Impala

General Motors (GM) announced that it will discontinue manufacturing the Impala in 2021. The announcement made me think of my early years in Midland, TX.  

The Impala is the GM workhorse.  It is more of a utility vehicle than a luxury car.  The Impala is a sedan and somewhat of a larger car.  It has plenty of leg room in the back seat. The engine was a V-8, a powerful engine. The trunk was deep and spacious.  

In short, an ideal company car.  When I was growing up in Midland, Texas many of the oil firms offered company cars to select employees.  Usually these were Impalas. 

The company car was one of the best benefits offered to an employee.  In essence you had a second car you did not directly pay for.  The only negative was that no one else in the family could drive it, but that seems like a minor nuisance to me.  You could almost always tell who had one. It was a Impala, Biscayne (discontinued in 1972), Caprice, or a Ford.  As I recall, they were usually white.  


Of course that what when industry offered employees company cars.  You see very little of that today. It is an expensive perk.  Now, we get mileage for using our own cars or a car allowance.  

I remember my father's 1973 Impala. It was white with a blue interior and very comfortable. This is a picture of the 1973 Impala.  It sure was a good company car. 

Entrepreneurship AND Living in Your Hometown

This post assumes that you a) want to live in your hometown and b) you want to start a business.

That said, this post focuses on the best of both worlds, living in your hometown and starting a business.  However, I must offer a couple of caveats.

The link to the Entrepreneur magazine notes several individuals who left big cities and moved home to start their businesses. It points out that most of the small towns these entrepreneurs move back to have some level of support for a small business or that it must developed.  

That is a key point. An entrepreneur does not start a business in a vacuum.  In fact, all entrepreneurs need expertise and resources to succeed.  

Be sure to note the last sentence, "In other words, the community needs to build something worth coming home to."

And that is what we in economic development should strive for. Do we have the necessary resources identified at the local level to support small business start-ups and entrepreneurial ventures?  If no, we need to take steps to a) identify the lacking resources and b) try to either develop the missing links and/or recruit the missing components. 

Link to article:  https://www.entrepreneur.com/article/337560

Tried and True

In uncertain times we sometimes forget what is important in our professional career.  It is your word, your reputation, and your network. 

Notice each of these start with "your".  Because you earn each one and you own each one.

While all three are important, I will focus on the third one. 

My network is a vital foundation to my success as an economic developer. I relied on it when I lost my job nine years ago. I rely on it for project intelligence.  I rely on it for local intelligence.  And I help my network as often as I can.  Frankly, my network allows me to be a more productive and valuable employee.  

To a certain extent, a network is like a friendship or marriage or a career. You must constantly work at it. And you cannot take it for granted. What can you do?  After all, anything of value takes work. 

The following link to an article in Entrepreneur is an excellent resource for maintaining and expanding a network.  

https://www.entrepreneur.com/article/339971

Development Services vs. Economic Development

First, this is not adversarial at the title might suggest.  At least not in Prince William County.  It is more of a very basic observation of the differences and the similarities between the two. These observations are based on extensive experience in one discipline and knowledge (and a growing experience) with another discipline. 

Economic development is fundamentally about why.  As in why should you locate your new facility in the County. As in why you should expand your existing operation in the County as opposed to a neighboring county.  Economic development is about customer service, marketing, listening, and justification. A great economic development professional can identify a client's needs AND wants.  Most clients do a very good job identifying their needs.  Wants are much harder and requires listening. Marketing is getting the client's attention.  Customer service is about getting answers to a client's questions in a timely manner.  Justification is at the heart of why.  For economic developers, we must justify a decision by a business executive to spend money and hire residents in our County.  

Now Development Services (DS).  DS is the permitting arm of Prince William County.  DS is about how. As in how quickly can we permit your facility so you can begin operation.  DS is about listening, asking appropriate questions, and customer service.  Listening involves the client explaining the project.  Asking appropriate questions is about finding out any unique factors in an effort to limit surprises. Customer service is about providing a concise and accurate overview of the permitting process and responding to client questions as quickly as possible.  It is our goal to permit you as fast as possible so you can begin generating revenue.  In addition, when you decide where to expand your operation, you may not have the same team who told you why you should locate in the County. But you will remember a positive permitting experience.  

