The Role of Small and Large Business in Economic Development. Home Grown is Best
Reader Comments
| June 18, 2007 |  View for printing |
A growing number of economic development professionals have stopped chasing big businesses and started chasing the entrepreneurs who create them.
A recent study by the Federal Reserve Bank of Kansas City shows that traditional top-down approaches to economic development that relied on luring big firms with tax breaks and other financial incentives are being replaced by bottom-up efforts to foster an entrepreneurial culture where startups can flourish. This approach relies on developing and supporting entrepreneurs and small businesses while improving infrastructure and developing a highly skilled and educated workforce.
These efforts depend in large part on improving the quality of life in the community and creating an attractive business climate. While acknowledging that big firms contribute significantly to job creation and innovation, the author contends that concentrating on organic growth is likely to be a much more successful strategy than the recruitment of new firms. The hope is then that some of these home-grown businesses grow to become the big firms that offer better jobs and benefits to area residents.
By Kelly Edmiston
Full Report: http://www.kc.frb.org/publicat/econr ... q07edmi.pdf
Reader Comments:
|
from a small article in sunday gazette: Energy company comes to Billings A company based in Carson, Calif., plans to open a Billings office and hire up to 350 people. TIMEC Company Inc. serves refineries and specializes in turnaround maintenance, specialized welding and safety support. The company is taking over 2,000 square feet of office space and 5,000 square feet of warehouse space at 103 Sugar Ave. TIMEC expects to hold an official opening July 12. The site map shows nine locations in the Western United States, including Billings. For more information, go to www.TIMEC.com. --tomas
|
Reprinted under the Fair Use doctrine of international copyright law. Full copyright retained by the original publication. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
