.

 

Q: What are the initiatives, mission and objectives?

A: Our mission is to capitalize on existing and future opportunities for economic and business growth in Tech Valley. Our primary objective is to create a regional collaborative culture with a progressive agenda for growth.

 

Q: How will success be measured?

A: Success can already be measured with the recent AMD announcement to locate a semi-conductor chip fab plant in the Luther Forest Technology Park. During the first three years alone, we estimate a $2 billion return on New York’s initial $1 billion investment. This return will come not only from the chip fab, but also from ancillary off-site service and support businesses. The first phase alone will generate thousands of jobs within the Region.

 

Q: How has the money raised to date been spent?

A: Money has been spent on industry attraction, programs, workforce investment, education, training of front line hospitality staff (i.e: taxi drivers, waitresses, hotel employees, etc.) and globally marketing the region to businesses and companies within specific industry sectors. Full details can be found on the Advancing Tech Valley website's accomplishments section.

 

Q: How will progress be communicated?

A: Quarterly investor updates will be provided via our web site. Printed materials will be mailed to existing and potential investors, investor update ads will appear quarterly in the Times Union and once a year we will hold an investor reception to communicate success stories and respond to investor concerns. Currently we are conducting a survey to learn how we can better meet the needs of our investors.

 

Q: Is it still possible to make a pledge to the initiative?

A: Yes, we are still seeking and accepting new investors.

 

Q: Is there a minimum amount companies must pledge?

A: All contributions are welcome. If you would like a range of what other companies within your industry have contributed, please contact us.

 

Q: What makes the Advancing Tech Valley initiative unique?

A: From a regional perspective, this is the first time that two complementary not-for-profit organizations, The Center for Economic Growth and the Albany-Colonie Regional Chamber of Commerce have formed a collaborative partnership in order to increase the economic prosperity and quality of life in Tech Valley. Other communities around the country have successfully embarked on similar initiatives. Those communities that have been effective recognized early the need to aggressively plan and take steps now to ensure continued economic vitality within their communities.

 

Q: Why should we become involved?

A: Every community and company has a stake in the region’s economic future. By working together we can maintain and improve our quality of life while creating new opportunities and new jobs across the region.

 

Q: How will the region benefit?

A: The initiative will lay the foundation for more companies offering better, higher paying jobs, betters schools, increased number of shoppers with greater spending power, more patrons attending entertainment, sporting and cultural events, and improved community infrastructures.