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Growth: Growing the Economy, Growing Businesses

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.

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Growth: Growing the Economy, Growing Businesses

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  1. Growth: Growing the Economy, Growing Businesses Scott Hutcheson, Ph.D. Purdue Center for Regional Development

  2. The predominant economic development sales pitch has been • cheap taxes • cheap land • cheap labor • cheap utilities

  3. Average number of Indiana industrial recruitment “projects” annually with a promise of at least 100 jobs from 2007-2011 IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011

  4. Average number of Indiana industrial recruitment “projects” annually with a promise of at least 100 jobs from 2007-2011 5 IEDC 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 5 …and Indiana’s one of the “best” in the U.S. IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011

  6. Niche: Existing Business Base

  7. Stage Four: 500+ Employees Stage Three: 100-499 Employees Stage Two: 10-99 Employees Stage One: 1-9 employees

  8. Stage Four: 500+ Employees Stage Three: 100-499 Employees Stage Two: 10-99 Employees Stage One: 1-9 employees

  9. 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

  10. Tippecanoe County Indiana 2nd Stage Firms 2012

  11. Tippecanoe County Indiana 2nd Stage Jobs 2012

  12. What Do Second Stage Companies Need? • Information • Infrastructure • Connections Gibbons, C. (2010). Economic gardening. Economic Development Journal9.3:5.

  13. Indiana Business Growth Network • Help in articulating and realigning with their core business strategy • Market intelligence & GIS to answer important questions • Guidance on search engine optimizationand effective use of social media • Leadership & management team • development to make sure people are • slotted right

  14. Our Certified IBGN Team Purdue Center for Regional Development Hoosier Heartland Small Business Development Center Parrish Library of Management & Economics Erik Deckers, co-author of No Bull-&%$# Social Media

  15. $250K with of databases & analytic tools

  16. 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

  17. 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

  18. For More Information or to Connect Scott Hutcheson, Ph.D. Purdue Center for Regional Development Purdue Extension Purdue University 203 Martin Jischke Drive 765-479-7704 (mobile) hutcheson@purdue.edu www.linkedin.com/in/scotthutcheson/ www.twitter.com/jshutch64 www.facebook.com/scott.hutcheson

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