County Property Tax Assessment Data

How many times have you searched for county assessment data and have come up empty handed? Now the International Association of Assessing Officers has identified those U.S. counties offering this data online. Click here to see if your county is one of them.

Regional Economic Data

The Federal Deposit Insurance Corporation has created a great online database offering regional economic data at the state, metro, and county levels. This is well worth a look.

Go here.

School District Demographics Data

Looking for data on this topic? If so. check out the new online database that the National Center for Educational Statistics has opened.

Go here.

Some Food for Thought for ED

You know me. I like to stretch. Read this review and see if there are some ideas in here for economic development. I believe there are.

In Expect the Unexpected, author Von Oech draws heavily upon the "ancient wisdom of Heraclitus" as he suggests correlations between an ancient Greek philosopher (other than Plato and Aristotle) and the 21st century. Von Oech describes Heraclitus as "the world's first creative teacher." He recalls being "infected" (happily) with the Heraclitean "bug" while studying in Germany 30 years ago.

Now von Oech has written a book in which he brilliantly and entertainingly examines concepts such as symbol, paradox, and ambiguity in relation to creative thought. He offers 30 "Creative Insights" of Heraclitus. For example: #2. "Expect the unexpected or you won't find it", #4 "You can't step into the same river twice"; #12 "Many fail to grasp what's right in the palm of their hand"; #26 "Donkeys prefer garbage to gold"; and #29 "Your character is your destiny."

Truly creative thinkers are always alert to what I call "the invisibility of the obvious." They are not threatened by or even uncomfortable with symbol, paradox, and ambiguity. On the contrary, their minds are stimulated by them. Throughout his book, von Oech inserts a number of brief puzzles for the reader to solve. (The correct answers are included and explained within the "Final Thoughts" section.) These puzzles are fun to grapple with, of course, and presumably most readers will solve them of them. My point is, the answers to the unsolved puzzles are no less obvious than the answers to the others, no matter which specific puzzles the reader is unable to solve.

Von Oech had already convinced me of the value of an occasional "whack on the side of the head" and a "kick in the seat of the pants." As always, von Oech is immensely entertaining. He is an immensely creative thinker in his own right. I strongly recommend this book to literally anyone who wants to put white caps on her or his gray matter. Those who share my high regard for it are strongly urged to read all of von Oech's previous books as well as those written by Guy Claxton, Edward de Bono, Lynne Levesque, and Michael Michalko.

Jobs Lag in July

The U.S. jobs machine, which was supposed to shift into a higher gear in July, continued to sputter instead.

The employment report for the month, released on Aug. 6, showed a rise in nonfarm payrolls of only 32,000 -- well below economists' median forecast of 225,000.

And the weakness in the report was underscored by downward revisions to data for May and June. Overall, the data support the view that job growth for the year peaked from March through May.

More here.

The ED Debate Continues in Toledo

Having been an insider and an outsider in the Toledo-Northwest Ohio economic development situation over the past decade, let me offer a recommendation to the area's ED leaders. Stop debating who is in charge, build a flexible team focused on getting things done, and be about the job that you were all called to do.

There is an object lesson for every area dissatisfied with the economic hand it has been dealt. The lesson is move to the new globally-linked model of economic development and stop worrying about the petty local politics of development. There is no perfect way to organize for economic development. The best way is the way that accomplishes something.

I made this recommendation to the Toledo RGP over 18 months ago. I'll say it again. Keep the RGP in place as the regional entity for economic development. Within the organization, create an urban economic strategy for Toledo and Lucas County. Allocate a significant percent of the RGP's budget to the urban strategy, create the leadership and program to get the urban ED job done.

The public should support the Port ED levy, and the Port should continue to fund RGP. A defined percentage, maybe 40-50%, of the RGP-targeted revenues should be used to support Toledo-Lucas County economic development.

A new team-based leadership and staffing model should be created to get the work done. Put the new leaders and staff through a 3-day training program on collaborative action and performance-based leadership and management.

It's that simple.

Go here to read what Toledo is thinking about now.

Europe Rides on U.S. Pharm Research Coattails

Here is one to bear in mind as you work the pharmaceutical industry.

Europe is getting a "free ride" on US lab coattails where pharmaceutical research and development is concerned. That's the argument being made by US government and business leaders. They complain that pharmaceutical R&D spending has largely shifted to the US, where Americans pay the lion's share of drug development costs. Meanwhile, they argue, consumers in Europe's largest markets enjoy the fruits of that investment-at prices 25-35% lower than those Americans pay.

More here.

Understanding India's Regional Economies

This is a very good one.

