Thriving Business Climate
The most successful communities are those that sustain a diversity of employers and talented knowledge workers. At the same time, our existing businesses are our best prospects for new job creation and are our best ambassadors to the global marketplace. Most economic development experts agree that the vast majority of new jobs are created by employers that are already investing in the community; the range of 65 percent to 80 percent is often given as the number of jobs created by existing businesses.
Aggressive Business Retention and Expansion.
We will work to identify our fastest-growing companies and those most at risk, focusing our business retention resources where they can have the greatest impact. We will employ a sophisticated array of information, advocacy and determined effort to help local businesses expand and to prevent or mitigate layoffs.
Research to Improve the Business Climate.
Learning what our employers need to be more successful is paramount to making sure they can experience that success right here in the Rockford Region. Our Voice of the Customer surveys, labor-shed study and data analyses will help us identify and eliminate barriers to a more robust economic environment. Summary reports of surveys, summaries, and analyses will be released so that more focused communications with elected officials and community leaders can lead to improvements for employers.
Entrepreneurial Growth.
Small business still accounts for approximately 75% of job growth across the nation, much of it in the form of spin-offs from large technology companies. The Rockford Region boasts many resources for entrepreneurs, but we can and should do more to foster their success. We will collaborate with our strategic partners to identify gaps in services to small and entrepreneurial businesses, close these gaps and improve accessibility to these services. We will also expand the Continuous Improvement Series to foster innovation and seek to include small business in appropriate target industry cluster activities.
Expanded International Connections.
With active business prospects and exchanges in trade, technology and education resulting from previous trade missions to Sweden, the opportunities for economic gain are clear. We will continue to grow relationships with Swedish organizations while we market our region for foreign investment and trade. We will assist local companies with developing international business, and then we will expand our efforts in other international markets, with China as our next focus. We will create, in collaboration with Northern Illinois University, an index of international trade and investment for the Rockford Region.
Collaborative Advocacy on Business Environment Issues.
We will work with other business and economic development organizations to improve the regulatory and legislative environment, with emphasis on issues related to primary job creation, capital investment and the sustainability of our economy.
Proposed 5-Year Budget: $2,475,000
Performance Measures:
- 3,500 (of 5,000) in net, new primary jobs expanded, 2008-2012
- $1.96 Billion (of $2.8 Billion) in new wealth for the Rockford Region (Gross Metro Product)
- Increase the international trade and investment index for the Rockford Region