You see, permitting is different in every jurisdiction.  Rules and regulations can differ slightly, but significantly. Make no mistake, these rules and regulations are taken seriously and enforced.  

Note the differences.  In economic development, it is sometimes said all that glitters is gold.  In DS it is about having a far deeper understanding about the project and understanding how we can fit key industry factors into the County permitting process.  DS is about delivery.

Note the similarities. The similarities are far more important.  Let me point out in other jurisdictions I hear about how economic development does not understand permitting and vice versa.  That is not the case in Prince William County.  

As far as similarities, I see three key ones. All are important. The first one is both have an emphasis on customer service.  The second one is listening to the client is absolutely critical.  And the third one is both want the business to succeed in the same way, but with a slight difference in metrics.  

The slight difference for economic development is about getting a client to locate in the County. The measurements for economic development are jobs and capital investment.  DS is about getting a client's selected location permitted quickly. The measurements for DS are permitting review time and customer satisfaction. 

I suspect I will have future posts on this subject.  

New Job - Observation Three - the Hum of a Beehive

This is the third and last post on my new job.  In my previous job I worked in one of the newest buildings in County and enjoyed a second floor view.  You may have seen posts of the view when it snowed.  At the maximum employment, the office of economic development has 13 employees. By and large it is very quiet. 

Now I work in County Complex, a development with five county buildings. I am in a two story building, it is called 5 County Complex.  My cube is on the first floor with a view of the courtyard and 1 County Complex.  

A couple of hundred employees work in 5 County Complex. Many citizens come to the building to discuss future plans, permit a business, or review public works project. The first floor has a large seating area for applicants seeking a permit for a home improvement, starting a business, or other activities.  Within this area are approximately 15 counters manned by County staff.   

It is a beehive. Halls are filled with people, conference rooms are almost always booked, and we have a diner in the basement.  

The early morning is when I hear the floor gear up.  It is quiet when I first arrive. I might hear a pot of coffee brewing. Within each 5 minute increment, I can hear more noise. And then it tops out in 30 minutes. I can hear conversations from a couple of the counters, a copy machine churning out paper, conversations in the hallway about business or a customer inquiry, and people walking the halls. In short, the low hum in a beehive.  

And I love it. 

New Job - Observation Two - the Wall Street Journal

As noted earlier, I took a new job with a different department in the County.  This post refers to the pre-morning day.  In my previous job working extra hours was the norm for me and half the office. 

In my new position, I find that the atmosphere is more relaxed.  Please do not misunderstand me, I am in no way implying that the staff in my new department do not work as hard, they do.  

I continue to receive the Wall Street Journal (WJS), an excellent business publication.  It is a cornerstone of business news.  In my previous position, I would read it on-line and usually in the evening.  

Now, I read the newspaper at my desk. I get to work early, pour a cup of coffee, and read the newspaper. Reading the newspaper edition is far more preferable.  The on-line version gives you headlines by subject.  The newspaper version you get to read (or not) each page and glance at the headlines.  I found I read articles I may have missed on the electronic version. It is also something unique to hear the paper swoosh when I turn a page and the sound of the paper crinkles as I straighten the page out when I find an article of interest.  When I find an article an acquaintance may enjoy, I email it to them. 

It is a great way to spend the first few minutes at my desk before the work crunch starts. 

New Job -Observation One - AM Emails

I recently took a new job with the Prince William County Dept. of Development Services.  It handles permitting of facilities and structures in the County.  Before that I was with County economic development department.  

One unique aspect of moving between departments in the County is you lose your email address. It is for security reasons.  

At first, I was unhappy. Over the past eight years this was my email address and all my clients knew it. It also was the user name for most of my business subscriptions. Changing all that was a monumental hassle. 

Before I moved to my new job I would get between 20-30 emails a day in my inbox before 8 am.  Checking my inbox was the first thing I did every morning.  Usually I would answer several before I left for the office. 

Now, I get between 1-2 emails in the morning.  I enjoy the morning much more.  It is far more leisurely and I enjoy drinking coffee, breakfast, and watching "Morning Joe."  And I do not check my emails first thing in the morning anymore.

It is a great way to start the day. 

