Fargo Economic Forum: Economic Insights: Banking On Our Entrepreneurial Spirit

The Midwest has always been a place of self-reliant people, pioneers who overcame all kinds of hardships and challenges through their own devices, pull-yourself-up-by-your-own-bootstraps kinds of people.

Over the years, a sort of natural selection made sure of that; anyone who couldn’t make a go of it didn’t last. “Can’t” was a dirty word for those who did and, for the most part, we’ve inherited their outlook and drive.

But we aren’t just survivors; we’re inventors, leaders and, when necessary, risk takers. From the beginning, we have controlled our own destinies and taken initiative to make our situations better. We’ve known all along no one was going to do it for us.

When you get right down to it, we’re entrepreneurs. As we work to design an advanced economy, we’re banking on it.

Regular readers of this column know the GFMEDC and our many partners are engaged in a strategic planning process to develop a technology-based economy for Greater Fargo Moorhead. Short term, the goal is to enhance infrastructure in a variety of areas – technology, education, transportation, telecommunications and others – to make Greater Fargo Moorhead more attractive to high-tech companies and more competitive in the global economy.

I’ve discussed the metaphorical three-legged stool that supports economic development in this space before. The three legs are creation, expansion and recruitment. Building a healthy economy requires the retention and growth of existing companies, attraction of new companies from outside the community, and entrepreneurism, or the formation of start-up ventures. That’s been true for years, and remains so in today’s global, technology-based economy.

I’ve also discussed the phenomenon of strategic convergence in economic development. Strategies that attract outside companies also enhance potential for existing business expansion and entrepreneurism. So, as we make Greater Fargo Moorhead more attractive to outside businesses, we also make it more fertile ground for entrepreneurs.

Long-term, that’s the real goal. Greater Fargo Moorhead needs to be a place where high-tech entrepreneurs can turn ideas into marketable products and services and go on to found enterprises that contribute to our local, regional and state economies.

This is important for a couple of reasons. First, attracting outside companies and their leaders is a hit and miss proposition. Greater Fargo Moorhead is only one of many blips on their radar screens. Second, the best, longest lasting and most profitable economic development is homegrown, initiated by someone who believes in and has a vested interest in the community.

We are fortunate to have Tony Grindberg, executive director of the NDSU Research & Technology Park (RTP), chairing our Entrepreneurism Working Group. He leads a team that is developing recommendations for how Greater Fargo Moorhead can make itself more fertile ground for entrepreneurs and converting their talents and ideas into viable businesses.

The working group is discussing issues such as technological and telecommunications infrastructure; improving access to capital; the role of the Center for Technology Enterprise (CTE), the high-tech business incubator at the RTP; improving programs and offerings in key science disciplines at our local universities; enhancing government-university-private sector collaboration; and others.

Fortunately, we already have a great start. The CTE is an excellent example. The facility already has two exceptional anchor tenants, and the goal is for it to house eight to 10 new high-tech start-ups on an annual basis.

In August, the U.S. Department of Commerce, Economic Development Administration presented the RTP its Award for Excellence in Technology-Led Economic Development. The RTP was selected from among 20 finalists from across the nation, and the CTE was a major reason.

The Excellence in Economic Development awards recognize innovative economic development strategies of national significance and are designed to showcase best practices and highlight outstanding results. The EDA evaluated nominees based on how effectively they support technology-led economic development and reflect the important role of linking universities, industries and technology transfers.

I congratulate Tony, NDSU President Joseph Chapman and their teams. They deserve the majority of credit, not only for the EDA honor but for their leadership in developing our potential for technology-based entrepreneurism.

The award is only the culmination of a vision, one that incorporates Greater Fargo Moorhead’s intellect, work ethic and self reliance. Someone – or in this case, many someones – turned that vision into a reality that continues to improve.

So here we are, discussing more ways to create more visions, to enable more individuals with good ideas to influence our economic future. And “can’t” still isn’t part of our lexicon.

Walters is the president of the Greater Fargo Moorhead Economic Development Corporation. He can be reached at 701-364-1900 or bwalters@fmedc.com.