growth: growing fulton county's (indiana) economy by growing fulton county's businesses
TRANSCRIPT
Growth:Growing the Fulton County Economy byGrowing Fulton County Businesses
Scott Hutcheson, Ph.D.Purdue University
5
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
6IEDC 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
7IEDC 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
8IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011
…and Indiana’s one of the “best” in the U.S.
Niche: Existing Business Base
Fulton County’s Most Competitive Industry Clusters
Source: http://www.statsamerica.org/innovation/
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
Fulton County Indiana 2nd Stage Firms 2013
Fulton County Indiana 2nd Stage Jobs 2013
Fulton County Indiana 2nd Stage Sales 2013
What Do Second Stage Companies Need?
• Information
• Infrastructure
• ConnectionsGibbons, 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
Results
Source:http://www.growfl.com/downloads/2013-08%20GrowFL%20Performance%20Analysis%20VERSION%202%20FINAL.pdf
“Concentrating on organic growth, or the growth of existing or ‘home-grown’ businesses, is likely to
be a much more successful strategy than the recruitment of new firms.”
Source: http://www.kansascityfed.org/publicat/econrev/pdf/2q07edmi.pdf
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)