By Wayne Risher
Memphis Commercial Appeal
The Peabody ducks aren't the only residents of the South's Grand Hotel getting the royal treatment this week.
Memphis business and economic development leaders are rolling out the red carpet for 13 influential visitors whose opinions can make or break a city's chances of landing an industry.
This year's installment of the Greater Memphis Chamber's biannual Red Carpet Tour is touting Memphis assets and amenities to 10 consultants who have collectively aided thousands of industrial and corporate site decisions. Along for the ride are editors of three key publications that inform the site selection industry.
"I want to thank you for agreeing to come and let us show you our assets and what Memphis is all about for you and your customers," chamber president John Moore told the visitors Wednesday.
Referring to strengths in transportation, logistics and distribution, he said, "We continue to leverage what we believe your clients are looking for: faster, better, cheaper."
Spencer Sessions, a Memphis-based economic development specialist for TVA, said the event "gives you one shot to really market yourself to a wide array of decision makers. It's immensely valuable, because we don't usually have an opportunity to get in front of this many decision makers at once."
Building relationships with site selection consultants and business journalists who cover them is crucial to attracting new industries and jobs, Moore said.
"It's like anything else. You've got to get in front of the customer. This opens the door," he said.
Lodie Biggs, a Baker Donelson attorney who advises industrial clients, said, "This is 100 percent about job growth and economic development. Memphis has a lot of assets."
The event, which began Tuesday night, packs a lot into three days: VIP receptions at The Peabody and Graceland; tours of the FedEx World Hub, railroad yards, distribution centers and health-science industries such as Medtronic and the Memphis Bioworks Foundation; and passes to the St. Jude Classic golf tournament.
Participants include consultants from across the country and representatives of Site Selection, Inbound Logistics and Business Facilities magazines.
Andrea Abbott, senior research/GIS specialist with Mohr Partners in Dallas, said her firm represents a pharmaceutical third-party logistics company that is choosing among Memphis, Louisville or Indianapolis.
"This happened to be an opportunity for us to come out and find out more about this market," said Abbott. "This kind of event helps us a lot when we have a client that we can come and tour the site for them."
--Wayne Risher: 529-2874
Monday, June 14, 2010
Saturday, June 12, 2010
Vancouver begins re-branding effort
by Joe Smith, KGW
kgw.com
VANCOUVER, WA. There maybe two Vancouver's, but Vancouver, Washington is not taking a back seat to anyone.
Fed up with the confusion, an all out effort began last September for Vancouver, USA to find it's own voice.
"We've been pre-occupied telling people what we're not," said Ron Arp. He's been called the brains behind a group of business and civic leaders to brand Vancouver.
"See it, say it and sell it", he said Wednesday before a large group of business owners at the Hilton Hotel in Vancouver.
After ten months of strategies, a new logo and tag line were introduced.
"Land here, live here," said Ginger Metcalf, Executive Director of Identity Clark County.
"We think we came up with the best reasons to even look at this area," she said.
Originally the focus of the campaign was concentrated on Clark County. Over time it expanded to include the entire Portland-Vancouver area.
"I as the Mayor of Vancouver am fully committed to a regional partnership in getting the work out to the rest of the country and around the world about who we are as a region," said Vancouver Mayor Tim Leavitt.
Where other groups have tried to bridge the gap between the two cities, Vancouver is taking the lead. The Portland Development Commission is taking notice.
"I think they've kick started a conversation in the region that should allow us to expand the branding of the region and make it unified," said Patrick Quinton, with PDC.
A marketing kit was created for businesses to use to help bring new business to the area. The logo, of muted tones of blue is a mountain with a river running through it.
Patrick Hildrenth, a partner with Tribe 2 Studios in Vancouver created it.
"The mountain symbolizes strength, upward momentum,the river has this community aspect between the two states".
Business are asked to pay a licensing fee of $199 to use the marketing material. The fee will be used to support more marketing.
kgw.com
VANCOUVER, WA. There maybe two Vancouver's, but Vancouver, Washington is not taking a back seat to anyone.
Fed up with the confusion, an all out effort began last September for Vancouver, USA to find it's own voice.
"We've been pre-occupied telling people what we're not," said Ron Arp. He's been called the brains behind a group of business and civic leaders to brand Vancouver.
"See it, say it and sell it", he said Wednesday before a large group of business owners at the Hilton Hotel in Vancouver.
After ten months of strategies, a new logo and tag line were introduced.
"Land here, live here," said Ginger Metcalf, Executive Director of Identity Clark County.
"We think we came up with the best reasons to even look at this area," she said.
Originally the focus of the campaign was concentrated on Clark County. Over time it expanded to include the entire Portland-Vancouver area.
"I as the Mayor of Vancouver am fully committed to a regional partnership in getting the work out to the rest of the country and around the world about who we are as a region," said Vancouver Mayor Tim Leavitt.
Where other groups have tried to bridge the gap between the two cities, Vancouver is taking the lead. The Portland Development Commission is taking notice.
"I think they've kick started a conversation in the region that should allow us to expand the branding of the region and make it unified," said Patrick Quinton, with PDC.
A marketing kit was created for businesses to use to help bring new business to the area. The logo, of muted tones of blue is a mountain with a river running through it.
Patrick Hildrenth, a partner with Tribe 2 Studios in Vancouver created it.
"The mountain symbolizes strength, upward momentum,the river has this community aspect between the two states".
Business are asked to pay a licensing fee of $199 to use the marketing material. The fee will be used to support more marketing.
Friday, June 11, 2010
Nevada launches ad campaign to get firms to leave California
The TV commercials tout Nevada's lack of corporate and personal income taxes.
By Alana Semuels, Los Angeles Times
June 11, 2010
Nevada released a series of television ads Thursday mocking the California Legislature in an attempt to lure businesses from the state.
It's the latest effort by Nevada's development authority to woo Golden State companies. This time around, the commercials portray California lawmakers as talking orangutans.
"Las Vegas is driving me bananas taking business from California," says one primate (with the help of a human voice-over). "Please don't go."
The spots tout Nevada's lack of corporate and personal income taxes, calling the state the "capital of the new mega-West."
For years, business leaders have alleged that California's business climate drives companies out of state. Labor and environmental regulations make it costly to do business here, they contend.
"Businesses are leaving the state — they go to Texas, Illinois, New York," said Jack Kyser, an economist for the Los Angeles County Economic Development Corp., which works to make the county more business-friendly.
