As large tech companies look to expand their facilities across the country, the stale path of incentivization through tax breaks needs to put aside in favor of options that invest in people and local infrastructure.
This article from the Harvard Business Review delves into three major ways that civic and business leaders can have a positive impact and influence in driving economic growth and leveraging underutilized community resources.
- Partnering with higher educational institutions and helping retain international talent.
- Cities can experience an economic boost by partnering in a public- and private-sector collaboration with local higher education institutions — leveraging the institutions as a place to commercialize intellectual property and nurture new business formation and entrepreneurial endeavors.
- Higher ed institutions also offer an attractive opportunity to retain and support students and graduates who will go on to take their own entrepreneurial initiative.
- Investing in diversity and inclusion initiatives can improve the innovation ecosystem, proving a positive ROI through wide-ranging collaboration across the whole ecosystem.
- Infrastructure around mobility and housing is an essential step in ensuring future growth.
- Public-private partnerships can create a foundation through cities to open collaborative progress between business leaders and civic leaders.
I read the article mentioned above (https://hbr.org/2019/05/how-to-attract-startups-and-tech-companies-to-a-city-without-relying-on-tax-breaks?ab=hero-main-text) and thought it was interesting. While I am not offering an endorsement of a strategy, tactics, thoughts, service nor a company or author, the information was intellectually stimulating and thoughtful and worth a review.
All opinions & expressions are solely those of the author and not those of any other individual, institution or business.