Advice on an Organization's Culture from a Former Chick-fil-A Executive

First, I love Chick-fil-A.  The food and unsweetened tea are terrific. Second, I always enjoy reading a good business story. Third, I think Jim Collins is one of the most intelligent business observers in the United States. 

The article I reference to later in this post is by Ms. Dee Ann Turner, a former Chick-fil-A executive.  The focus of the article is an organization's culture.  And like me, she is a big Jim Collins fan. In fact, she references a Collins book that is one of my favorites. 

I cannot tell you how many articles i read about the importance of culture to an organization.  And having experienced good and weak cultures in the workplace, I can attest that culture is an absolutely critical foundation of a successful business.  

Ms. Turner does indeed value culture.  But that is not the main point of her piece.  Rather, she has two key parts. The first part of her article focuses on  excellent observations on how to tell when the culture is eroding. The second and equally important part is concrete recommendations that can be implemented.  

As an employee this is a valuable resource if the organization values culture.  As an economic developer it is a valuable tool to help determine the quality of a firm we are either recruiting or assisting with an expansion.  After all, most economic developers seek companies who choose to be involved in the community and value their employees. 

So enjoy the article.  It is an important read for all of us who are employees and value culture and for all economic developers who value the firms we recruit and assist with expansions. 

Link to article:  https://www.foxbusiness.com/business-leaders/former-chick-fil-a-vp-dee-ann-turner-this-can-make-great-companies-fall-apart

Note:  Ms. Turner's article is an excerpt from her just published book, Bet on Talent: How to Create a Remarkable Culture That Wins the Hearts of Customers," published by Baker Books, a division of Baker Publishing Group.

An Excellent Article, Except...

First, an admission.  I am not a Starbucks fan.  Yes, this is an article about Starbucks and the COO, Ms. Roz Brewer. 

However, this article combines my favorite components of a great business story.  A new person comes in to improve the company. This new person is not from that industry.  The new person asks the right questions and uses data to determine what is working and not working. Next is execution. And finally, the results.  On a side note, it is an industry I enjoy reading about. 

This article is exactly like that. Ms. Roz Brewer comes in and does all of the above.  I love reading about coffee, but alas, as noted earlier, I do not drink Starbucks products.  However, this is a very good article for the reasons noted in the second paragraph. You will learn about Ms. Brewer's background. You will learn a lot about how she changed course in the business, how she determined the new direction, the importance of data and analysis, how she asked the right questions, and the importance and difficulty of execution. And you will learn something new about Starbucks.  

Title: How Starbucks Got Its Buzz Back

Link: https://fortune.com/longform/starbucks-coo-roz-brewer-sales-retail/

Government and Business Working Together?

Yes, I know it is so hard to believe.  But I found this article in Bloomberg BusinessWeek. It is about Saildrone. Saildrone is a robot sailboat.  The machine spent 7 months and traveled 12,500 miles to sail around Antarctica.  Saildrone brought back vital information about the climate and carbon absorption in the Southern Ocean. 

Saildrone is also the name of the private sector company that designed and built the robot sailboat.  

However, this is the interesting point of the article to me.  The National Oceanic and Atmospheric Administration (NOAA) designed the carbon dioxide sensor used by the robot sailboat. 

Without Saildrone the robot sailboat and all the work in creating it may not have ever happen. Without NOAA designing the sensor, Saildrone may not have been commercially viable.  This is an excellent example of business and government working together for a common goal.  As a result, NOAA and other U.S. and international government agencies use the data for several important purposes. 

The article offers far more on Saildrone and the trials and tribulations of the company.  It is a very good read.  

https://www.bloomberg.com/news/articles/2019-08-05/saildrone-s-journey-around-antarctica-uncovers-new-climate-clues

When I think of a Texas Icon, This Man Comes to Mind...

He is T. Boone Pickens.  Mr. Pickens was a celebrated oil man, author, philanthropist, rancher, visionary, entrepreneur, and corporate raider. In essence, bigger than life.

You can read numerous stories about him and his legendary life.  His primary firms in his life were Mesa Petroleum and BP Capital.  Mesa was an oil and gas firm, BP Capital was a hedge fund oriented to the oil and gas industry. Oddly enough, he was social media savvy. 