But other data show that business relocation has a minimal effect on California's economy. The number of jobs lost because of business relocation each year — about 11,000 — is "relatively inconsequential," according to a 2007 study by Public Policy Institute of California, a nonprofit and nonpartisan think tank.
Most employment creation comes from start-ups or the expansion of existing establishments, while most job losses are the result of companies shutting down or shrinking operations here.
"Relocation accounts for very little job creation or job loss," said Jed Kolko, associate director of research at the policy institute.
The threat of relocation is strongest in places where companies have only to move short distances and can keep most of their existing workers, he said. But in California, little business activity takes place near state borders, so that's not practical for most firms.
"California and other states put a lot of effort into encouraging businesses to move in and prevent businesses from moving out," Kolko said. "But it's true in California and elsewhere that very few businesses actually move across state lines."
There are some benefits to doing business in California. With more than 38 million residents, the state boasts the nation's largest consumer market. Corporations pay relatively low property taxes thanks to Prop. 13. They also benefit from a large tax credit for research and development.
A recent study from the Council on State Taxation found that businesses pay 40.7% of all state and local taxes collected in California — a lower share than in Nevada (49.9%) and Texas (61.2%).
One reason Nevada is going ape to get California's businesses: It needs them. Nevada's unemployment rate in April was 13.6%, higher than California's 12.7%.
alana.semuels@latimes.com
Copyright © 2010, The Los Angeles Times
By Alana Semuels, Los Angeles Times
June 11, 2010
Nevada released a series of television ads Thursday mocking the California Legislature in an attempt to lure businesses from the state.
It's the latest effort by Nevada's development authority to woo Golden State companies. This time around, the commercials portray California lawmakers as talking orangutans.
"Las Vegas is driving me bananas taking business from California," says one primate (with the help of a human voice-over). "Please don't go."
The spots tout Nevada's lack of corporate and personal income taxes, calling the state the "capital of the new mega-West."
For years, business leaders have alleged that California's business climate drives companies out of state. Labor and environmental regulations make it costly to do business here, they contend.
"Businesses are leaving the state — they go to Texas, Illinois, New York," said Jack Kyser, an economist for the Los Angeles County Economic Development Corp., which works to make the county more business-friendly.
But other data show that business relocation has a minimal effect on California's economy. The number of jobs lost because of business relocation each year — about 11,000 — is "relatively inconsequential," according to a 2007 study by Public Policy Institute of California, a nonprofit and nonpartisan think tank.
Most employment creation comes from start-ups or the expansion of existing establishments, while most job losses are the result of companies shutting down or shrinking operations here.
"Relocation accounts for very little job creation or job loss," said Jed Kolko, associate director of research at the policy institute.
The threat of relocation is strongest in places where companies have only to move short distances and can keep most of their existing workers, he said. But in California, little business activity takes place near state borders, so that's not practical for most firms.
"California and other states put a lot of effort into encouraging businesses to move in and prevent businesses from moving out," Kolko said. "But it's true in California and elsewhere that very few businesses actually move across state lines."
There are some benefits to doing business in California. With more than 38 million residents, the state boasts the nation's largest consumer market. Corporations pay relatively low property taxes thanks to Prop. 13. They also benefit from a large tax credit for research and development.
A recent study from the Council on State Taxation found that businesses pay 40.7% of all state and local taxes collected in California — a lower share than in Nevada (49.9%) and Texas (61.2%).
One reason Nevada is going ape to get California's businesses: It needs them. Nevada's unemployment rate in April was 13.6%, higher than California's 12.7%.
alana.semuels@latimes.com
Copyright © 2010, The Los Angeles Times
Thursday, June 10, 2010
Dubois County Outlines Economic Development Plan
JASPER, IN (June 9, 2010) – The Dubois County Area Development Corporation (DCADC) unveiled its new Economic Development Blueprint for the county during its 2010 annual meeting luncheon held today at The Huntingburg Event Center.
With the new economic development plan, labeled the Blueprint, the DCADC is redefining itself and re-emerging as an aggressive, proactive agent for Dubois County’s economic advancement.
“The Dubois County Area Development Corporation has been investing a majority of its resources into supporting existing industries and that has been a wise investment” noted Bob Grewe, President of the DCADC. "However, we realize that in order for our existing industries to grow and our local communities to prosper, we need to diversify and grow our local economy, and help provide the re-trained workforce talent that our companies will require in the future.”
The national and global economic downturn emphasizes the need to do more to diversify and strengthen the area’s economy. Dubois County’s manufacturing industries and their supporting businesses have historically been largely tied to and reliant upon only a couple of market sectors, primarily wood furnishings for the commercial and residential markets.
“Over the last several years, Bob and the DCADC have done a great amount of work on behalf of the county in supporting our existing local businesses, including money for the Purdue Technical Assistance Program for worker technical training, as well as providing seed money for local start-up companies through the DCADC’s Enterprise Loan Fund,” said John Burger, DCADC Chairman, “With the current state of the economy, we feel it’s important to “level-set” expectations with the public.”
Given the historic strength of local businesses and the county’s overall economy, in the past there was little need to spend time or resources to recruit new companies, so DCADC took a more passive approach to marketing. Instead, when opportunities arose, DCADC stepped up to fully assist those businesses that expressed an interest in possibly relocating into the county. However, the new plan calls for proactive business attraction efforts, contacting targeted industries or businesses that research identifies as being a good match to the area’s communities, workforce and infrastructure.
Recently, the DCADC announced it would prepare a Targeted Industry Study (TIS), to identify growth-oriented business and industry sectors most suitable to locate in Dubois County. Results of this research will form the basis for these marketing efforts.
“Our goal is to take a more aggressive approach to actively recruit new businesses into our communities,” said Grewe. Previously, the focus was on a Business Retention and Expansion approach, to help the existing local companies. Going forward, the Blueprint calls for equal efforts on business retention, new business recruitment, and utilization of existing location capacity.
Developed with support from Adam Prager, professional consultant and principal of The Prager Company, the new Blueprint plan provides a framework to guide DCADC activities, priorities and accomplishments to achieve a high level of successful outcomes.
The DCADC has embraced its mission and seeks to emphasize its identity as a proactive champion for economic investment in Dubois County. However, both the Targeted Industry Study and the Blueprint plan provide strategic insights that will enable objective, critical decision making.