India's 26 regional states and 29 major cities form distinct units that are the most relevant targets for competitive advantage.

Regional differences in infrastructure have become critical determinants for outside investors, since the poor infrastructure in some regions forces concessions in distribution choices. Companies cannot build the necessary supporting network of bridges and roads to carry goods, nor can they supply enough power plants.

As India continues to grow in both scale and complexity, new and distinct regional economies will emerge across a broad range of industries. While a great deal of attention has focused on India's Silicon Valley in Bangalore, other important industry groupings also exist, like the base of auto-ancillary services in the Delhi region, the mining and minerals companies in Orissa, and the high-growth textiles industry in Gujarat.

This grouping of specific industries in certain areas will continue as foreign companies gain a greater appreciation of the variations in infrastructure and resources, and state and local authorities undertake programs to attract them.

Noida, a special economic zone in Northern Delhi—with favorable power and communications supply, low-cost office space, and tax breaks for start-up operations—has attracted a long list of major multinational investors. Competition for foreign investment will increase as the different states recognize the need.

Download article here.

Services Can Learn from Manufacturing

The manufacturing sector's 30-year struggle to keep pace with increasingly demanding consumers and new, more efficient competitors turned out an array of innovative, industry-portable methods for improving cost and performance.

Service organizations face unprecedented challenges in today's business environment. Customers demand better service and more customized offerings. Sales managers push for incremental revenue, improved retention, and higher service levels. And senior management expects the virtually impossible — meaningful cost cutting at the same time as new product launches, acquisition integrations, and new market entry.

Download the document.

Top Venture Capital Firms 2004

Looking for information about the top VC firms? Check out Entrepreneur Magazine's Top VC Firms List here.

Michigan Ups Detroit Casino Taxes

The Michigan Legislature voted to increase the tax on Detroit's three casinos by one-third and set aside some of the new revenue for agriculture programs.

The Senate voted 30-6 and the House 93-15 to send the bill to Gov. Jennifer Granholm, who encouraged House Democrats to support it.

"This is a critical step toward resolving the state budget, and we are pleased they've supported it," Granholm spokeswoman Liz Boyd said after the votes.

The bill would increase the tax on the three casinos from 18 percent to 24 percent. It's expected to bring in an additional $50 million for the fiscal year that begins Oct. 1.

More here.

Mackinac Center: Michigan Gives Away Too Much

The conservative Mackinac Center for Public Policy here in Michigan has been beating up on the State of Michigan and its Michigan Economic Development Corporation (MEDC) for a long time. The issue: the state's use of economic development incentives.

The assaults continue as we ride deeper into the Election year. Read the latest here.

Michigan Governor Says Think Brain Belt, Not Rust Belt

Michigan Gov. Jennifer Granholm has a message for national writers who come to Michigan with presidential candidates and write that they are barnstorming the Rust Belt. She sees it as the brain belt for innovation and technology.

Calling Michigan the Rust Belt “is so 20th century,” she said in outlining an economic development strategy designed to increase auto industry production and research and development jobs.

More here.

Michigan Not Giving Up on Auto Jobs

Michigan will reopen three overseas economic development offices to snag more automotive jobs and encourage investment, and take other steps to reverse auto-related employment losses in the state, Gov. Jennifer Granholm announced yesterday at the Center for Automotive Research’s annual Management Briefing Seminars in Traverse City.

Continuing a crusade to stem the loss of jobs across Michigan, the governor’s six-step program — her first specific plan to save automotive jobs — is designed to create and retain more automotive manufacturing jobs, as well as automotive research and development employment.

It's a bold plan, says Michigan Economic Development Corporation President Don Jakeway, who was filling me in on some of the details yesterday during our meeting here in Michigan. I hope to learn more today as the Michigan Economic Developers Association continues here in Harbor Springs, MI. Today, I present on aligning economic development and global business strategies.

More here.

Local Data Limits ED Research

Does this sound like a problem to your organization? It is for most EDO's. You may find a recent article on this subject to be of interest, which was published the Business Research Center at Arizona State University. Go here.

How Much Control Do Lawmakers Have Over State Budgets?

That is the question being raised by many in Arizona these days.

The Morrison Institute at Arizona State University has just released an interesting analysis of Arizona's state budget situation. It raises many of the right questions and provides some good answers.

Arizona is emerging from one of the worst state budget crises in the nation. Entering 2003, its projected deficit, measured as a percentage of the general fund, was the fifth largest in the \ country.

