Last month I talked about how amazing this part of the world is in which to live and do business. Adding to our quite diversified, protected economy, we have relatively low crime, beautiful scenery, stable government, etc. and it is clear why this is a location of choice for many.
Following on the heels of another successful Tour of Industry, our 11th, we once again heard loudly and clearly from the businesses who operate here, of the significant challenges to operating on an island that their competition elsewhere does not share. In spite of these unique challenges, the number one reason each of them states as to why they stay here is the exceptional “quality of life”. Putting aside concerns about higher taxes, much higher shipping and transportation costs, and a high cost of living, they stay for the lifestyle.
Our diversified economy and this “quality of life” will stand us in good stead as we move into the future. Young companies, aged five years or less, are creating the majority of net new jobs. The new entrepreneurs are highly mobile, many of them are freelancers. They can and do choose to live where they are personally connected and there is a high quality of life.
If we provide entrepreneurs what they need such as access to capital, talent, and technical infrastructure and assistance, we will continue to be a home for future business moguls. We must focus on attracting these entrepreneurs to our community (or grow our own) to maintain our economic diversity.