What Should High-Growth Companies Look for in a Community?
Thursday, March 19, 2020
I’ll start off by stating the obvious…you’re reading this article because you understand the importance of selecting the optimal business location. I believe this to be true across the board, regardless of industry sector, company size, facility type (i.e. headquarters, distribution center, etc.) or other factors. But perhaps it is most important to entrepreneurs and high-growth startup companies (herein referred to collectively as entrepreneurial companies). While companies listed on the Fortune 500 list may initially come to mind when thinking about corporate site selection projects, entrepreneurial companies have increasingly begun to recognize the value of utilizing a systematic evaluation process for selecting the optimal location to expand their businesses.
From the perspective of an economic development organization, entrepreneurial companies are desirable targets for several reasons. While some projects shift existing jobs within a region, entrepreneurial companies result in net new job creation. Entrepreneurial companies are often innovative with a focus on new and emerging technologies. The skilled positions created by entrepreneurial companies are less prone to being displaced by technology or relocated internationally for labor cost reasons. Entrepreneurial companies are also attractive to young, educated job-seekers, who are a sought-after demographic group for many communities.