From "Kodak Moment" to Teaching Moment

From "Kodak Moment" to Teaching Moment

Much ink has been spilled over the last few weeks with countless pages being written about the misfortunes plaguing Kodak and the likely impact on the local community. One wonders and worries what all this means to our kids. The steady stream of disturbing news about lost jobs and economic despair.

However, I feel, as the Kodak moments fade away, several teaching moments emerge to help our kids make sense and learn from the Kodak related news they are confronted with on a daily basis.

One can start off with "never rest on your laurels" or "do not keep all your eggs in one basket". Kodak was so entrenched in its leadership of film and print photography that it was never able to make the transition to digital as that new world emerged. There could not be a better lesson for kids- scholars or athletes or artists, that as they strive to attain perfection in their pursuit of choice, it would be appropriate to develop some all-round skills that may come in handy for the challenges that life may throw at them in the future. Better be a jack of all trades, than a master of "one".

Another pithy aphorism that comes to mind is "a stitch in time saves nine", kids can be made to fathom from the Kodak experience that timely responses to issues is critical as else the issues will spiral out of control. It is important to confront the issues directly and vigorously ("grapple the bull by the horns") or else they will be left to "cry over spilt milk" or "closing the stable door after the horse has bolted". Kodak's late foray into consumer digital photography is a case study in doing too little too late.

Forever a fan of the "Happy Ending", I hope as Kodak makes a recovery from the bankruptcy, kids will learn a lesson, "The game is not over till it is over"; through perseverance, commitment and resolve one can rise like a "Phoenix from the ashes".

From the Finger Lakes to the World : "Think Globally, Act Locally"

Kudos to the Finger Lakes Regional Economic Development Council for finalizing its list of 10 projects for submission to Gov. Cuomo as contenders for a share of approximately $1 billion in state economic development funds. Being first off the bat compared to other regions indicates a strong focus and commitment on part of the team tasked with putting this together.

The list though exemplary still appears to be slightly conservative and run of the mill. The projects listed are ones which would normally appear in any wish-list of projects for the area. I was under the assumption that by framing this sanction of funds in the form of a competition, Gov. Cuomo is looking for revolutionary out-of-the-box ideas to kick start the economy.

One of the biggest global macro-economic trends is the current and projected growth of BRICS economies (Brazil, Russia, India, China and South Africa) compared with the slow or stagnant growths in rest of the World. What we need at all levels of our own economy (national, state and local) is to figure out ways to tap in the growth and revenue streams of these booming economies. At a local level it may translate into helping local small and mid-sized companies gain footholds in these countries or expand their presence there. The big companies have already got a presence in these markets. The smaller companies may need a little boost. Germany has already proven such an approach works, as reflected by its growing economy (in contrast to the moribund economies of rest of Europe) fueled by exports by its mid-sized companies to these emerging markets.

So I would love to have seen projects which focus on leveraging the strengths of our local small and mid-sized businesses (which have been the linchpin of the local economy even as the big players shrunk) and couple them with the burgeoning demand of goods and services abroad. Perhaps a project which funds an initiative to help small and mid-sized Finger Lakes region businesses become bigger players on the world arena . This could be in terms of facilitating more active collaborations with overseas chambers of commerce, hosting trade delegations, participation in trade shows abroad, crafting appropriate promotional material etc. We have to look beyond Europe where the traditional trade linkages of this region have been.

Growth in the future is likely to be determined by how outward focused we are rather than inward looking. We have to "Think Globally, Act Locally" to profit from global trends.

Update: The article got published in the Rochester Democrat and Chronicle:

Build Faster, Grow Jobs!

Step up downtown construction

published in the Rochester Democrat and Chronicle, Oct 1, 2011 

Unedited version:

Build Faster, Grow Jobs
by
Deepak Seth

Working downtown and the nice weather spell gives me an opportunity to step out during lunchtime and take a quick stroll soaking in the ambience of our beautiful city. Some of the beauty you can see with your eyes while some of it you have to imagine with your mind's eye, visualizing what it would be like when all the construction is completed.

This brings me to my current pet peeve, why is the construction so slow? Why do these projects seem to take forever? I have come back to downtown after 2 years, things look different but not as much as I had expected. In the 1930's I believe a 22 floor section of the Empire State Building was built in as many days. More recently Chinese bloggers set the construction world abuzz after posting a video of a 15 story hotel being built in 6 days. Downtowns in many boom cities – Shanghai, Dubai, Singapore seem to be transforming literally overnight as frequent visitors gawk at the changes since they last visited a few weeks or days ago.