I will focus on the time I heard him speak over 20 years ago.  First, every attendee got a copy of his book, Boone.  It is good read.  

What I remember was his speech and Q&A session.  His speech was much like him, honest and plainspoken.  The Q&A session was much like him, honest answers to every question.  I cannot recall much of what he said, but that I just nodded a lot to his points and smiling broadly at his answers during the Q&A session.  

Link to his obituary on CNBC:  https://www.cnbc.com/2019/09/11/reuters-america-update-2-oracle-of-oil-t-boone-pickens-dies-at-91.html

Link to the Texas Monthly magazine obituary:  https://www.texasmonthly.com/news/boone-pickens-was-a-helluva-storyteller-and-thats-why-we-couldnt-resist-him/

Entrepreneurship - An Ageless Endeavor

This is more of a fun piece. We read so much about the young entrepreneur and the chances this individual is taking.  This post highlights entrepreneurs who started their venture when they were older.  The article simply demonstrates that great businesses can be created and/or started at any age.  You will recognize many of the names on the list.  My thanks to Business Insider. 

Link to the article:
https://www.businessinsider.com/ceos-who-didnt-find-success-until-later-in-life-2019-5

Entrepreneurial Advice from Charles Schwab

Everyone who follows business is familiar with Charles Schwab.  So I will not review his history and success. He just wrote a book titled “Invested: Changing Forever the Way Americans Invest.”

However, my comments are not about his book, but about his interview with Fortune magazine staff.   Mr. Schwab is an entrepreneur.   One key fact, he is dyslexic, but did not know it in college.  As the article points out, he turned a challenge into a strength.  He learned to delegate and focus on his strength, marketing.  He trusted his key executives with HR, finance and operations.

So, in a sense he learned three valuable lessons many entrepreneurs do not.  First, I am not an expert at everything. Second, recruit a team of individuals with skill sets I lack to propel my business. Third, I must learn to trust my team and not second guess them. 

As I read the article I thought about my mentor. He is practicing lawyer and economist. In fact, he taught economics for several years.  He preferred flat organizations. In one of my jobs with him he had national sales, international sales, HR, research, IT, operations, financing, export, marketing, communications, community development, existing business services, and the general counsel all reporting to him. He knew enough about each subject to ask valid and intelligent questions, and how to manage expectations.  It takes a unique individual to have knowledge in all these diverse subjects. It also means he cannot be easily manipulated.

Title of article: “Charles Schwab on the Lessons He’s Learned Over a Lifetime of Investing”.

Link to article:  https://fortune.com/2019/09/30/charles-schwab-lessons-advice/

First Look in Your Own Backyard

This is an article I read in Bloomberg BusinessWeek.   Innovation is definitely in, we read, watch, think and try to implement it.  You hear so many talking heads and consultants promise to deliver innovation to you.

The thrust of this article suggests you look at your front line employees.  In some cases you may find the best ideas to innovate come from these people.  It makes sense.

As pointed out in the article, so many CEOs say employees are our most valued asset.  Or something to that degree.  If so, trust them.  Ask them.  Solicit them. Nudge them.  Listen to them.   You may find a few great ideas that are innovative and lead to major strides in productivity.  And it may not cost hundreds of thousands of dollars to get the idea.

The examples are excellent. All three of the company executive team certainly trust their employees.  That is a key to the success. And the concept applies across almost every industry.

Before you read this article, and yes is it old. However, the fundamentals have not changed.

Link to the article:  http://www.businessweek.com/articles/2012-10-16/the-untapped-innovation-factory#r=nav-f-blog

Are You Absolutely Sure You are Ready to Start a Business?

As you know from my blogs, I read a lot of business magazines.  The October 1, 2019 Fortune magazine ran several articles about entrepreneurship.  It is a very good read.  And I will highlight a couple of the individuals profiled.

The first one is Mir Imran.  He is from India.  He is an engineer by training, but he has a very keen business sense.  You will find his effort to get a better education impressive and the sacrifices he made to achieve the degree he earned.  Equally interesting are his comments about closing a couple of his businesses and how he had to stretch his skill sets. 

However, among the most important tidbits I learned was when he freely admitted that his second business failed because he did not do a business plan or understand how much funding he would need.

You will enjoy his “Best Advice” piece. 

