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HARVEST
                       TIME
                                                                                                  By Jack Roth



                                                                     THE PRACTICE OF NURTURING HOMEGROWN
                                                                     COMPANIES AS AN ECONOMIC DEVELOPMENT
                                                                     STRATEGY REQUIRES FORESIGHT AND
                                                                     PATIENCE.
COPYRIGHT 2009 EDWARD LOWE FOUNDATION - ART BY STEPHEN RAVENSCRAFT




                                                                 >>         Economic gardening, the underlying          When the town of Littleton, Colorado,
                                                                                                                        faced a potential economic disaster in
                                                                            economic model that stresses business       1987 due to layoffs of thousands of peo-
                                                                     creation and expansion, has gained a foothold      ple by the community’s major employer,
                                                                     in Florida thanks in large part to a coordinated   the crisis strained the resources of local
                                                                                                                        residents and businesses and threatened
                                                                     effort from Central Florida economic devel-        to undermine the community’s overall tax
                                                                     opment leaders who view local entrepreneurs        base. Staring into a dark abyss, commu-
                                                                     as the key to economic growth and prosperity.      nity leaders disregarded conventional
                                                                                                                        economic development wisdom and
                                                                                                                        chose a divergent strategic path.

                                                         16
                                                                     texture Spring/Summer 2009
Instead of seeking a quick fix to                                                                          A PERFECT FIT
replace lost jobs by offering relocation                                                                      No region can be truly successful at
incentives and tax breaks to firms out-                                                                       economic development without local
side the region — an approach known                                                                           universities and colleges that offer the
as “economic hunting” — they                                                                                  curriculums, mentoring and internship
embraced an alternate, long-term                                                                              programs that help create and retain
entrepreneurial strategy designed to                                                                          home-grown talent. This is true in
generate new jobs from the commu-                                                                             Central Florida, where the University of
nity’s existing base of businesses. This                                                                      Central Florida (UCF), Rollins College,




