Cornerstone staying ahead
09/15/2008 by David Chapman Staff Writer With the national economy down, the competition rises for Cornerstone and its executive director, Jerry Mallot. Not just from other U.S. cities, either — it’s the international business community that the Northeast Florida economic development organization is going to battle over business growth. “The business climate has certainly changed,” said Mallot. “The late ‘90s had some of the most prolific growth ever seen ... today the strength of the euro versus the dollar means more companies are expanding their services overseas in foreign markets.”Amid the current national economic woes, though, Mallot believes the region is building a foundation that will help it overcome the competition – even international companies – and flourish. “The down economy is kind of a perfect storm affecting businesses,” he said, “but Northeast Florida is well positioned to come out ahead.” He bases that optimism on the ever-growing and direct port system, numerous roadways that allow for easy accessibility and distribution. For the Jacksonville Port Authority, working with Cornerstone — the economic development division of the Jacksonville Regional Chamber of Commerce — to attract business to Jacksonville is a “tag-team” effort according to one Port official. “We have a very close relationship with Cornerstone,” said Roy Schleicher, senior director of trade development and global marketing for the Port. “We’re both constantly keeping each other involved with business and looking for opportunities to get jobs to Jacksonville. “It’s a great relationship and the Port is lucky to have them.” Mallot said he and his staff are currently looking to attract 57 different business clients — 24 in manufacturing and processing, 23 in office and commercial business and 10 warehouse distribution companies. Of those 57 potential clients, said Mallot, 68 percent of them would be new to Northeast Florida. Additionally, even though more businesses are being lured overseas, Cornerstone is also doing its share of attracting international clients. According to Mallot, of the group, 35 percent of them have international headquarters. “The group is a good balance from all around the U.S. and international,” said Mallot. Heading into 2008, Mallot said that Cornerstone’s goal was to attract 2,700 new jobs with annual wages around $50,000. He’s happy to report that the organization is ahead of schedule. “That goal is certainly helped when a Deutsche Bank-type deal comes in,” he said, smiling, referring to the almost 1,000 jobs the financial services giant will provide the area over the next several years. Cornerstone’s model is multifaceted with Mallot and managers focusing on business fields and aspects that include: financial and insurance business; headquarters relocation; specialized manufacturing; aviation and aeronautics; information technology; logistics and distribution; and life sciences. The way Cornerstone attracts business has changed over the years, too, as technology has advanced. “Our most central piece of marketing and advertising is our Web site,” he said. “The Internet has changed the whole method of business ... it’s more electronic than ever.” Though Mallot said Cornerstone is doing well presently, he believes things will only improve when the economy does normalize, which he predicts will be late 2009 or early 2010. Until it does, everyone involved in the process of attracting business — including City officials, the Jacksonville Economic Development Commission and Port among others — have simply “worked harder and more diligently.” “We (Cornerstone) don’t do all this alone,” said Mallot. “Without everyone involved, it can’t happen. Cornerstone is just the catalyst for the economic development process.” dchapman@baileypub.com 356-2466
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