Title of the article: “How This 20-Time Founder With Hundreds of Patents Got His Start”

Link to article:  https://fortune.com/2019/10/01/mir-imran-rani-therapeutics-advice/

Binge Watching- Late 1970s

Part I - background.  In the 1970s and 1980s several networks ran miniseries, usually based on a book by a famous author. These were generally historical novels. The authors were experts as interweaving history with fictional characters.  

if you love history, specific industries,and vibrant characters, these books can be excellent reads.  And you may learn some history you did not know or about an industry you closely follow.  

Examples of historical novels converted to a miniseries are Captains and Kings; Roots; Shogun; Lonesome Dove; Rich Man,  Poor Man; The Winds of War; North and South; The Moneychangers; Backstairs at the White House, Washington: Behind Closed Doors; and Kane and Abel. 

Authors of historic novels included Arthur Hailey, Alex Haley, Taylor Caldwell, Jeffrey Archer, and Irwin Shaw.  These authors and others painstakingly researched specific eras and industries to give the reader a realistic picture.  

If you read the book, part of the fun was seeing who was cast in roles and did the casting make sense.  The other part was seeing how closely the miniseries followed the book.  Generally, from the books I read and the miniseries I watched, the writers and directors did a very good job keeping the the spirit of the book. 

Many younger actors actresses got a firm start in a miniseries. Several actors and actresses became miniseries stars, like Peter Strauss, Robert Vaughn, Lois Nettleton, and Richard Chamberlain.  Actors you recall from earlier movies and TV shows may show up in a miniseries cast in role you could not picture them in but each one carried it off superbly.   


Some miniseries were highly anticipated and watched by a lot of people. I recall that my dad would pick up my friend and me from Boy Scouts on a Monday evening so my friend's mom could watch each episode of Roots in its entirety.   

To young people this might sound odd. But back in the 70s and 80s taping shows could be a challenge and cable just gave you more channels.  So if you wanted to watch a specific miniseries, you had to be home when the show on at the advertised time to watch it.  

Part II - binge watching. Starz is running all of the Centennial episodes over two days. I have not seen any episode of the miniseries in decades.  So I am binge watching.  

Centennial is one of my favorite miniseries and book. The book is by James Michener. He was one of the best historical fiction writers to me. I read several of his books, including Centennial.  

The last binge watching I did was with my wife and we watched Ken Burns Civil War all day on a Sunday at least 20 years ago.  We even had popcorn. 

Oddly enough, I remember major parts of Centennial like it was yesterday. I am not sure if it was because I loved the book so much or the miniseries followed the book very closely.  I watched the miniseries with my parents.  

A fun piece of trivia, one of the key characters in Centennial played James Bond several years later.  You could see why in the miniseries.

The miniseries runs 12 episodes and starts with Indian tribes in Colorado and ends present day (when the novel was written). The miniseries was over 20 hours.  It ran over 4 months.  It has been a fun and different way to spend a weekend. 

Link to background on the book:  https://en.wikipedia.org/wiki/Centennial_(miniseries)

The Impact of Unintended Consequences

In 2001 I was fortunate to be nominated as an attendee to the South Carolina Executive Institute.  This program was for up and coming leaders in state government.  It was sponsored and administered by the South Carolina Budget and Control Board (BCB). BCB is responsible for developing a budget and selected administrative jobs for state government.  The primary teaching vehicle was case studies. It required a lot of reading and analysis, but it was well worth it. 

BCB recruited faculty from all over the U.S..  Faculty came from the University of Washington; University of Tennessee; Baruch College; and the John F. Kennedy School of Government, Harvard University.  Each class had approximately 50 students and the eight sessions were held across the state. 

Facilitated by an outstanding faculty, discussions were lively and educational.  Each member brought his/her own experience and knowledge. You always left a class smarter than when you went in.

Of all the issues I recall and of all the discussions, I most remember the phrase and concept of “unintended consequences”.  It basically means an action may result in outcomes not foreseen or anticipated. 