The state had slashed spending in 2002 in the face of a $900 million deficit, but still faced a $400 million shortfall for fiscal year 2003 and an estimated $1 billion deficit in fiscal 2004. Although improved revenues have reduced the anticipated gap, fundamental underlying problems remain concerning the ability of lawmakers to control the budget. Some observers consider this a revenue problem, others a spending problem. Our concern in this paper is whether state lawmakers have enough control over either revenue or spending.

Download the report here.

Tucson Looks at New Regional ED Approach

Tucson area leaders are wrestling with how best to approach economic development on a larger regional basis. Soudn familiar? It should since many of places are struggling with the same issue.

A recent Tucson Citizen editorial says local/regional leaders are making headway but have much farher to go. Many folks remain skeptical about government's role in the ED process, and many business leaders are halfheartedly engaged in the process.

Stay tuned.

Here to read more.

Life Sciences in San Diego

Just what does San Diego have to offer relative to biotech/life sciences?

Here are just a few resources available.

- The City of San Diego Science & Technology Commission - The Commission's purpose is to advise the Mayor and Council on policy and issues shaping this dynamic and exciting frontier, and advise on continued investment in our region. http://www.sandiego.gov/science-tech/

- The Salk Institute - focused on fundamental research in biology, studying the organization and operation of the brain, the control of gene activity, and the molecular origins of cancer, AIDS, and other diseases. www.salk.edu

- The Scripps Research Institute - internationally recognized for basic research into immunology, molecular and cellular biology, chemistry, neurosciences, autoimmune diseases, cardiovascular diseases, and synthetic vaccine development. www.scripps.edu

- The Burnham Institute - primarily focused on cancer, and a growing emphasis on studying degenerative diseases. www.burnham-inst.org

- University of California, San Diego - ranked fifth in the nation and first in the University of California system in Federal R&D funding from the National Science Foundation. Approximately

- 150 San Diego companies, including 63 biomedical firms are UCSD spin-offs. In fact, 40% of the region's biotech workforce are employed by these companies. www.ucsd.edu

- UCSD CONNECT - The globally recognized, university-based nonprofit organization fosters entrepreneurship in the San Diego region by catalyzing, accelerating, and supporting the growth of the most promising technology and life science businesses. www.connect.org

- San Diego State University - offers a new master's of science in Regulatory Affairs. The master's program is the first of its kind in the western United States and one of only three in the nation. www.sdsu.edu

- San Diego City College - offers an intensive 18-week capstone course designed to make students job-ready for entry-level positions as biotechnicians. www.city.sdccd.cc.ca.us

- BIOCOM/san diego - is the premier trade association for the biotech industry. Well-known for its focus on public policy issues affecting the biotech industry, BIOCOM hosts several events featuring notable speakers on topics pertinent to the industry. www.biocom.org

- City of San Diego - supports the biotechnology industry, selling bonds to create incentives for biotech companies to build new facilities. www.sannet.gov

- The Neurosciences Institute - was founded in 1981 as an independent, nonprofit organization by Nobel laureate Gerald M. Edelman, M.D., Ph.D., to emphasize the scientific "big picture" and devise and test innovative theories of how the brain works, specifically higher brain functions. www.nsi.edu

- La Jolla Institute for Molecular Medicine - a specialized center for molecular medicine and a leader in innovative research and training in the areas of cancer biology, molecular immunology and vascular biology. www.ljimm.org

More here.

Michigan Life Sciences

A Snapshot of Michigan’s Life Sciences Economy:

-Nearly $2 Billion Industry
-A $1 billion Life Sciences Corridor initiative to help fund research, industry, commercialization and innovation.
-2,377 Biotech degrees granted in 2001.
-Over 300 firms such as Pfizer, Lumigen, Osmic, Apolife, Esperion Therapeutics, Statprobe and Pharmacia.
-20,000 Life Sciences workers in Michigan.
-11 SmartZones stimulate growth and collaboration among technology-based businesses by clustering high-tech firms and research institutions together.
- 6 Incubators and 19 high-tech companies have located to SmartZones since the program’s inception in April 2001.
- SmartZone investment has generated more than $80 million in company investment in Michigan.
- Michigan is the #1 state in industrial research and development intensity, according to the National Science Foundation.
- $1 billion allocated over 20 years to assist life sciences projects.
- 22 new life sciences companies were formed in Michigan in 2001.
- $150 million has already been allocated from the $1 billion Life Sciences Corridor initiative.
- 18 projects share in $45 million from fund, awarded June 2002.
- Industry and regional groups include Automation Alley, I-TE@M (Information Technology Association of Michigan), IT Zone, Western Michigan IT Council, Lansing: TechConnect and Digital Detroit
- The University of Michigan is #1 in the nation for research, with $591 million in 2001.
- Tech centers, universities, government and non-profit organizations invest almost $19 billion in research and development.
- Pfizer’s lab expansion in Ann Arbor was named the Top Deal for 2001 by Site Selection and Business Facilities magazines.