As Grewe stated, “We have a lot to offer in Dubois County, and we are keeping our citizens in mind, protecting their best interests.”
A summary version of the Economic Development Blueprint for Dubois County is available on the Dubois County Area Development Corporation website at: www.DCADC.org
With the new economic development plan, labeled the Blueprint, the DCADC is redefining itself and re-emerging as an aggressive, proactive agent for Dubois County’s economic advancement.
“The Dubois County Area Development Corporation has been investing a majority of its resources into supporting existing industries and that has been a wise investment” noted Bob Grewe, President of the DCADC. "However, we realize that in order for our existing industries to grow and our local communities to prosper, we need to diversify and grow our local economy, and help provide the re-trained workforce talent that our companies will require in the future.”
The national and global economic downturn emphasizes the need to do more to diversify and strengthen the area’s economy. Dubois County’s manufacturing industries and their supporting businesses have historically been largely tied to and reliant upon only a couple of market sectors, primarily wood furnishings for the commercial and residential markets.
“Over the last several years, Bob and the DCADC have done a great amount of work on behalf of the county in supporting our existing local businesses, including money for the Purdue Technical Assistance Program for worker technical training, as well as providing seed money for local start-up companies through the DCADC’s Enterprise Loan Fund,” said John Burger, DCADC Chairman, “With the current state of the economy, we feel it’s important to “level-set” expectations with the public.”
Given the historic strength of local businesses and the county’s overall economy, in the past there was little need to spend time or resources to recruit new companies, so DCADC took a more passive approach to marketing. Instead, when opportunities arose, DCADC stepped up to fully assist those businesses that expressed an interest in possibly relocating into the county. However, the new plan calls for proactive business attraction efforts, contacting targeted industries or businesses that research identifies as being a good match to the area’s communities, workforce and infrastructure.
Recently, the DCADC announced it would prepare a Targeted Industry Study (TIS), to identify growth-oriented business and industry sectors most suitable to locate in Dubois County. Results of this research will form the basis for these marketing efforts.
“Our goal is to take a more aggressive approach to actively recruit new businesses into our communities,” said Grewe. Previously, the focus was on a Business Retention and Expansion approach, to help the existing local companies. Going forward, the Blueprint calls for equal efforts on business retention, new business recruitment, and utilization of existing location capacity.
Developed with support from Adam Prager, professional consultant and principal of The Prager Company, the new Blueprint plan provides a framework to guide DCADC activities, priorities and accomplishments to achieve a high level of successful outcomes.
The DCADC has embraced its mission and seeks to emphasize its identity as a proactive champion for economic investment in Dubois County. However, both the Targeted Industry Study and the Blueprint plan provide strategic insights that will enable objective, critical decision making.
As Grewe stated, “We have a lot to offer in Dubois County, and we are keeping our citizens in mind, protecting their best interests.”
A summary version of the Economic Development Blueprint for Dubois County is available on the Dubois County Area Development Corporation website at: www.DCADC.org
Wednesday, June 09, 2010
Land here, live here
By Aaron Corvin
Columbian Staff writer
Regional business and civic leaders on Wednesday unveiled a campaign to lure companies — and more jobs — to the Portland-Vancouver area by effectively branding and marketing its strengths.
The campaign, spearheaded by Identity Clark County, an advocacy group of regional business leaders, is based on a theme that describes the region as Portland-Vancouver USA. It features a stylized image of Mount Hood and the Columbia River with the words “Land Here, Live Here.”
The idea is to spread that theme in campaign materials, including everything from putting the logo on the back of a business card to draping a huge banner with the logo on it on the old Post Hospital at Vancouver Barracks — which organizers did Wednesday morning.
Ron Arp, president of Brush Prairie-based Amplify Group, is donating his time to lead the grass-roots campaign. “We’re not going to be picky. What we want is to get our people back to work,” he told more than 100 attendees at Wednesday’s kickoff, held at the Hilton Vancouver Washington.
Planning got under way 10 months ago. It involved more than 200 businesspeople. Five area design firms provided graphic design options for the campaign. Vancouver-based Tribe2 Studios created the winning logo design and campaign concept.
Arp said the point of adopting a regional brand was to prevent the area from being overlooked by companies eyeing Vancouver, B.C., Seattle or Los Angeles, to start heightening awareness of the Portland-Vancouver area, and to “create curiosity.”
Ginger Metcalf, executive director for Identity Clark County, said the campaign is grounded in the best of what the region has to offer prospective employers: low energy costs; a high quality of life; business clusters, including the technology, manufacturing, clean energy and apparel sectors; and access to rail, roads and other important infrastructure.
“We have land here,” Metcalf added, “which is what site selectors want.”
The campaign theme — “Land Here, Live Here.” — and related materials are available in the form of “kits” to businesses, local governments, industry groups and nonprofits for a licensing fee of $199, Arp said. The proceeds will go into a special account set up at Identity Clark County, and will be invested in further advancing the campaign. Backers say they will track queries in response to the campaign to gauge its effectiveness.
The campaign kits are designed so they may be tailored to individual businesses or communities, Arp said. If, for example, the city of Ridgefield wants a logo that says, “Land in Ridgefield, Live in Ridgefield,” it can do that.
“This can be done for any community,” Arp added.
To her knowledge, Metcalf said, the “Land Here, Live Here.” campaign is the first of its kind for the region. Arp said the regional focus is based on the fact that experts who choose new sites for businesses think in terms of metropolitan areas rather than individual cities.
Backers of the campaign emphasized its grass-roots nature, noting that it involved plenty of volunteer work and little in the way of cash. Members of Identity Clark County contributed roughly $10,000 to $12,000 to help launch the campaign, Arp said, including covering printing costs.
Susan Bladholm, senior marketing manager for the Port of Portland, said the new campaign is an important vehicle for both Portland and Vancouver “to work together to get the word out.”
Tom Nelson, economic development manager for the city of Sherwood, Ore., also serves as chairman of the executive committee of the Portland-Vancouver Regional Partners Council for Economic Development. He said he believes the Portland and Vancouver areas have interconnected economies that will benefit from the branding campaign. If a business decides to set up in Vancouver, Nelson said, then it “helps the region and Sherwood.”