The example I recall from class was the deregulation of the airline industry in 1978. The US government through the Civil Aeronautics Board (CAB) determined fares, routes, and market entry of new airlines.  President Carter appointed Alfred Kahn chairman of the CAB. Dr. Kahn was asked what will be the impact of deregulation.  (I am paraphrasing).  He responded lower fares and an increase in productivity.  He also noted a few unintended consequences.  The number of airlines will decrease to 4-5 majors.  A raft of mergers will take place.  Some airlines will fail.  Service to rural areas will decrease. 

I remember all of this.  My reason for posting this is an intro to the following article.  New York City raised its minimum wage to $15 per hour.  It promised several benefits like reducing income inequality. However, other impacts also appeared and were mostly negative in its impact.  This excellent article in the Wall Street Journal highlights a few of the unintended consequences. 

https://www.wsj.com/articles/new-york-city-businesses-struggle-to-keep-up-after-minimum-wage-increase-11565035475?shareToken=st4aa1c2aac454439a9f849c413391a190

I post this because any new legislation should be examined and analyzed to include unintended consequences.  As we know from a history of government programs and laws, once a bell is rung, it is almost impossible to unring it.

An Entrepreneur and Fine Man

One of the advantages of working in economic development is the amazing people you meet.  One man who I met was a leader in the oil industry, a true pioneer and entrepreneur.

I met him twice. Both times with potential investors. I was not one, but at the Chamber we were helping him with two groups that came to the area looking for investment opportunities.  More on this later.

After reading his obituary, I learned even more about this unique individual. His name is Marvin Gearhart and he co-founded Gearhart Industries.

Gearhart Industries made wire logging tools used by the oil industry when drilling for oil.  However, he came up with a digital tool that could feed data into a computer, leapfrogging competitors still using an analog system.  Now this small oil service provider competed with large industry leaders. like Schlumberger.  

This is a fairly common story today. A small, innovative firm develops a new technology and jumps ahead of the industry leader.  Except this was done about 45 years ago. 

Two notes of interest.  The first one, I went to the Fort Worth article in Wikipedia.  In section 11 it lists famous people who were born or lived in Fort Worth for a period of time. Marvin Gearhart was not listed.  That is a significant oversight in my opinion.

The second one.  He was giving a tour to potential investors on a bus. We were driving around the Gearhart Industries property.  We would get off, see a part of the operation and get on.  He would always as the bus driver to go to the next stop by saying "Mr. NAME, please take us to..." That always impressed me. From his obituary it sounds exactly like him. 

Link to article:  https://www.wsj.com/articles/marvin-gearhart-applied-digital-technology-to-oil-drilling-11564756202?shareToken=stce8e3cc5610b4fa8bf4d2cce3e04cd90

Checking Regulations

I read an interesting column in the Wall Street Journal.  It was about Ohio's serious effort to curb regulation.

Regulations are important and necessary in a complex society.  It is the effort to balance individual rights with the impact to society.  From another angle, regulations also protect individuals from potential abuse.  But to ensure the maximum and positive impact of regulations, it should be under review on a consistent basis as society constantly evolves.  However, we generally do not do this.  Instead, we generally add regulations and do not ask if current regulations are still valid.  Or even worse, conflict with existing rules. 

In addition, technology changes and so do society's expectations and needs.  New technology offers more precise and accurate measuring of regulations and the impact of current regulations.  But do we use this new technology? 

However, in economic development, regulation is often viewed as an unknown. Businesses need some level of assurance and consistency.  The method and practice of determining, implementing, and enforcing regulations are a major concern to executive team expanding or siting a new facility.  Uncertainty is a major negative.  Inconsistent rules and enforcement are also negative.  To put it another way, every day a facility is not in operation, revenues are lost. It is a double hit because those revenues cannot be easily recovered. 

That is why Ohio's efforts to review and reduce regulations are an outstanding example of a positive initiative.  Ohio's new law states that for every new regulation implemented, two must be taken off the books. It is innovative and will force regulators to seriously consider new regulations and think hard about useless ones that can be removed. I do recognize that not all regulations impact business. 

Other states are considering this this innovative law.  It is a valiant effort and one worth following over the next few years.

Link to article:  https://www.wsj.com/articles/a-dark-day-for-red-tape-in-the-buckeye-state-11564782053?shareToken=st7989dffe4e4d4cae8feccc7d7717bda3

You Know You are (INSERT SOMETHING ODD) when You (INSERT SOMETHING EQUALLY ODD)

Yes, this is likely somewhat of a confusing title to you.  Frankly, it is to me too. 