More here.

Hispanic Market Growth

Here is an issue that economic developers should pay more attention to--Hispanic market growth.

While many companies are ramping up their marketing efforts to appeal to Hispanics, the fastest growing ethnic cohort, many are struggling to reach them.

The Hispanic market accounted for $700 billion in consumer spending last year, which represents nearly 9 percent of the total U.S. disposable personal income (valued at $8.02 trillion), according to the Department of Commerce, Bureau of Economic Analysis.

As the influx of Hispanic immigrants coming into the U.S. continues to grow, so will this cohort's consumption levels. Already, with Hispanic Americans' disposable income growing in 2003 at a compounded annual growth rate (CAGR) of 7.5 percent, it is outpacing the overall U.S. disposable income, which only grew 2.8 percent CAGR last year. By 2010, the consumer spending among the U.S. Hispanic population is expected to reach $1 trillion, according to Chain Store Guide, a market research consultancy for the retail and foodservice industries.

More here.

Impact of Venture Capital on Economic Growth

Here is a must read for all of you interested in the venture capital industry.

Jobs and revenues at U.S. companies backed by venture capitalists grew during the 2000 – 2003 economic downturn, according to a new study conducted by Global Insight and released today by the National Venture Capital Association (NVCA).

Companies that received venture financing between 1970 and 2003 accounted for 10.1 million jobs and $1.8 trillion in revenue in 2003, representing approximately 9.4% of total U.S. jobs and revenues. These companies registered 6.5% and 11.6% gains in jobs and revenues respectively between 2000 and 2003 while national employment fell 2.3% and U.S. company revenues rose 6.5%.

Download study here.

George Mason University Partnering Abroard

Vee Technologies today launched Sona Institute of Advanced studies (SIAS). SIAS has tied up with George Mason University Washington (GMU) to offer courses in Change Management. The GMU will offer its Post Graduate degree programs through the Bangalore center. The students will have full access to the GMU faculty and its online content.

About George Mason University: GMU has emerged as a leading university in the USA, with enrollment of more than 28,000 students. It’s a public university in Virginia offering 144-degree programs at the undergraduate, masters, doctorial and professional levels. For more details please visit the website at www.gmu.edu and http://policy.gmu.edu/India/Bangalore/

About Sona Institute: SIAS is a part of the Sona Valliappa Group which owns and runs the Sona Group of Institutions, where 5000 students study on campus providing quality education for over 50 years. The Vision of SIAS says Chocko is to combine the essence of ancient Indian wisdom together with modern concepts and knowledge; our focus will be to be a catalyst for advanced learning. For more details please visit the website at www.sonatech.ac.in

More here.

Taipai Times on Outsourcing

Senator John Kerry has placed the politically sensitive issue of US job exports to low cost Asia at the heart of his campaign, vowing to plug legal loopholes promoting offshore outsourcing.

Both Kerry and his vice-presidential running mate John Edwards said in their nomination acceptance speeches at the Democratic party convention last week that they would move swiftly to curtail shipping of jobs overseas.

Kerry told cheering delegates he would "close the tax loopholes that reward companies for shipping jobs overseas" and instead "reward companies that create and keep good paying jobs right where they belong -- in the good old USA."

He has promised the most sweeping reform of international tax law in four decades to halt the flow of American jobs overseas. At least 38 state legislatures have or are considering anti-outsourcing proposals.

"We value an America that exports products, not jobs and we believe American workers should never have to subsidize the loss of their own job," Kerry said as he placed tax changes to check outsourcing as part of his "economic plan to build a stronger America."

With the unemployment hovering at 5.6 percent, President George W. Bush has come under fire for more than two million job losses during his tenure and a ballooning trade deficit of US$46 billion, highlighting the tensions over moving employment overseas.

Most of the US jobs are going to Asia, particularly India and China as well as Southeast Asia, including the Philippines, Malaysia and Thailand.

More here.

Small Business Knowledge Sources

Where can you get good information and research about the role of small business and entrepreneurship in the economy?

The SBA has provided this excellent starting list. The following publications are noteworthy and relevant for individuals to learn more about small business economic research for both the classroom and further analysis.

