Edward Lowe Foundation
Onwards into Michigan to met with the Edward Lowe Foundation and some more incredible hospitality from Dino and the team at the 2,600-acre Big Rock Valley. The Foundation was established by Ed and Darlene Lowe in 1985 to “champion the entrepreneurial spirit”, after having started and scaled Edward Lowe Industries which invented cat litter.
Here’s one of the many historic houses on the property.
The foundation supports the following programs:
- Economic gardening
- PeerSpectives Roundtables
- Companies to Watch
- Entrepreneur’s Resource Center
All of the above are great tools to utilise depending on what is happening for businesses or locations. A couple of favourites if I had to pick…
Economic gardening is “grow from within” strategy targeting existing growth companies and offering them critical strategic information that is customized to their needs. It was started by Chris Gibbons in Littleton, Colorado who is now the CEO for the National Center for Economic Gardening. It has achieved some impressive results:
- “During the 20-year period Littleton practiced Economic Gardening, jobs grew from 15,000 to 30,000, and sales tax revenue more than tripled from $6M to $21M without any recruiting, incentives or tax rebates”.
- More recently in Utah, 12 companies achieved $16m in sales increases and the creation of 122 jobs, or in Kansas with 28 companies growing both employment and revenue approximately 30% on average.
YourEconomy.org is a very smart tool that gives an overall view of sales, job and business creation. It drills down to all layers including down to State and most importantly locally. Pick your favourite location and have a try.
In summary, a couple of insights emerge:
- Business retention is growth is an often ignored poorer cousin to the more high profile attraction initiatives such as tax incentives. What a difference can be made in any context by starting with what you’ve got and asking how do you grow?
- While the Kauffman Foundation (new and young companies) and Edward Lowe Foundation (second-stage entrepreneurs) have slightly different definitions on what companies create the most jobs, they are saying the same thing – entrepreneurs and young companies create the most jobs.
- Like most places I’ve met the Foundation partners and collaborates with other organisations to achieve their end goal and they have great systems.
- Data when powered by smart technology showing local information is critical to give context of what is happening in economies.
- Finally, how do locations educate, retain and attract talent so they create and scale businesses that operate globally?