WEST LAFAYETTE - Want to recruit high-tech business? Take note: Quality of life is just as important as a business plan for a company's success, says a Purdue University expert on economic development.
"There is no question that when companies look for a place to set up a business they are looking at the amenities as much as they are looking at tax incentives, infrastructure and other factors," says Joseph B. Hornett, senior vice president, treasurer and chief operating officer of the Purdue Research Foundation, which oversees the Purdue Research Park. "The competition for skilled employees is a worldwide phenomenon that will become more intensive as the global market continues to grow."
The International Economic Development Council agrees: Quality of life is key to economic development. Hornett says savvy research parks and communities are providing:
* Sports and fitness centers
* Child-care facilities
* Restaurants and cafes
* Shopping areas
They also invest in their schools, arts and entertainment, he says.
"There is no doubt that these qualities are critical to companies looking for a place to locate," he says. "This formula certainly is part of the success story at the Purdue Research Park in West Lafayette, Ind.
"And it is an international trend. European business parks are now offering facilities with supermarkets, residential precincts, banks, conference and catering facilities, and such perks as shower and changing facilities and relaxation areas. We are doing the same in numerous economic development parks throughout North America. That's what it takes to attract the top business tenants."
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