The Indiana Business Growth NetworkThe Indiana Business Growth Network
IEDA Spring Conference, Indianapolis
March 1, 2011
Scott Hutcheson, Assistant DirectorPurdue Center for Regional Development
Purdue Extension
Some of Purdue’s Business Some of Purdue’s Business Growth-Related EffortsGrowth-Related Efforts
• SBDC in North Central and Southeast Indiana• Sponsored Research• Prototype Network• Innovation & Product Development• Purdue TAP• New Ventures Team• Global Business Engagement• Certified Economic Gardening Team
Certified Economic Gardening TeamCertified Economic Gardening Team
• Purdue & SBDC professionals certified by the National Center for Economic Gardening
• Work with LEDOs to provide EG services to local “Second-Stage Companies
Understanding Business GrowthUnderstanding Business Growth
Stage 4 (500+ Employees)
Stage 3 (100-499 Employees)
Stage 2 (10-99 Employees)
Stage 1 (1-9 Employees)
Second-Stage BusinessesSecond-Stage Businesses
• Privately-held businesses• 10-99 employees • Revenue of $750,000 to $10 million• Dealing with growth issues instead of
survival issues• Intent and capacity to keep growing
Second Stage Firms in Indiana – 2008Second Stage Firms in Indiana – 2008
www.youreconomy.org
Second Stage Firms in Indiana – 2008Second Stage Firms in Indiana – 2008
www.youreconomy.org
Focusing on Business Growth is Something New
Business Attraction • Cheap land• Cheap labor• Cheap taxes• Cheap utilities
Business Growth• Information• Infrastructure• Networks
What “Information” Do Second What “Information” Do Second Stage Firms Need?Stage Firms Need?
• Help in articulating and realigning with their Core Business Strategy
• Market Intelligence 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
Example IBGN Projects• Analytical Test Laboratory needed
information about global competitors and ideas to attract more potential customers to their website
• Manufacturer needed list of potential customers that meet certain criteria including a commitment to sustainability
Economic Gardening StrategyEconomic Gardening Strategy
• Best implemented regionally
• Best when led by LEDOs
• Best when funded by LEDOs – average cost is about $3,500 per company
Getting StartedGetting Started
• Convene LEDOs in the region to meet with member of the EG Team
• Set goals (1 company, 10 companies?) and get funding commitment
• Market the service
How the EG Team Can HelpHow the EG Team Can Help
• As you gain support: Come talk with your LEDO group, your industry groups, etc.
• Provide you with a D&B listing of your 2nd-Stage Companies
• Accompany and coach you as you talk with firms about the program
For More InformationFor More InformationScott Hutcheson
Purdue Center for Regional DevelopmentPurdue Extension
Burton D. Morgan Center for Entrepreneurship1207 W. State Street, Room 227
765-494-7273 (office)765-479-7704 (mobile)
