Why Your City Matters to Your Business

Why Your City Matters to Your Business

 

Here are 5 reasons your city makes a big difference to the success of your business.

We all hear about the critical role that businesses play in the competitiveness and economic growth of our cities. But it’s important to note that the reverse is also true: Your city has a tremendous impact on your bottom line. Your city means more to your business than just an address on the front door. Your company’s location drives business formation, strategy and performance. It’s called economic geography – and it’s a two-way street.

I’ve challenged my graduate students – all of them entrepreneurs and small business owners – to consider the question of place: How does your city support your business growth?

City industry clusters help businesses thrive.
If birds of a feather flock together, so do similar businesses: biotech companies gather in Cambridge, energy companies gravitate toward Houston, athletic apparel is huge in Portland, Ore., and finance clusters in New York City. The close proximity creates a synergy that enables companies within the cluster to easily collaborate, influence local policy investments, share specialized training programs and partner with service providers.

To read the entire article from Inc. Magazine, click here. 





BY Steven Pedigo on January 10th, 2012

TAGS: clusters | business | workforce | anchors | capital

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