So here is an example.  Today I confirmed one of my traits.  I am wonky (something odd) because I love history and writing (perhaps not odd things) when I chose to read a Wall Street Journal book review about the Semicolon (definitely odd).  

Yes, I get it. The title does not precisely fit the example.  So it is a work in progress.  Most writing is.  But I digress. 

Some background.  Ms. Cecelia Watson wrote a book titled “Semicolon: The Past, Present, and Future of a Misunderstood Mark".  The book reviewer is Barton Swaim.  I bet this was one of the least read book reviews in past editions of the Wall Street Journal.  However, I sure enjoyed it. The first paragraph is quite humorous. The review gave me some history (Massachusetts and liquor laws) and an excellent discussion about the ever unique semicolon. 

Frankly, I am surprised that anyone can write an entire book on the semicolon. Better yet, someone else actually wrote a review of the book. And finally, of all the stories in the Journal, I would read that one.

Well, that is my odd example. What is yours?

Link to the book review:  https://www.wsj.com/articles/semicolon-review-between-a-pause-and-a-hard-stop-11565301903?shareToken=st2a121b9eac164aadb632b2918584cf6a

Fanatic Meets Technology

Growing up in Midland, Texas it is highly likely that you were a die hard Dallas Cowboy fan.  (And if you were not, you did not tell anyone).  You loved the history, the dignity of Coach Tom Landry, the legend of how the team started (and part of the reason for the rivalry with the Washington Redskins),  the colorful players, the innovations (an example is the Dallas Cowboy Cheerleaders), and 20 years of winning seasons.  At the start of every game, you knew the players' names, numbers, and positions.  You tensed up when you heard the phrase "loading up the shotgun."

During football seasons we gathered around the TV and watched America's Team (and yes they are) play. Usually we had nachos and enjoyed the game. No matter what the outcome, we watched it to the very end.  On Monday, we talked about the football game. 

It was rewarding to read in the Wall Street Journal about Gil Brandt's induction into the NFL Hall of Fame.  If you knew Cowboy history, you know the name. If not, suffice to say Mr. Brandt was not a player for the Cowboys.  No, he was the talent evaluator.  

So what?  Just how good could be be?

If you ask a Cowboy who knows the team history, you will find out he was integral to the team's success for over two decades. I remember my father telling me about him.  Mr. Brandt introduced the concept of using computers to help determine who should be picked in the NFL draft.  Consider it as big data meets football scouting.  He used a tool to systematically sort vast amounts of data and offer some perspective during the evaluation process.  At the time, it was a radical concept. In the article, note the sarcasm by Vince Lombardi. (if you have to ask who Mr. Lombardi is, find something else to read). 

Today Mr. Brandt's concepts are considered standard.  But just remember, Mr. Brandt started this 49 years ago.  To offer some perspective, your smart phone has far more computing power than what Mr. Brandt started with.  His computer was 2.5 to 3 feet tall. 

It reminds me of using  GIS in economic development.  To some, GIS is simply a pretty map maker. To me and other professionals, it is a highly sophisticated decision support system that augments qualitative analysis.  Like Mr. Brandt's computer, GIS can take many factors, sift through them, and offer evaluations.  It is a very important component of a strong economic development program. 

For any Cowboy fan, you will thoroughly enjoy the following article.  You will see familiar names mentioned and highly interesting stories from Mr. Brandt and others.  It is a wonderful read. But just remember, football meets big data. And the results, well the article does a far better job than I can describe here.  

Finally, Mr. Brandt, congratulations for earning a very important award.  You certainly deserve it. 

Link to article:  https://www.wsj.com/articles/the-man-who-devised-the-formula-to-find-nfl-stars-11564680827?shareToken=st430c907787b04fc5b5f5ba2024f42e5a

Economic Development and Incentives - II

An earlier post I briefly noted why we use incentives as part of the economic development toolbox and provided an example of an MOU.

This one is is about an incentive package and the churn. The link is from MSN and the story is about the Foxconn project.