By fast construction I do not mean shoddy construction or work which violates safety guidelines. But definitely faster than the snail’s pace at which our downtown projects trudge along. As a layperson to me it seems faster construction will result in more jobs at a time when they are most needed. Also will help in making the building operational faster resulting in quicker return on investment as well as create more downstream jobs. On the flip side slow construction is a double whammy as not only it keeps jobs down it also blocks resources which could be better used elsewhere.

Is lack of funding an issue? I would think that rather than releasing more funds for projects yet in the blueprint stage it would make more sense to open the spigot for the ones which are already in progress.

Most surveys indicate that lack of jobs is listed by most as the number one issue plaguing the economy today. Speeding up the progress on our construction jobs and bringing the speed on par with international norms should help bring about a quicker influx of much needed jobs to the local economy

Exports show region's resiliency

An article based on my recent blog article was published in the Rochester D&C on Feb 18 :

Exports show region's resiliency

Deepak SethEditorial Board community member
Post Comment
(February 18, 2008) —

On Jan. 24, the U.S. Commerce Department introduced a new data series that precisely measures manufacturing export values for metropolitan areas. In 2006, the Rochester metropolitan area recorded export sales of $4.6 billion.

Rochester was the leader in upstate New York, ahead of Buffalo-Niagara Falls ($4.2 billion), Albany-Schenectady-Troy ($3.4 billion), Poughkeepsie-Newburgh-Middletown ($2 billion) and Syracuse ($2 billion). In fact, Rochester was the No. 1 metro area in the entire state, excluding the New York-Northern New Jersey-Long Island region. A remarkable achievement indeed. More remarkable is the fact that this has been achieved at a time when the area is seeing a steady decline in manufacturing potential.

Canada is Rochester's single biggest manufactured exports trading partner, followed by Mexico, China and Germany. Our area's biggest exports were chemicals, computers and electronic products, machinery and plastics and rubber products.

These statistics reveal certain important points:

• Rochester-area delegations to Albany and Washington should take note of these facts and ensure that they are factored in while deciding the allocation of governmental developmental dollars to the Rochester area. We always seem to be fighting a losing battle with Buffalo.
• Export-based industries not only create jobs but also help in reducing the national debt. Special incentives should be formulated to attract and grow such businesses.
• One will have to wait and see the economic implications of the changed travel requirements with Canada. Delays or unease in traveling between the two countries may manifest itself in reduced trade. This is one area where federal policy will very directly affect Rochester residents.
• Mexico is also a major export destination. Opportunities exist to leverage our area's Hispanic heritage and enhance the bilingual potential.
• The exports destination basket is spread very thin. Area businesses should be striving for establishing toeholds in other emerging economies: India, Russia, Brazil, South Africa, Middle East, etc. Exports to China also do not seem to reflect the potential that exists there.

Overall, these numbers speak well for the resiliency of the Rochester economy and the adaptability of the local businesses to the changing economic environment.
The spirit of innovation and out-of-the-box thinking that drove Rochester in the past can continue to do so in the future. Local business and political leadership have a very important role to play by adequately harnessing and directing federal, state and local resources.

Community members serve on the Editorial Board and write regular columns.

Rochester : Export Engine for Upstate Economic Growth

On Jan 24, the U.S. Commerce Department introduced a new data series that precisely measures manufacturing export values for metropolitan areas. Service export values are not included in this series. As per this report, in 2006, the Rochester metropolitan areas recorded export sales of $ USD 4.6 billion. Overall U.S. exporters reported a record $1.4 trillion in goods and services in 2006. Final 2007 numbers are forecast to exceed 2006 totals.

Rochester with it’s USD 4.6 billion was the leader in Upstate New York , ahead of Buffalo-Niagara Falls (USD 4.2 billion), Albany-Schenectady-Troy (USD 3.4 billion), Poughkeepsie-Newburgh-Middletown (USD 2 billion) and Syracuse (USD 2 billion). In fact, Rochester was the number one Metro area in the entire state excluding the Tristate New York-Northern New Jersey-Long Island, NY-NJ-PA area (USD 66 billion). A remarkable achievement indeed. More remarkable is the fact that this has been achieved at a time when the area is seeing a steady decline in the manufacturing potential of it’s erstwhile stalwarts like Kodak and Xerox. This speaks highly of the mid-size Rochester companies which have picked up the slack.

