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Growth: Growing the Economy, Growing Businesses. Scott Hutcheson, Ph.D. Purdue Center for Regional Development. The predominant e conomic d evelopment s ales p itch has been. c heap taxes c heap land c heap labor c heap utilities. - PowerPoint PPT Presentation
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Growth:Growing the Economy,Growing Businesses
Scott Hutcheson, Ph.D.Purdue Center for Regional Development
4
The predominant economic development sales pitch has been
• cheap taxes• cheap land• cheap labor• cheap utilities
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
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
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.
Niche: Existing Business Base
Stage Four: 500+ Employees
Stage Three: 100-499 Employees
Stage Two: 10-99 Employees
Stage One: 1-9 employees
Stage Four: 500+ Employees
Stage Three: 100-499 Employees
Stage Two: 10-99 Employees
Stage One: 1-9 employees
Second Stage Companies• 10-99 employees • Revenue of $750,000 to $10 million• Local owned/controlled• Privately-held businesses• Dealing with growth issues instead of
survival issues• Intent to grow
Tippecanoe County Indiana 2nd Stage Firms 2012
Tippecanoe County Indiana 2nd Stage Jobs 2012
What Do Second Stage Companies Need?
• Information• Infrastructure• Connections
Gibbons, C. (2010). Economic gardening. Economic Development Journal 9.3:5.
• Help in articulating and realigning with their core business strategy
• Market intelligence & GIS to answer important questions
• Guidance on search engine optimization and effective use of social media
• Leadership & management team • development to make sure people are • slotted right
Indiana Business Growth Network
Our Certified IBGN TeamPurdue Center for Regional DevelopmentHoosier Heartland Small Business Development CenterParrish Library of Management & EconomicsErik Deckers, co-author of No Bull-&%$# Social Media
$250K with of databases & analytic tools
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
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
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