The campaign includes a website, http://www.portland-vancouverUSA.com, and testimonial advertisements. And while the campaign is intended to bring employers to the region by providing the numbers and facts that business executives want, Arp said, it also makes an emotional appeal by showcasing the region’s people, environmental amenities and sense of adventure. To that end, campaign signs and posters feature local businesspeople, including John Rudi, president of Vancouver-based Thompson Metal Fab, standing in front of iconic backdrops. And they show scenes of people boating and fishing in spectacular settings. “We’re not an uptight group,” Arp said.
Aaron Corvin: 360-735-4518, aaron.corvin@columbian.com.
Columbian Staff writer
Regional business and civic leaders on Wednesday unveiled a campaign to lure companies — and more jobs — to the Portland-Vancouver area by effectively branding and marketing its strengths.
The campaign, spearheaded by Identity Clark County, an advocacy group of regional business leaders, is based on a theme that describes the region as Portland-Vancouver USA. It features a stylized image of Mount Hood and the Columbia River with the words “Land Here, Live Here.”
The idea is to spread that theme in campaign materials, including everything from putting the logo on the back of a business card to draping a huge banner with the logo on it on the old Post Hospital at Vancouver Barracks — which organizers did Wednesday morning.
Ron Arp, president of Brush Prairie-based Amplify Group, is donating his time to lead the grass-roots campaign. “We’re not going to be picky. What we want is to get our people back to work,” he told more than 100 attendees at Wednesday’s kickoff, held at the Hilton Vancouver Washington.
Planning got under way 10 months ago. It involved more than 200 businesspeople. Five area design firms provided graphic design options for the campaign. Vancouver-based Tribe2 Studios created the winning logo design and campaign concept.
Arp said the point of adopting a regional brand was to prevent the area from being overlooked by companies eyeing Vancouver, B.C., Seattle or Los Angeles, to start heightening awareness of the Portland-Vancouver area, and to “create curiosity.”
Ginger Metcalf, executive director for Identity Clark County, said the campaign is grounded in the best of what the region has to offer prospective employers: low energy costs; a high quality of life; business clusters, including the technology, manufacturing, clean energy and apparel sectors; and access to rail, roads and other important infrastructure.
“We have land here,” Metcalf added, “which is what site selectors want.”
The campaign theme — “Land Here, Live Here.” — and related materials are available in the form of “kits” to businesses, local governments, industry groups and nonprofits for a licensing fee of $199, Arp said. The proceeds will go into a special account set up at Identity Clark County, and will be invested in further advancing the campaign. Backers say they will track queries in response to the campaign to gauge its effectiveness.
The campaign kits are designed so they may be tailored to individual businesses or communities, Arp said. If, for example, the city of Ridgefield wants a logo that says, “Land in Ridgefield, Live in Ridgefield,” it can do that.
“This can be done for any community,” Arp added.
To her knowledge, Metcalf said, the “Land Here, Live Here.” campaign is the first of its kind for the region. Arp said the regional focus is based on the fact that experts who choose new sites for businesses think in terms of metropolitan areas rather than individual cities.
Backers of the campaign emphasized its grass-roots nature, noting that it involved plenty of volunteer work and little in the way of cash. Members of Identity Clark County contributed roughly $10,000 to $12,000 to help launch the campaign, Arp said, including covering printing costs.
Susan Bladholm, senior marketing manager for the Port of Portland, said the new campaign is an important vehicle for both Portland and Vancouver “to work together to get the word out.”
Tom Nelson, economic development manager for the city of Sherwood, Ore., also serves as chairman of the executive committee of the Portland-Vancouver Regional Partners Council for Economic Development. He said he believes the Portland and Vancouver areas have interconnected economies that will benefit from the branding campaign. If a business decides to set up in Vancouver, Nelson said, then it “helps the region and Sherwood.”
The campaign includes a website, http://www.portland-vancouverUSA.com, and testimonial advertisements. And while the campaign is intended to bring employers to the region by providing the numbers and facts that business executives want, Arp said, it also makes an emotional appeal by showcasing the region’s people, environmental amenities and sense of adventure. To that end, campaign signs and posters feature local businesspeople, including John Rudi, president of Vancouver-based Thompson Metal Fab, standing in front of iconic backdrops. And they show scenes of people boating and fishing in spectacular settings. “We’re not an uptight group,” Arp said.
Aaron Corvin: 360-735-4518, aaron.corvin@columbian.com.
Monday, June 07, 2010
City Rolls Out Red Carpet to Tout Assets
ERIC SMITH | The Daily News
The Greater Memphis Chamber will give prospective businesses and national trade publications the proverbial star treatment next week when it hosts the Red Carpet Tour.
Set for June 8-10, the event is designed to showcase the economic advantages that Memphis can offer – from inexpensive commercial real estate to a logistics-laden work force, from the world’s busiest cargo airport to robust rail, road and river infrastructure.
The chamber’s team has invited companies, site selectors and journalists from around the country to Memphis for the Red Carpet Tour, which this year has attracted 11 site consultants, three members of the site selection media plus local reporters.
The event most recently was held in 2006 and 2009 but hasn’t been a regular annual occurrence.
Mark Herbison, senior vice president of economic development for the chamber, said that will change.
In the past the chamber held the tours based on the organization’s resources, but with the new MemphisED (economic development) program and some additional resources, Herbison said, the chamber hopes to host one each spring.
“Our plan, starting last year, was to do one every year,” he said. “It’s going to be an annual event.”
The Red Carpet Tour is designed to be just that – a first-class, behind-the-scenes look at the city’s assets. That means visiting the FedEx Super Hub as well as intermodal facilities like the CN-CSX Intermodal Gateway-Memphis, bioscience companies and Memphis International Airport.
“I can’t tell you the impact it has on these consultants when we’re able to bring them here and show them what we have to offer instead of them reading about it on a website,” Herbison said. “When they can go out and see our airport and see our rail facilities and see our port on the river and see our Pidgeon Industrial Park, there’s not a lot of cities that have the kind of things to offer that we do. It’s a real positive thing for Memphis and it generates a lot of activity for Memphis.”
Memphis Mayor A C Wharton Jr., who will have lunch one day with the visitors and speak to them about the Memphis advantages, said these types of tours help lure businesses to the city.
Wharton said it’s “critical” to get companies’ site decision makers to Memphis to see firsthand what the city has to offer in everything from transportation and distribution capabilities, to financial relationships and qualified work force.