Canada is Rochester’s single biggest manufactured exports trading partner (USD 1.2 billion) followed by Mexico (USD 703 million), China (USD 270 million) and Germany (USD 249 million). Our area’s biggest exports were Chemicals ( USD 1.7 billion), Computers and Electronic products (USD 1 billion), Machinery (USD 663 million) and Plastics and Rubber products (USD 197 million)

These statistics throw up certain important points:

· Rochester area’s delegations to Albany and Washington should take note of these facts and ensure that they are factored in while deciding the allocation of governmental developmental dollars to the Rochester area. We always seem to be fighting a losing battle with Buffalo.

· Exports based industries not only create jobs but also help in reducing the national debt. Special incentives should be formulated to attract and grow such businesses in the Rochester area.

· One will have to wait and see the economic implications of the changed travel requirements with Canada. Delays or unease in traveling between the two countries may manifest itself in reduced trade. The local governments need to be on their toes in making these new changes as smooth and painless as possible. This is one area where federal policy will very directly affect Rochester residents.

· Mexico is also a major export destination. Opportunities exist to leverage our area’s Hispanic heritage and enhance the bilingual potential.

· The exports destination basket is spread very thin. Area businesses should be striving for establishing toeholds in other emerging economies : India, Russia, Brazil, South Africa, Middle East etc. Exports to China also do not seem to reflect the potential which exists there. Business associations like the Rochester Business Association should help their members in making breakthroughs in the non-traditional export markets. Trade delegations, increased web presence, participation in trade shows etc should help.

· The high proportion of Chemicals/Plastics and Rubber etc. in the mix appears slightly troubling as these are often considered sunset industries in the US, likely to be impacted the most by tougher environmental standards. For all the other Metro areas in the same export size range – Computers and Electronic products were the number one export product. For Buffalo , Transportation equipment was the number one.

Overall, these numbers speak well for the resilience of the Rochester economy and the adaptability of the local businesses to the changing economic environment. The spirit of innovation and out-of-the-box thinking which drove Rochester in the past can continue to do so in the future. Local business and political leadership has a very important role to play by adequately harnessing and directing federal , state and local resources.

How are the Baileys doing?

Sen. Chuck Schumer had introduced us to a fictional family, the middle-class Baileys—Joe, Eileen and their three kids in his recent book "Positively American". So my question to Sen. Schumer when he met the Editorial Board on 01/08 was "How are the Baileys doing?". Turns out that the Baileys who were distinctly upbeat a decade ago are now slightly despondent about the state of the economy, gas prices, and college tuitions and seem to think there are tougher times ahead for their kids. However they still have not lost their resilient spirit and continue battling on notwithstanding the odds.

The major reasons for this despondency as per Sen. Schumer were the reduced funding available to support education and health initiatives. The 2 big causes for a decline in funding as per him were the reduced tax burden on the super rich (those making over $ 1 million a year) and the $ 200 Billion a year spending in Iraq. The Senator had spent New Year in Iraq with the US troops and waxed eloquent about their valor and commitment. He was pleased with the progress made on the ground under the NY born Gen. Petraeus but described the state of Iraqi civil society as still being fragmented by sectarian differences and a very weak & unpopular central administration.

For us in Rochester, Sen. Schumer had some good cheer to share. He mentioned an emerging trend of US corporations moving some of their high-end manufacturing work back to the US. He felt Upstate NY in general and Rochester in particular was well poised to benefit from this trend given the availability of trained & highly educated workforce, population concentration and low office space rent. He spoke about his efforts to boost the local economy by helping local companies for specific initiatives; developing niche opportunities like Fuel Cell Technology, Center for Photonics; Grants in the Budget for corporate, county and city endeavors; and overall by making the business climate better (e.g. by better air services)

The issue which bothers the Senator the most is the declining standards of the US education esp. Math and Science education. He feels that declining education standards will significantly reduce America's competitiveness in a global economy. He discussed his initiatives to get more qualified people interested in Science and Math teaching. He highlighted a grant for establishing a Center for Math and Science teaching excellence at the Nazareth College. In response to a question he also promised to research about the low attractiveness of teaching as a career amongst people of color.

How will the Baileys vote in this year's presidential election? Definitely for the Democratic Party, the Senator said, but for which Democratic contender? Sen. Schumer the quintessential politician suavely sidestepped the question.

Opinion piece : Gov. Spitzer's first 100 days in office

Read my opinion on Gov. Eliot Spitzer's (NY) first 100 days in office in today's Rochester Democrat and Chronicle :

http://www.democratandchronicle.com/apps/pbcs.dll/article?AID=2007704150330