One of the fundamental tenets of economics is that, all else being equal, a business will respond appropriately to both customer needs and competitive challenges or it will cease to exist.
Our southeastern Wisconsin economy is subject to this same principle.
A regional economic strategy can succeed only if approached as a business: identify strengths; design and execute an action plan that takes them to market; and, perhaps most importantly, celebrate and publicize the successes.
Governmental units and educational institutions should provide the necessary infrastructure to move ideas, people and goods efficiently in support of the economic engine of business.
We in the seven-county region hum the regional cooperation tune, but we appear to be mired in analysis paralysis, funding studies, instead of taking action.
Inspired business leaders tell us to stop talking about the issues and take the first step: Identify our strengths. Let’s map our regional assets, execute a plan to showcase them and “celebrate and publicize” them to national and international markets (through creative use of cost-effective Web technology, for starters).
On the map of our regional assets and success stories:
–The Sharon Lynne Wilson Center for the Arts in Brookfield showcases the incredible arts talent in the region and fosters regional collaboration in the arts.
–The Technology Innovation Center in Milwaukee County Research Park is southeastern Wisconsin’s regional business incubator, spawning nearly 100 companies and 1,000 jobs.
–Our world-class Calatrava-designed Milwaukee Art Museum addition was funded by regional benefactors and offers a world-class regional branding opportunity.
–Racine County’s exciting technology transfer initiative, the Center for Technology Innovation (CATI), is a catalyst for moving innovative technologies from businesses into the marketplace.
–The Medical College of Wisconsin and the Milwaukee County Research Park support a cluster of growing biomedical research businesses with over 5,000 good-paying jobs to be located in the buildings under construction.
We burn valuable, scarce resources to compete with each other in the region for business and community assets. Rather than compete, let’s write the regional story using the successes to date.
The additional needed action steps are clear in the past studies and in the more rapid growth in other cities, such as the Minneapolis-St. Paul region. It is time for action.
Tom Hefty is president of the Waukesha County Economic Development Corp. (WCEDC) board of directors, is of counsel to the Reinhart, Boerner, Van Deuren law firm and serves as co-chair of the State’s Economic Growth Council. Bill Mitchell is executive director of the WCEDC. Hefty and Mitchell will be “celebrating and publicizing” more action successes at WCEDC’s annual business meeting on Wednesday June 8. Mike Grebe, the co-chair of the Greater Milwaukee Committee’s Regional Economic Development Committee, will be the keynote speaker. Details of the meeting are available at www.understandingbusiness.org.
April 29, 2005, Small Business Times, Milwaukee, WI