Selected Advocacy Resources www.sba.gov/advo/stats

The State of Small Business: A Report of the President (1982 - 2000) and The Small Business Economy: A

Report to the President (Forthcoming, 2001 - Present)

Small Business Economic Indicators (1995 - Present)

Small Firm Lending Studies (1994 - Present)

State Small Business Economic Profiles (1996 - Present)

The Third Millennium: Small Business and Entrepreneurship in the 21st Century

Women in Business and Minorities in Business

Advocacy’s Working Paper Series - The Research Papers in Economics (RePEc) also links to our series and others: http://econpapers.hhs.se/paper/sbawpaper/

Selected Advocacy Conference Proceedings

Tax Policy and Small Business: New Firm Formation, Growth and Survival (2001): www.sba.gov/advo/tax_conf.pdf

The Changing Banking Structure and Its Impact on Small Business (2000): www.sba.gov/advo/b_cf00proc.pdf

The Invisible Part of the Iceberg: Research Issues in Industrial Organization and Small Business (2000): www.sba.gov/advo/io_conf.pdf

Acs, Zoltan J., ed. Are Small Firms Important? Their Role and Impact. Boston: Kluwer Academic Publishers, 1999. (Proceedings from a 1997 Advocacy conference of the same name.)

Selected Professional Journals

Entrepreneurship Theory and Practice

International Small Business Journal

International Journal of Venture Capital

Journal of Applied Management and Entrepreneurship

Journal of Entrepreneurial Finance and Business Ventures

Journal of Business Venturing

Journal of Small Business ManagementSmall Business Economics

Selected Publications

Acs, Zoltan J. and David B. Audretsch. The Handbook on Entrepreneurial Research. Boston: Kluwer Publishers, 2003.

Acs, Zoltan J. and David B. Audretsch. “Innovation in Small and Large Firms: An Empirical Analysis.” American Economic Review. 78(4), 1988. 678-90.

Brock, William and David Evans. “Small Business Economics.” Small Business Economics. 1(1), 1989, 7-20.

Frontiers of Entrepreneurial Research. Proceedings from the Babson-Kauffman Entrepreneurial Research Conferences, 1981 to Present. (Online database: www.babson.edu/entrep/fer/

Hart, David M., ed. The Emergence of Entrepreneurship Policy: Governance, Start-Ups, and Growth in the U.S. Knowledge Economy. Cambridge University Press, 2003.

Holtz-Eakin, Douglas and Harvey S. Rosen, eds. Public Policy and the Economics of Entrepreneurship. Cambridge, Massachusetts: MIT Press, 2004.

Katz, Jerome A., ed. Databases for the Study of Entrepreneurship. New York: JAI/Elsevier Science, 2000.

Jovanovic, Boyan. “Selection and the Evolution of Industry.” Econometrica. 50(3), 1982. 649-70.

Lucas, Robert E. Jr., “On the Size Distribution of Business Firms.” Bell Journal of Economics. 9(2), 1978. 508-523.

Schumpeter, Joseph A. The Theory of Economic Development, Cambridge: Harvard University Press, 1934.

Sexton, Donald L. and John D. Kasarda, eds. The State of the Art in Entrepreneurship. Boston: PWS/Kent Publishing, 1992.

Sexton, Donald L. and Raymond W. Smilor, eds. Entrepreneurship 2000. Chicago: Upstart Publishing, 1997.

Small Business Closures Versus Failures

Wrestling with this distintion? You're not alone. So are many other practitioners and researchers.

Download a very thoughful SBA paper on this topic here.

Entrepreneurship in the 21st Century

Entrepreneurs are a dynamic force that will dramatically shape America’s 21st century economy. Yet they will be buffeted by many forces, some of which will require innovative public policy responses. These findings are central to a new report, Entrepreneurship in the 21st Century, issued by the SBA Office of Advocacy.

Download presentations and reports here.

Kauffman Foundation: The Entrepreneur Next Door

This is a study done two years ago, but it has some useful insight if you're trying to understand entrepreneurial processes in communities and within population groups.

Couple major findings:

- Approximately 10.1 million adults in the U.S. are attempting to create a new business at any given time. With nearly one half of all new ventures started by teams of people, this represents about 5.6 million potential new businesses.

- Blacks are 50 percent more likely to engage in start-up activities than whites. Hispanic men are slightly more likely than white men to be involved with start-up.

- Education significantly predicts nascent entrepreneurship, particularly for blacks and Hispanics. Approximately 26 of every 100 black men and 20 of every 100 Hispanic men with graduate education experience report efforts to start a new business. This compares to 10 of every 100 white men with graduate education experience.

More here.