“We need some ‘affirmative action’ there simply because we have not marketed ourselves as aggressively as we should,” Wharton said. “I won’t say there’s a negative perception of what we are, there’s just a lack of knowledge. There’s a void. Once people see it, they go crazy. They’re shocked at the quality that we have here in so many respects.”
The purpose of this event and others, Wharton noted, is for Memphians alone to tell the Memphis story.
“If we don’t tell it, who else will?” he said. “If others tell it, it’s going to be negative. We’re the only ones who can give a true story, a true picture of what we have to offer here. Competition is stiff. Our competitors are selling their virtues and their strengths every day through social media, through personal calls, through trade conferences.
“We’ve been pretty well missing in action, and we’ve got to take some affirmative action to catch up. That’s what we’re doing.”
Another aspect is a panel discussion, featuring players in the city’s chief industry sectors like manufacturing, logistics, bioscience and commercial real estate.
The tour closes Thursday with a visit to the St. Jude Classic golf tournament at TPC Southwind.
The Greater Memphis Chamber will give prospective businesses and national trade publications the proverbial star treatment next week when it hosts the Red Carpet Tour.
Set for June 8-10, the event is designed to showcase the economic advantages that Memphis can offer – from inexpensive commercial real estate to a logistics-laden work force, from the world’s busiest cargo airport to robust rail, road and river infrastructure.
The chamber’s team has invited companies, site selectors and journalists from around the country to Memphis for the Red Carpet Tour, which this year has attracted 11 site consultants, three members of the site selection media plus local reporters.
The event most recently was held in 2006 and 2009 but hasn’t been a regular annual occurrence.
Mark Herbison, senior vice president of economic development for the chamber, said that will change.
In the past the chamber held the tours based on the organization’s resources, but with the new MemphisED (economic development) program and some additional resources, Herbison said, the chamber hopes to host one each spring.
“Our plan, starting last year, was to do one every year,” he said. “It’s going to be an annual event.”
The Red Carpet Tour is designed to be just that – a first-class, behind-the-scenes look at the city’s assets. That means visiting the FedEx Super Hub as well as intermodal facilities like the CN-CSX Intermodal Gateway-Memphis, bioscience companies and Memphis International Airport.
“I can’t tell you the impact it has on these consultants when we’re able to bring them here and show them what we have to offer instead of them reading about it on a website,” Herbison said. “When they can go out and see our airport and see our rail facilities and see our port on the river and see our Pidgeon Industrial Park, there’s not a lot of cities that have the kind of things to offer that we do. It’s a real positive thing for Memphis and it generates a lot of activity for Memphis.”
Memphis Mayor A C Wharton Jr., who will have lunch one day with the visitors and speak to them about the Memphis advantages, said these types of tours help lure businesses to the city.
Wharton said it’s “critical” to get companies’ site decision makers to Memphis to see firsthand what the city has to offer in everything from transportation and distribution capabilities, to financial relationships and qualified work force.
“We need some ‘affirmative action’ there simply because we have not marketed ourselves as aggressively as we should,” Wharton said. “I won’t say there’s a negative perception of what we are, there’s just a lack of knowledge. There’s a void. Once people see it, they go crazy. They’re shocked at the quality that we have here in so many respects.”
The purpose of this event and others, Wharton noted, is for Memphians alone to tell the Memphis story.
“If we don’t tell it, who else will?” he said. “If others tell it, it’s going to be negative. We’re the only ones who can give a true story, a true picture of what we have to offer here. Competition is stiff. Our competitors are selling their virtues and their strengths every day through social media, through personal calls, through trade conferences.
“We’ve been pretty well missing in action, and we’ve got to take some affirmative action to catch up. That’s what we’re doing.”
Another aspect is a panel discussion, featuring players in the city’s chief industry sectors like manufacturing, logistics, bioscience and commercial real estate.
The tour closes Thursday with a visit to the St. Jude Classic golf tournament at TPC Southwind.
New bio tech region a brilliant future for economic development
Is our Innovation Crescent the new Research Triangle?
Gwinnett Business Journal
Move over North Carolina. The Research Triangle is definitely coming up on some competition. Georgia is on the brink of becoming one of the biggest biotech centers in the world. The state's relatively new Innovation Crescent – a spectacular 13-county swath of vibrant science community between Atlanta and Athens – represents the future of things to come.
But, competition aside, the real story here is that collaboration is a beautiful thing. The far-reaching effects of cooperation have been seen for the last 50 years through the efforts of North Carolina civic leaders, high-tech companies, research facilities and universities that came together with a vision in the 1950s to create The Research Triangle.
Now, leaders in the state of Georgia have gained momentum just two years after collaborating to create their own science corridor called the Innovation Crescent. In early summer of 2008, an Innovation Crescent Regional Partnership (ICRP) was formed to boost economic development for the life science industry, attract companies, create jobs and establish the Atlanta-to-Athens region as a unique hub of life science talent.
Containing more than 95 percent of Georgia's life science assets, Innovation Crescent was conceived by regional leaders from chambers of commerce and economic development organizations including Georgia Bio Organization, the Atlanta Regional Commission (ARC), the Georgia Department of Economic Development, Metro Atlanta Chamber of Commerce, Atlanta Development Authority, Athens-Clarke County, Barrow County, Clayton County, Cobb County, DeKalb County, north Fulton County, Gwinnett County, Jackson County, Madison County, Morgan County, Oconee County, Ogelthorpe County and Walton County.
"Georgia's Innovation Crescent was definitely modeled after The Research Triangle," said Demming Bass, Gwinnett Chamber vice president of communications and public policy who previously worked for a chamber of commerce in The Triangle. "The Chamber's strategic leadership team visited North Carolina a few years ago and noted what a great job the Research Triangle Regional Partnership was doing to market their region as a brand."
In May of 2010, the ICRP became an official organization with 13 communities and organizations signing legal documents to become their own economic development entity. Nick Masino, the Gwinnett Chamber's vice president of economic development was named as the ICRP board chairman. The partnership is the marketing organization for Georgia's Innovation Crescent, which is made up of 30 research and/or educational institutions working to develop workforce to meet the demands of the rapidly growing biotech industry.
"Any time you have public and private entities come together across county lines in a region like this, it provides a united front and automatically gives you an advantage," said Masino. "Instead of competing against each other, we are working together. As the Innovation Crescent begins to build a reputation, we'll start seeing more and more life science companies join the cluster of those that are already in the area." Masino said Gwinnett will benefit from its unique position at the geographic center of The Crescent, surrounded by the major research universities and other major life science entities between Atlanta and Athens.
