Growth: Growing Fulton County's (Indiana) Economy by Growing Fulton County's Businesses

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1. Growth: Growing the Fulton County Economy by Growing Fulton County Businesses Scott Hutcheson, Ph.D. Purdue University 2. The predominant economic development sales…
  • 1. Growth: Growing the Fulton County Economy by Growing Fulton County Businesses Scott Hutcheson, Ph.D. Purdue University
  • 2. The predominant economic development sales pitch has been cheap taxes cheap land cheap labor cheap utilities 5
  • 3. 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
  • 4. 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
  • 5. Average number of Indiana industrial recruitment “projects” annually with a promise of at least 100 jobs from 2007-2011 …and Indiana’s one of the “best” in the U.S. 8 IEDC Economic Incentives and Compliance Report for July 1, 2007 – June 30, 2011
  • 6. Niche: Existing Business Base
  • 7. Fulton County’s Most Competitive Industry Clusters Source: http://www.statsamerica.org/innovation/
  • 8. Stage Four: 500+ Employees Stage Three: 100-499 Employees Stage Two: 10-99 Employees Stage One: 1-9 employees
  • 9. Stage Four: 500+ Employees Stage Three: 100-499 Employees Stage Two: 10-99 Employees Stage One: 1-9 employees
  • 10. 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
  • 11. Fulton County Indiana 2nd Stage Firms 2013
  • 12. Fulton County Indiana 2nd Stage Jobs 2013
  • 13. Fulton County Indiana 2nd Stage Sales 2013
  • 14. What Do Second Stage Companies Need? • Information • Infrastructure • Connections Gibbons, C. (2010). Economic gardening. Economic Development Journal 9.3:5.
  • 15. Indiana Business Growth Network • 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
  • 16. Results Source:http://www.growfl.com/downloads/2013- 08%20GrowFL%20Performance%20Analysis%20VERSION %202%20FINAL.pdf
  • 17. “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
  • 18. 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
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