Northwest Indiana: Growing Businesses, Growing the Regional Economy
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These are slides used on May 28 at Purdue North Central in a workshop on business-growth strategies for economic development.
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Northwest Indiana: Growing Businesses, Growing the Regional Economy
- 1. Growth: Growing the Economy, Growing Businesses Scott Hutcheson, Ph.D. Purdue Center for Regional Development
- 4. 4 The predominant economic development sales pitch has been cheap taxes cheap land cheap labor cheap utilities
- 5. 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
- 6. Average number of Indiana industrial recruitment “projects” annually with a promise of at least 100 jobs from 2007-2011 6 IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011
- 7. Average number of Indiana industrial recruitment “projects” annually with a promise of at least 100 jobs from 2007-2011 7 IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011 …and Indiana’s one of the “best” in the U.S.
- 15. Niche: Existing Business Base
- 16. Stage Four: 500+ Employees Stage Three: 100-499 Employees Stage Two: 10-99 Employees Stage One: 1-9 employees
- 17. Stage Four: 500+ Employees Stage Three: 100-499 Employees Stage Two: 10-99 Employees Stage One: 1-9 employees
- 18. Second Stage Companies • 10-99 employees • Revenue of $750,000 to $10 million • Local owned/controlled • Privately-held businesses • Dealing with growth issues instead of survival issues • Intent to grow
- 19. Northwest Indiana 2nd Stage Firms 2012 Lake LaPorte Porter Pulaski Starke Jasper Newton
- 20. Northwest Indiana 2nd Stage Jobs 2012 Lake LaPorte Porter Pulaski Starke Jasper Newton
- 21. What Do Second Stage Companies Need? • Information • Infrastructure • Connections Gibbons, C. (2010). Economic gardening. Economic Development Journal 9.3:5.
- 22. • Help in articulating and realigning with their core business strategy • Market intelligence & GIS to answer important questions • Guidance on search engine optimization and effective use of social media • Leadership & management team • development to make sure people are • slotted right Indiana Business Growth Network
- 23. Our Certified IBGN Team Purdue Center for Regional Development Hoosier Heartland Small Business Development Center Parrish Library of Management & Economics Erik Deckers, co-author of No Bull-&%$# Social Media
- 24. IBGN partners with local and regional economic & business development groups to offer a business growth-focused economic development strategy to their community or region. Some of the ways we can assist companies include: • Identifying qualified sales leads by sorting extensive databases • Mapping geographic areas to facilitate targeted marketing efforts • Reviewing strategies related to commodity and/or niche markets • Examining social media utilization to connect with customers • Deploying search engine optimization to expose a targeted website to more customers Indiana Business Growth Network
- 25. $250K with of databases & analytic tools
- 26. Manufacturer of diesel-powered pumps & equipment for the construction industry 12 employees $3 million in revenue annually Strategic Questions • Do we have the right business model? • Where do we stand in comparison to our competitors? • Are we fully optimizing our website & social media? • How does the water table differ in different parts of our region? Strategic Information Provided • Detailed analysis on competitor’s market share and types of products offered • Search engine optimization recommendations including better ways for international customers to find them • GIS analysis of water tables in target markets Strategic Decisions Made • Repositioned bidding strategy • Added SEO to website • Revised market strategy based on water table information (different geographies require different pump features Results • Added 5 new positions. Case Study #1
- 27. Provider of outsourced technology management 16 employees $4 million in revenue annually Strategic Questions • What firms are about our size but serve a national client base? • If we were to expand beyond our region what other areas make sense? • How can we better use social media? Strategic Information Provided • Identification of and information about peer firms that serve national client base • Profiles of six additional regions that seem to be a good fit for firm’s services • Recommendations for a blog-based social media strategy Strategic Decisions Made • Retooled website • Began a blog and associated social media strategy • Began marketing to three additional regions Results • Expanded to three additional regions • Added 1 new positions. Case Study #2
- 29. 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
- 32. 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 http://www.slideshare.net/jshutch/