And so, anchored by Georgia Tech, Emory University and the University of Georgia – and boasting the world recognized Centers for Disease Control and Prevention (CDC), Arthritis Foundation, U.S. Department of Agriculture and American Cancer Society – the foundation of Georgia's Innovation Crescent appears to be very strong.
Add a wide range of leading tech and bioscience companies with the region's highly educated workforce, and now we're talking. Game on Research Triangle. Georgia's Innovation Crescent has been launched into the science stratosphere with some high-profile players.
Gwinnett Business Journal
Move over North Carolina. The Research Triangle is definitely coming up on some competition. Georgia is on the brink of becoming one of the biggest biotech centers in the world. The state's relatively new Innovation Crescent – a spectacular 13-county swath of vibrant science community between Atlanta and Athens – represents the future of things to come.
But, competition aside, the real story here is that collaboration is a beautiful thing. The far-reaching effects of cooperation have been seen for the last 50 years through the efforts of North Carolina civic leaders, high-tech companies, research facilities and universities that came together with a vision in the 1950s to create The Research Triangle.
Now, leaders in the state of Georgia have gained momentum just two years after collaborating to create their own science corridor called the Innovation Crescent. In early summer of 2008, an Innovation Crescent Regional Partnership (ICRP) was formed to boost economic development for the life science industry, attract companies, create jobs and establish the Atlanta-to-Athens region as a unique hub of life science talent.
Containing more than 95 percent of Georgia's life science assets, Innovation Crescent was conceived by regional leaders from chambers of commerce and economic development organizations including Georgia Bio Organization, the Atlanta Regional Commission (ARC), the Georgia Department of Economic Development, Metro Atlanta Chamber of Commerce, Atlanta Development Authority, Athens-Clarke County, Barrow County, Clayton County, Cobb County, DeKalb County, north Fulton County, Gwinnett County, Jackson County, Madison County, Morgan County, Oconee County, Ogelthorpe County and Walton County.
"Georgia's Innovation Crescent was definitely modeled after The Research Triangle," said Demming Bass, Gwinnett Chamber vice president of communications and public policy who previously worked for a chamber of commerce in The Triangle. "The Chamber's strategic leadership team visited North Carolina a few years ago and noted what a great job the Research Triangle Regional Partnership was doing to market their region as a brand."
In May of 2010, the ICRP became an official organization with 13 communities and organizations signing legal documents to become their own economic development entity. Nick Masino, the Gwinnett Chamber's vice president of economic development was named as the ICRP board chairman. The partnership is the marketing organization for Georgia's Innovation Crescent, which is made up of 30 research and/or educational institutions working to develop workforce to meet the demands of the rapidly growing biotech industry.
"Any time you have public and private entities come together across county lines in a region like this, it provides a united front and automatically gives you an advantage," said Masino. "Instead of competing against each other, we are working together. As the Innovation Crescent begins to build a reputation, we'll start seeing more and more life science companies join the cluster of those that are already in the area." Masino said Gwinnett will benefit from its unique position at the geographic center of The Crescent, surrounded by the major research universities and other major life science entities between Atlanta and Athens.
And so, anchored by Georgia Tech, Emory University and the University of Georgia – and boasting the world recognized Centers for Disease Control and Prevention (CDC), Arthritis Foundation, U.S. Department of Agriculture and American Cancer Society – the foundation of Georgia's Innovation Crescent appears to be very strong.
Add a wide range of leading tech and bioscience companies with the region's highly educated workforce, and now we're talking. Game on Research Triangle. Georgia's Innovation Crescent has been launched into the science stratosphere with some high-profile players.
Does Location Really Matter?
For innovation-based companies, being located in an industry cluster has long been thought to enhance long-term financial prospects. This research suggests otherwise.
by Matt Palmquist
Title: Agglomeration Economies and Firm Performance: The Case of Industry Clusters (Subscription or fee required.)
Authors: Sal Kukalis (California State University at Long Beach)
Publisher: Journal of Management, vol. 36, no. 2
Date Published: March 2010
It is generally believed that industry clusters — geographic concentrations of companies and institutions in a specific field — play an important part in facilitating the development and long-term prospects of innovative industries. The semiconductor industry in Silicon Valley, Hollywood’s movie business, and the pharmaceutical industry in New Jersey and Massachusetts are three prominent examples of such clusters. Some of the most commonly cited benefits of these regional arrangements are better collaboration between firms; lower production costs, such as those incurred when infrastructure and service resources are shared between firms; access to a skilled labor pool; and knowledge spillovers as a result of “informal socializations” among employees from different firms.
But do these clustering benefits necessarily benefit firms financially? And can outsiders hope to compete against firms that are entrenched in developed industry clusters? To answer these questions, the author looked at the financial advantages, and costs, that clusters provided for firms throughout the life cycle of two innovative industries — semiconductors and pharmaceuticals. He examined 31 years of data on 194 publicly traded companies, which enabled him to see how clustered and nonclustered firms performed at various points in an industry’s life cycle. Surprisingly, the author found no clear evidence that clusters enhance a firm’s financial performance. Even early adopters in a cluster failed to outperform their more isolated counterparts. And late in an industry’s life cycle or during periods of economic contraction, the nonclustered firms outperformed their clustered rivals in both return on assets and return on sales, the author found.
In addition, firms within a cluster have less of an advantage when an industry gets overcrowded with competitors than those that are geographically dispersed. The author proposes several explanations for these seemingly counterintuitive results. One argument is that when an industry reaches its saturation point, too many companies are competing for the same resources in the same region, resulting in, for example, not enough talent in the area to keep up with demand. This can kill off weaker firms and prevent new firms from getting off the ground, especially when the goods produced in the cluster are similar and are sold locally. High exit barriers may also discourage firms from relocating when negative cluster effects begin to outweigh positive ones; substantial costs can be involved in switching locations and finding the necessary resources in a new area. Finally, the author postulates that the information age, with all its communications innovations, may have made geographic proximity to others
less important for innovation-based industries.
Bottom Line: Although analysts have long maintained that geographic proximity can help companies within the same industry prosper, clustering has little impact on a company’s bottom line.
