growth: growing economies, growing businesses
Post on 14-Sep-2014
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These are the slides I used for a presentation to the Greater Lafayette Commerce Industrial Luncheon on Friday, May 16, 2014.TRANSCRIPT
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Growth:Growing the Economy,Growing Businesses
Scott Hutcheson, Ph.D.Purdue Center for Regional Development
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The predominant economic development sales pitch has been
• cheap taxes• cheap land• cheap labor• cheap utilities
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Average number of Indiana industrial recruitment “projects” annually with a promise of at least 100 jobs from 2007-2011
5IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011
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Average number of Indiana industrial recruitment “projects” annually with a promise of at least 100 jobs from 2007-2011
6IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011
5
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Average number of Indiana industrial recruitment “projects” annually with a promise of at least 100 jobs from 2007-2011
7IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011
5…and Indiana’s one of the “best” in the U.S.
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Niche: Existing Business Base
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Stage Four: 500+ Employees
Stage Three: 100-499 Employees
Stage Two: 10-99 Employees
Stage One: 1-9 employees
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Stage Four: 500+ Employees
Stage Three: 100-499 Employees
Stage Two: 10-99 Employees
Stage One: 1-9 employees
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Second Stage Companies• 10-99 employees • Revenue of $750,000 to $10 million• Local owned/controlled• Privately-held businesses• Dealing with growth issues instead of
survival issues• Intent to grow
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Tippecanoe County Indiana 2nd Stage Firms 2012
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Tippecanoe County Indiana 2nd Stage Jobs 2012
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What Do Second Stage Companies Need?
• Information• Infrastructure• Connections
Gibbons, C. (2010). Economic gardening. Economic Development Journal 9.3:5.
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• Help in articulating and realigning with their core business strategy
• Market intelligence & GIS to answer important questions
• Guidance on search engine optimization and effective use of social media
• Leadership & management team • development to make sure people are • slotted right
Indiana Business Growth Network
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Our Certified IBGN TeamPurdue Center for Regional DevelopmentHoosier Heartland Small Business Development CenterParrish Library of Management & EconomicsErik Deckers, co-author of No Bull-&%$# Social Media
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$250K with of databases & analytic tools
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The IBGN Process• Companies access IBGN through their LEDO, REDO,
Chamber, etc.• Fill out a Company Profile, sign mutual NDA• Schedule call with IBGN Team Leader (1 hour)• Schedule Call with IBGN Team (1hour)
– Identify 4-5 growth-related questions that need answered– Team does 30 hours worth of work
• Information and communication occurs on a secure website
• Company is contacted 6 months and 12 months afterward
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Examples
• Manufacturer needed list of potential customers that meet certain criteria including a commitment to sustainability
• Analytical Test Laboratory needed information about global competitors and ideas to attract more potential customers to their website
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For More Information or to Connect
Scott Hutcheson, Ph.D. Purdue Center for Regional Development
Purdue Extension
Purdue University203 Martin Jischke Drive
765-479-7704 (mobile)[email protected]
www.linkedin.com/in/scotthutcheson/www.twitter.com/jshutch64
www.facebook.com/scott.hutcheson