By Miles Flynn | Southern Indiana Business Report
FRENCH LICK — Economic gardening, or helping local companies expand where they are today, was among the many concepts and resources explored during Radius Indiana’s annual Economic Development for Community Leadership program June 9-11 at French Lick Resort.
Economic gardening is now practiced in 25 states, community leaders and elected officials learned, and the Purdue Center for Regional Development administers the program in Indiana. PCRD Regional Director Julie Rigrish walked attendees through the concept, which she said came to Indiana thanks to a grant from the Lilly Endowment.
The program is not for local market businesses, including service providers and retailers, or for businesses that are experiencing economic stress. Instead, economic gardening focuses on manufacturing.
Specifically, the program targets what are known as second-stage companies — firms that have grown past startup but that haven’t advanced to maturity. To be eligible, a company must be a for-profit enterprise with 10 to 100 employees and sales between $750,000 and $50 million. The company’s main business must be located in Indiana, and it has to have been operating here for two years.
Businesses can learn more on the program and how to apply by clicking here.
“Rarely is an applicant denied,” Rigrish commented, and she noted most of the Indiana firms that have participated are located in rural areas.
Expert help with powerful tools
In part, the program provides participating companies with meaningful access to databases that are available but that Rigrish said firms might not be aware of, can’t afford, or don’t have the time or expertise to utilize. Program specialists use the data available, along with other tools and research, to provide firms with better marketing intelligence.
Rigrish explained companies work with a dedicated team of professionals and not with graduate students, adding, “They know exactly where to go for info.”
The manufacturing sector has remained flat since approximately 2011, Rigrish said, but growth is possible with new customers and new products that often come out of this improved marketing intelligence.
PCRD tracks long-term results with participants and has found that, in the 12 months after consultation, 35% of the firms have increased full-time employment and 25% have increase annual gross sales.
What’s required of participants?
Rigrish said the program is a commitment of six to eight weeks in most cases, with a firm’s CEO required to dedicate eight to 12 hours of total time working with the consultants. All meetings are held virtually or by phone.
The cost of the program is $4,200, however she said scholarships and grant funding are often available from local partners.
Radius CEO Jeff Quyle, the host of the training sessions, noted Radius continues to partner with local economic development organizations in its eight-county region to make the program available here. He said Radius is now working to help get its fourth regional firm into the program, and he encouraged all company officials interested in learning more to check in with their county’s economic development organization.
“Definitely take advantage of that opportunity,” Rigrish urged.