Author Profile:
Matt Palmquist was a founding staff writer and is currently a contributing editor at Miller-McCune magazine. Formerly, he was an award-winning feature writer for the San Francisco–based SF Weekly.
by Matt Palmquist
Title: Agglomeration Economies and Firm Performance: The Case of Industry Clusters (Subscription or fee required.)
Authors: Sal Kukalis (California State University at Long Beach)
Publisher: Journal of Management, vol. 36, no. 2
Date Published: March 2010
It is generally believed that industry clusters — geographic concentrations of companies and institutions in a specific field — play an important part in facilitating the development and long-term prospects of innovative industries. The semiconductor industry in Silicon Valley, Hollywood’s movie business, and the pharmaceutical industry in New Jersey and Massachusetts are three prominent examples of such clusters. Some of the most commonly cited benefits of these regional arrangements are better collaboration between firms; lower production costs, such as those incurred when infrastructure and service resources are shared between firms; access to a skilled labor pool; and knowledge spillovers as a result of “informal socializations” among employees from different firms.
But do these clustering benefits necessarily benefit firms financially? And can outsiders hope to compete against firms that are entrenched in developed industry clusters? To answer these questions, the author looked at the financial advantages, and costs, that clusters provided for firms throughout the life cycle of two innovative industries — semiconductors and pharmaceuticals. He examined 31 years of data on 194 publicly traded companies, which enabled him to see how clustered and nonclustered firms performed at various points in an industry’s life cycle. Surprisingly, the author found no clear evidence that clusters enhance a firm’s financial performance. Even early adopters in a cluster failed to outperform their more isolated counterparts. And late in an industry’s life cycle or during periods of economic contraction, the nonclustered firms outperformed their clustered rivals in both return on assets and return on sales, the author found.
In addition, firms within a cluster have less of an advantage when an industry gets overcrowded with competitors than those that are geographically dispersed. The author proposes several explanations for these seemingly counterintuitive results. One argument is that when an industry reaches its saturation point, too many companies are competing for the same resources in the same region, resulting in, for example, not enough talent in the area to keep up with demand. This can kill off weaker firms and prevent new firms from getting off the ground, especially when the goods produced in the cluster are similar and are sold locally. High exit barriers may also discourage firms from relocating when negative cluster effects begin to outweigh positive ones; substantial costs can be involved in switching locations and finding the necessary resources in a new area. Finally, the author postulates that the information age, with all its communications innovations, may have made geographic proximity to others
less important for innovation-based industries.
Bottom Line: Although analysts have long maintained that geographic proximity can help companies within the same industry prosper, clustering has little impact on a company’s bottom line.
Author Profile:
Matt Palmquist was a founding staff writer and is currently a contributing editor at Miller-McCune magazine. Formerly, he was an award-winning feature writer for the San Francisco–based SF Weekly.
Wednesday, June 02, 2010
Rough spots in economic partnership worked out
By DINAH VOYLES PULVER, Staff writer
June 2, 2010
A proposal for a new countywide economic development partnership is back on the agenda for the Volusia County Council this week with a new name and a clarified mission.
Organizers hope the new approach will help win the broad countywide support they say is needed to get an agency up and running to bring new businesses and jobs to Volusia. Launched last year, the effort floundered in the past couple of months, with several cities waiting to see what the county would do and Deltona deciding not to participate.
A new working title, Team Volusia Economic Development Corp., a more phased-in approach and a clearer delineation of duties may help address concerns that forced the issue off the county's May 6 agenda at the last minute. The item was pulled after it became clear the county's staff and council members still had too many questions and concerns.
Council members feared the new group might detract from the county's own economic development efforts and focus too heavily on the metropolitan Daytona Beach area rather than the entire county.
That triggered three weeks of intense discussions and negotiations among county officials, key business leaders and supporters of the new economic development group.
Larry McKinney, president of the Daytona Regional Chamber of Commerce, and Rick Karl, director of aviation and resources for Volusia County, spent countless hours together combing over problem areas and refining the proposal.
They said the "biggest hurdles" were misconceptions and miscommunication about what the organization would be responsible for, what the county's economic development department would do and how the efforts could work in concert.
The proposal now calls for the organization to be phased in over the next 18 months, said Karl, and establishes that the public/private board will operate as a public agency, in compliance with the state's open government laws and a public audit.
McKinney said they added a few things omitted when the original proposal was put together, such as engaging the school system, and took out a few things, such as the old name, the Metro Daytona-Volusia Economic Development Corporation.
Karl and McKinney are unveiling their reworked proposal to individual council members this week. On Tuesday, they met with Councilman Andy Kelly.
Kelly said he liked the new name. "If we're going into this, we're going to be a team so that indicates better participation and balance."
Concerns about money may remain.
The proposal calls for the county to chip in up to $500,000 a year in coming years. Private businesses are expected to contribute $1.2 million a year, with the remainder of the $2 million budget coming from the cities.
In addition to the public/private board, the new agency would include a separately functioning CEO Cabinet, comprised of individuals and executives from companies that each contribute up to $100,000 a year for three years. The cabinet would court prospects considering a move to Volusia.
McKinney said the two arms -- the public/private board and the private investor group -- would have identical missions.
The new group began as a spinoff from the Daytona Regional Chamber.
Ted Doran, past president of the Daytona chamber who helped with the recent negotiations, called the proposal "an unprecedented effort by the private sector to work with the public sector in promoting economic development."
Other communities in Florida are much more coordinated and successful at attracting new business, Doran said. "Our competition -- which is every other community in the state of Florida -- is beating the pants off us right now."
June 2, 2010
A proposal for a new countywide economic development partnership is back on the agenda for the Volusia County Council this week with a new name and a clarified mission.
Organizers hope the new approach will help win the broad countywide support they say is needed to get an agency up and running to bring new businesses and jobs to Volusia. Launched last year, the effort floundered in the past couple of months, with several cities waiting to see what the county would do and Deltona deciding not to participate.
A new working title, Team Volusia Economic Development Corp., a more phased-in approach and a clearer delineation of duties may help address concerns that forced the issue off the county's May 6 agenda at the last minute. The item was pulled after it became clear the county's staff and council members still had too many questions and concerns.
Council members feared the new group might detract from the county's own economic development efforts and focus too heavily on the metropolitan Daytona Beach area rather than the entire county.
That triggered three weeks of intense discussions and negotiations among county officials, key business leaders and supporters of the new economic development group.