I will not spell out the project parameters, the article does that.  However, I will comment on the slant of the story.  As an economic developer, I get concerned when I read comments from a business that says we will still create XX jobs, but at a slower pace.  If, as the lead on the project, I am aware before any public announcement and I can brief superiors, I have a higher level of comfort.  This does not apply to this story.

However, in economic development we sometimes get tarnished when a questionable deal generates so much press.  That makes the job of negotiating incentives, ensuring buy in, and moving at a fast pace much more challenging.  It also reinforces good practices and transparency. 

Link to story:

https://www.msn.com/en-us/news/finance-companies/foxconn-reconsidering-plans-to-make-lcd-panels-at-wisconsin-plant/ar-BBSWEzu

Economic Development and Incentives I

Incentives are part of an economic developer's tool box.  They are not necessarily bad or good.  They are used to cause an action. In economic development we use incentives to help a company justify a decision. Examples are building on a greenfield site or expanding an existing operation/facility.

The goal is to create jobs and capital investment for a reasonable and well thought out incentive.  Incentives can be other inducements aside from money. However, that is for another post.

Incentives can be applied wisely or poorly.  Any good incentive offer undergoes the following: a rigorous ROI, an MOU issued in the public domain (with clawbacks), and help close a deal (as opposed to actually financing the project).  Consider incentives icing on a cake and not the actual layer.

The MOU clearly and concisely spells out the incentive and the responsibility of all parties. Key components are job and investment thresholds, how an incentive is paid out, and clawback provisions.  An example of a local resolution and agreement is on the following link.

https://lfportal.pwcgov.org/weblink/DocView.aspx?id=11549&page=541&searchid=100796a0-f029-4740-a5dc-fcae2569c445

R&D is Alive and Well at Chick-fil-A

I love Chick-fil-A. The spicy chicken sandwich is a favorite as is the unsweetened tea.  This post highlights how Chick-fil-A creates new items on the menu. 

Please note how long it takes and the painstaking research company staff do when considering a new menu item.  They look all over for ideas and develop numerous variations of the product. Also, I found it interesting how many tries it takes and at the effort to engage their customers for feedback and critique from a wide cut of the U.S.  R&D is alive and well, at least at Chick-fil-A.  Remember this next time you order food at Chick-fil-A. 

My thanks to Business Insider.  Link the article:

https://www.businessinsider.com/chick-fil-a-new-menu-items-2019-5

What We do and Why We do it - II

An earlier post was about why we do what we do.  This is a continuation of that thread.  The link from BI highlighted states losing population and the reasons why. A consistent theme was jobs as the reason.

This link looks at states with increasing population.  Note the common theme - abundant jobs.  These states see a growing economy and increased pressure/demand for services.

What did I say earlier?  An economic developer creates jobs.  Jobs make a local economy grow.

However, this cycle can also present challenges. For example, the labor pool may not match the job skills needed by companies.  This may cause the economic developer to initiate a program of talent recruitment.  You want your existing businesses to stay and grow.  If they cannot find the talent, they may have to expand in other locations.  

An economic developer might work with the technical colleges and universities. In addition, an ED pro might work with local businesses in playing a part of talent recruitment. This can mean highlighting the quality of life and amenities in the region.  

The next time anyone asks you about economic development, just refer them to the previous link and this one.

For an economy losing population, it is job creation. For an economy with a growing population and low unemployment rate, it is talent recruitment.  Jobs - that is why we do what we do.

https://www.businessinsider.com/us-states-people-are-moving-to-2019-5

Why We do What We Do - I

So often in economic development I get asked what exactly do you do.  Which begs a second question, why do you do what you do?

In a nutshell, we diversify the economy, cause capital investment to happen, and create jobs.

Why is this important?  Further down in this post is a link to a BI article on states losing population. Note a running challenge noted for each state - jobs. If you do not have jobs, then you cannot grow.  It is almost as simple as that.  No growth, no additional funds for city and county amenities.  And that is only the beginning.

Economies either grow or decline.  

And in order to continue to grow an economy, it takes consistent work and thought.  How do you support your local industry base? How do you help ensure the workforce is available for today and tomorrow?  Both of these questions can be subdivided into many more.
But it comes down to jobs and capital investment.

https://www.businessinsider.com/the-top-10-states-people-are-moving-out-of-us-2019-5