Tag Archives: metrics

Champion the entrepreneurial spirit

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.

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Here’s one of the many historic houses on the property.

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The foundation supports the following programs:

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

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.

Data – YourEconomy.org

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?

The pack of cards…when in Reno

Another full on day with a lot driving made easier with the freeways, beautiful scenery and very welcoming people.

Sacramento County

I sought out Rami as he was recently named one of the Top 25 Doers, Dreamers and Doers by Govtech and Sacromento County has won numerous tech awards.  We discussed digital government and I came away with a huge amount of confidence that the team at Taupo is on the right track.  Current and future focuses centre around regular website refreshes, the need for mobile apps, linking data (e.g. Crime and graffiti), the intersection of Geospatial and data and a single view for customers.

Nevada Governor’s Office of Energy, Carson City

Paul the Director and his team hosted me in the early afternoon for a quick overview of Nevada energy.  I was primarily interested in geothermal, given Nevada is the number one in installed geothermal per capita and Taupo’s strength in this area.  A highlight was by pure chance meeting and talking with Governor Paul Sandoval and witnessing the launch of the Nevada Electric Highway.  Note the highway “is expected to link rural areas and bring business to those communities from EV owners who make the stop to charge their cars”.  Electric vehicles are going to take off in some shape or form and communities should be taking action now to dip their toe in the water, ready to embrace what may become the norm.

Economic Development Authority of Western Nevada (EDAWN), Reno

Mike graciously shared his views on economic development and they have definitely stepped it up a level from when we last spoke in 2013. Mike is incredibly humble, and our meeting was definitely a lesson in leadership. EDAWN has five key strategies: retain and grow, attract, entrepreneurship, workforce development and community development.  What also impressed me was their great handle on metrics to track progress.  When Mike started there was 14% unemployment and now it’s down to half that and going lower.  A very bright future is on the horizon with Tesla building their gigafactory which will create 6500 jobs!  Their entrepreneurship program started from scratch and won Innovation Ecosystem Award.  A gem they showed me was the Reno startup deck which is an innovative way of integrating Reno’s gaming history and useful tools for startups – genius!

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