Erie native Jeremy Young knows the term “brain drain” all too well.
The 42-year-old D.C. resident attended Blessed Sacrament School and Cathedral Prep and then pursued his undergraduate degree in business at Clarion University where he later earned his MBA. Much as he would have preferred launching his career in Erie, he went elsewhere for lack of local opportunities, achieving considerable success in the IT and cyber security industries.
In recent years, Young has sought ways of giving back to his hometown. In 2014, he purchased and restored an aging building behind Junior’s Comedy Club, between State and Peach streets, presently home to Domino’s Pizza. Now he wants to be a part of downtown Erie’s renaissance, led by the Erie Downtown Development Corporation (EDDC) and the Erie Innovation District (EID).
So, today, Young is in Erie to announce that he is moving the headquarters of his $7 million technology company, Federal Resources Corp., from northern Virginia to Erie. The company specializes in providing IT modernization solutions and services that focus on cyber security, cloud, data analytics, and infrastructure to the United States government. Young said he intends the initial hiring effort to be between five and 10 employees locally with a tentative start date of June 1.
“The opportunity to leverage the experience I have gained over my career in an industry that allows geographic flexibility creates a unique opportunity to impact the socio-economic landscape of my hometown,” said Young. “The ability to work with key stakeholders in our community like the Erie Innovation District and Erie Downtown Development Corporation gives business leaders, like myself, confidence and excitement in the future of Erie.”
Young said the goals of his company consist of driving value for customers, creating opportunities for young professionals who want to stay in Erie, and acting as a positive corporate citizen in the community.
Not only will Young be taking up residence in the City of Erie, but he will encourage his employees to do likewise, offering those who agree to live downtown, or within close environs, a stipend in addition to their regular pay.
“Jeremy’s decision to move the Federal Resources Corporation to Erie is a significant step forward in developing Erie as a hub for innovation centered on data science, safety and cyber security,” said Caleb Pifer, vice president for external relations and advancement at Mercyhurst University, lead partner in the Erie Innovation District. “Jeremy has been working closely with Karl Sanchack, CEO of the Erie Innovation District, to ensure that the goals of the Federal Resources Corporation are aligned with those of the innovation district.”
In recent months, the EID has announced partnerships with prominent national organizations like Dell EMC, MCPc, Quantela and Singularity University, with all assuming their respective roles to attract and sustain businesses in downtown Erie. But, this marks the first time that a company has announced it will move its business to Erie and provide jobs as a direct result of the EID and EDDC initiatives.
“The Erie Innovation District has invested in attracting new cyber jobs, partners and workforce opportunities for the city as it transforms into the safety and security vision of Erie Community Foundation and district champions,” said Sanchack. “The move by Jeremy’s technology company into the downtown marks the first milestone and win for the community in recognizing Erie as the destination for cyber and connected services.”
Young also has had conversations with EDDC CEO John Persinger to identify suitable office space, and has demonstrated his commitment to the EDDC’s goal of increasing residency in downtown Erie.
“The EDDC’s mission is to transform Erie by developing commercial and residential properties, attracting new businesses and residents to Erie, and creating a thriving downtown,” commented Persinger. “We are thrilled to partner with the Innovation District to find homes for Jeremy Young’s business and for his employees.”