Leveraging Regional Assets
Often times, specific regions align with great or not so great assets. For example, many people live on the east and west coast due to the large cities like New York, Philadelphia, Los Angeles, and San Francisco. Here people find many job opportunities that can take their career to the next level. So what is it that a midwestern city like Kansas City have to offer?
I have found that Kansas City has many successful entrepreneurs that are successful that are often overlooked in economic development studies. Many of the Kansas City area firms have appeared on Inc. magazine’s list of fastest growing companies. We interviewed the founders of some of these firms in the information technology, biotechnology,
Some Key Take Aways From Our Interviews Include:
– Firm Growth Not Linked to Lack of Venture Capital or Angel Investment
After speaking with many founders, only a small percentage reported receiving an investment. Their growth had more to do with self financing or help from close family and friends.
– Kansas City Firms Enjoy a Substantial Pool of Talent in the Region
These growing firms often have a long-term employee development strategy to hire young people and train them to be first-class professionals, including technical experts. A great asset to being located in the midwest is the cheap cost of living. Entrepreneurs find that the regions low cost of living and work ethic of the people of the midwest to be a major strength.
For more on Leveraging Regional Assets, stay tuned for my next post.