Larry McKinney, president of the Daytona Regional Chamber of Commerce, and Rick Karl, director of aviation and resources for Volusia County, spent countless hours together combing over problem areas and refining the proposal.
They said the "biggest hurdles" were misconceptions and miscommunication about what the organization would be responsible for, what the county's economic development department would do and how the efforts could work in concert.
The proposal now calls for the organization to be phased in over the next 18 months, said Karl, and establishes that the public/private board will operate as a public agency, in compliance with the state's open government laws and a public audit.
McKinney said they added a few things omitted when the original proposal was put together, such as engaging the school system, and took out a few things, such as the old name, the Metro Daytona-Volusia Economic Development Corporation.
Karl and McKinney are unveiling their reworked proposal to individual council members this week. On Tuesday, they met with Councilman Andy Kelly.
Kelly said he liked the new name. "If we're going into this, we're going to be a team so that indicates better participation and balance."
Concerns about money may remain.
The proposal calls for the county to chip in up to $500,000 a year in coming years. Private businesses are expected to contribute $1.2 million a year, with the remainder of the $2 million budget coming from the cities.
In addition to the public/private board, the new agency would include a separately functioning CEO Cabinet, comprised of individuals and executives from companies that each contribute up to $100,000 a year for three years. The cabinet would court prospects considering a move to Volusia.
McKinney said the two arms -- the public/private board and the private investor group -- would have identical missions.
The new group began as a spinoff from the Daytona Regional Chamber.
Ted Doran, past president of the Daytona chamber who helped with the recent negotiations, called the proposal "an unprecedented effort by the private sector to work with the public sector in promoting economic development."
Other communities in Florida are much more coordinated and successful at attracting new business, Doran said. "Our competition -- which is every other community in the state of Florida -- is beating the pants off us right now."
N.J. companies pledge funds for 'Choose New Jersey'
By Lisa Fleisher/Statehouse Bureau
June 02, 2010, 10:25AM
The Star-Ledger
Gov. Chris Christie spent much of his campaign bashing New Jersey’s terrible business climate. Tuesday he rolled out his cheerleading squad — CEOs and company presidents whose mission is to convince the world things are changing.
Christie introduced the 15 companies involved in the launch of Choose New Jersey, a nonprofit group charged with helping the state’s economy expand. Each has committed $450,000 of their company’s money during three years to fund the private organization.
“There have been fits and starts of things that have been done before,” Christie said. “I think the problem has been that the forces of government in Trenton have not understood the very basic principle that we need to get out of your way and let you create economic growth and vitality.”
Choose New Jersey is one of three approaches the Republican governor is using to put his stamp on the state’s business growth. Lt. Gov. Kim Guadagno’s office will be in charge of shepherding companies through the various government agencies and the state’s Economic Development Authority will continue to serve as the financing arm for attracting businesses.
The group held its first board meeting yesterday at the West Trenton offices of New Jersey Manufacturers Insurance Co. and is looking for a full-time staff that will help market New Jersey, decide on priorities for areas of economic development and raise money to support the group without public funds.
“Choose New Jersey is part — just part — of what we’re going to try to do to bring our state back to prosperity and to a sense again that in New Jersey anything is possible. I grew up believing that and I bet you did, too,” Christie said.
The CEOs said they will work in partnership with the governor’s office to keep or attract companies in New Jersey, giving that touch of personal persuasion, and traveling in ways a governor or public workers might not be able to. The executives claimed this transcended even competitive lines.
“The strength of our businesses depends on the overall strength of our local community and the state economy,” said Vince Maione, president of Atlantic City Electric Region. “There’s a direct tie there, so if we can bring other businesses to the state, we’re helping to strengthen that economy.”
Dennis Bone, the interim chairman of Choose New Jersey and the CEO of Verizon of New Jersey, said many of the state’s incentives already were competitive but the marketing and outreach could be better.
“When we benchmarked New Jersey to other states, we found out that New Jersey wasn’t in the game, was not in the game when it came to selecting and attracting businesses to the state,” he said. “There is so much more that we can do in this area.”
Among the companies represented Tuesday were South Jersey Gas, Novartis, Bank of America, United Water, American Water, PSE&G and Prudential.
June 02, 2010, 10:25AM
The Star-Ledger
Gov. Chris Christie spent much of his campaign bashing New Jersey’s terrible business climate. Tuesday he rolled out his cheerleading squad — CEOs and company presidents whose mission is to convince the world things are changing.
Christie introduced the 15 companies involved in the launch of Choose New Jersey, a nonprofit group charged with helping the state’s economy expand. Each has committed $450,000 of their company’s money during three years to fund the private organization.
“There have been fits and starts of things that have been done before,” Christie said. “I think the problem has been that the forces of government in Trenton have not understood the very basic principle that we need to get out of your way and let you create economic growth and vitality.”
Choose New Jersey is one of three approaches the Republican governor is using to put his stamp on the state’s business growth. Lt. Gov. Kim Guadagno’s office will be in charge of shepherding companies through the various government agencies and the state’s Economic Development Authority will continue to serve as the financing arm for attracting businesses.
The group held its first board meeting yesterday at the West Trenton offices of New Jersey Manufacturers Insurance Co. and is looking for a full-time staff that will help market New Jersey, decide on priorities for areas of economic development and raise money to support the group without public funds.
“Choose New Jersey is part — just part — of what we’re going to try to do to bring our state back to prosperity and to a sense again that in New Jersey anything is possible. I grew up believing that and I bet you did, too,” Christie said.
The CEOs said they will work in partnership with the governor’s office to keep or attract companies in New Jersey, giving that touch of personal persuasion, and traveling in ways a governor or public workers might not be able to. The executives claimed this transcended even competitive lines.
“The strength of our businesses depends on the overall strength of our local community and the state economy,” said Vince Maione, president of Atlantic City Electric Region. “There’s a direct tie there, so if we can bring other businesses to the state, we’re helping to strengthen that economy.”
Dennis Bone, the interim chairman of Choose New Jersey and the CEO of Verizon of New Jersey, said many of the state’s incentives already were competitive but the marketing and outreach could be better.
“When we benchmarked New Jersey to other states, we found out that New Jersey wasn’t in the game, was not in the game when it came to selecting and attracting businesses to the state,” he said. “There is so much more that we can do in this area.”
Among the companies represented Tuesday were South Jersey Gas, Novartis, Bank of America, United Water, American Water, PSE&G and Prudential.
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