Todd Erdley’s passion for economic development and entrepreneurship is hard to ignore. There’s a bounce in his step and a sparkle in his eye when he talks about CREN, a group he founded four years ago.
The Centre Region Entrepreneurial Network (CREN) has an audacious goal: To generate $3 billion in private economic output by 2033 in the Centre Region.
Erdley, who is the president and CEO of Videon Central in State College, feels that the relationship between Penn State’s economic output and research dollars, and the region’s private output is woefully out of balance.
“There has been a significant awakening in this area about the shift in the economy,” Erdley explains. “If you look at the top employers from 15 years ago, you see that many of them are no longer here. The employment structure is heavily dependent on Penn State.”
To underscore this notion, Erdley cites the fact that 15 years ago, this region created $1 billion in private industry economic output. Today, that figure is about $250 million. “It’s a horrible balance,” says Erdley. “Fourteen years ago, 46 percent of our economy was generated by Penn State. Today that is around 59 percent. Fourteen years ago, private industry provided 28 percent of the economic activity. Today that figure hovers at seven percent.”
Private industry is getting crushed in the region. Jobs have moved from manufacturing to Penn State, healthcare, and retail. “If this trend continues, that’s the definition of a company town. It’s time to invest in the private industry piece of the economy and change the dialogue. Either that, or we build more pizza and T-shirt shops in downtown State College,” he says.
For the past four years, this is the message that Erdley and CREN have been preaching. The message has apparently been heard. At the most recent meeting of CREN, more than 75 individuals attended, including economic developers, entrepreneurs, and business owners.
“We are trying to drive job growth in this region. And if we do it right, everyone will benefit. Bankers, real estate professionals, accountants, home builders, road builders, and everyone in the local economy. We want more opportunity for everyone,” Erdley says.
John Vidmar, director of the Ben Franklin Transformation Business Services Network, is on board with CREN.
“The Centre Region is showing a lot of signs of new ideas and new startup company activity,” says Vidmar. “A lot of the commercialization activity coming out of the university recently has really started to take hold. The opportunity for technology people that want to start a company sitting down with high-energy successful entrepreneurs is fantastic. CREN will play a role in what we are calling the Eco-System of Entrepreneurship. The social aspect is very important and allows for a real exchange of ideas, energy, and input. We see a real mix of activities locally and the pace is accelerating.”
“We’re the new breed,” says Erdley. “We are going to make life better in this region. Job growth leads to growth elsewhere.”
At the October meeting of CREN, there were representatives from existing businesses, newly established companies, Ben Franklin Technology Partners, the Borough Of State College, the Small Business Development Center, Penn State’s Office of Technology Management, Innovation Park, New Leaf Initiative, student groups like InnoBlue and more.
“CREN is a perfect match of networking and entrepreneurs supporting each other,” says Vidmar. “A high energy blend of successful and start-up people that get together and just let it flow.”
In addition to his work with CREN, Erdley is heading up the entrepreneurship committee of the Chamber of Business and Industry of Centre County.