                                                                                      PHOTO BY JACQUE BRUND
approach, which became known as                                                                               Stetson University, three top-rated
“economic gardening,” yielded remark-                                                                         community colleges and other institu-
able results. During the 15-year period                                                                       tions offer the tools necessary for eager
from 1990-2005, Littleton saw a 136             Ray Gilley                                                    young talent to blossom.
percent increase in the number of net                                                                             Take the UCF Business Incubation Pro-
new jobs, outperforming Denver Metro,             The EDC is part of a particularly                           gram, for example. Opened in 1999, it
the state of Colorado and the entire          strong infrastructure in Central Florida                        has served more than 90 emerging com-
nation by a significant margin. Economic      that supports entrepreneurship, busi-                           panies that have generated more than
gardening proved to be a successful           ness growth, new-industry develop-                              900 new jobs and more than $200 million
paradigm shift, as well as a burgeoning       ment and recruitment in the region, but                         in annual revenues. This community part-
alternate strategy in the arsenals of
economic development commissions              “We’ve always tried to create a balance between
across the nation.
   When Florida Governor Charlie Crist        recruitment and retention and growth.” — Ray Gilley,
went against conventional economic wis-       president and CEO, Metro Orlando EDC
dom and — during an emergency bud-
get-slashing session this past January —      the recent buzz associated with eco-                            nership provides early-stage companies
pushed through an economic develop-           nomic gardening lies in how its basic                           with the tools, training and infrastructure
ment pilot program that called for money      philosophy syncs with the current eco-                          needed to create financially stable, high-
to be spent on preferred small-business       nomic climate. “A focus on existing                             growth enterprises.
loans and entrepreneurial support ser-        companies is more practical right now,                              “Growing is our main role, which
vices, it marked a bold and significant       especially when cities and states have                          hopefully leads to maintaining,” says Tom
leap toward adopting economic garden-         limited economic funds,” explains John                          O’Neal, associate vice president for
ing as a model for the state.                 Fremstad, vice president of BE&K Inc.                           Research and Commercialization at UCF
   The impetus for the state legislative      and former vice president of the EDC.                           and founder of the incubator program.
action, however, started in Central Florida   “You can spend limited funds on your                            “These young companies are run by indi-
years ago with the efforts of a handful of    own entrepreneurs, and the benefits                             viduals who have the intent and where-
pro-entrepreneur advocates who have           will trickle down to other areas within                         withal to grow, so we help reduce the risks
understood the importance of “fertiliz-       the community.”                                                 by being coaches and mentors.”
ing” homegrown businesses and reaping            In fact, a tough economy isn’t the                               The university has a built-in network of
the benefits of a strong harvest.             only reason to consider an inside-out                           advisors, in the form of professors, who
                                              economic growth strategy. Globaliza-                            are familiar with the particular issues asso-
THE NEW BUZZ PHRASE                           tion, the impact of the Internet, rapidly                       ciated with various industries. It also nur-
   Ray Gilley, president and CEO of the       changing technologies, and the emer-                            tures the region’s future workforce. “We
Metro Orlando Economic Development            gence of new, fast-growth overseas                              help these companies write grants so they
Commission (EDC), stresses that the           economies are forcing wholesale eco-                            can get money, and we connect them with
EDC has always incorporated economic          nomic change across the United States,                          graduate students who work with the pro-
gardening as part of both an inside-out       making business expansion programs                              fessors to write the proposals,” O’Neal
and outside-in economic development           more important than ever. Despite this,                         explains. “So when they graduate, they
strategy. “We’ve always tried to create       many cities and states still focus on                           get jobs with these companies. It’s a good
a balance between recruitment and             recruitment, not expansion. So why is                           expansion model. We have many highly
retention and growth,” he explains.           Central Florida, and now the entire                             skilled graduates currently working on
“Both the attraction of out-of-market         state, so ahead of the curve?                                   projects with incubator companies, so
companies into Metro Orlando and the             The answer: an infrastructure geared                         we’re parlaying this local talent into the
retention and growth of companies             toward an entrepreneurial growth con-                           region’s economic growth.”
already within this market are vital to       tinuum and the presence of forward-                                 At the Rollins College Center for
the regional growth process.”                 thinking individuals.                                           Entrepreneurship at the Crummer Grad-

                                                                                                                                                      17
                                                                                                               texture Spring/Summer 2009
ney Entrepreneur Center secures its role          step in a company’s growth cycle when
                                               as one of the many entrepreneurship-              support gaps often exist and many
                                               focused organizations working in concert          regions fail to fill them. Ross emphasizes
                                               to create one of the best regional entre-         second-stage growth companies as
                                               preneurship systems in the United States.         essential to economic development, and,
                                                    The Florida High Tech Corridor Coun-         in fact, they are the critical focus of eco-
                                               cil (FHTCC), under the guidance of presi-         nomic gardening. It became clear to Ross
                                               dent Randy Berridge, partners with various        that economic gardening could be an ini-
                                               Central Florida institutions to attract, retain   tiative worth considering for Central
                                               and grow high tech industry and to help           Florida when he read the 2006 Report to
                                               develop the workforce to support those            the President on The Small Business Econ-
                                               industries in the 23-county service areas of      omy, written by Orlando-based economic
                                               UCF, the University of South Florida (USF),       development researcher Steve Quello.
 Tom O’Neal
                                               and University of Florida (UF).                       “Steve has brought his knowledge
uate School of Business, the goal is to             “The Corridor Council plays an integral      and research on economic gardening to
provide the best possible training for its     part in providing services to high-tech           Central Florida because of the fertile
MBA students. The Center provides semi-        companies, many of which wind up                  ground of high-tech, biotech, and entre-
nars, workshops, mentoring programs,           becoming second-stage growth                      preneurial capital present here,” adds
internships and speakers, many of which        companies with often limitless capacity           Ross. “It only makes sense that a region
are open to the public and all of which        to provide jobs and wealth for the                that is so engaged and supportive of eco-
promote the retention of MBA talent.           region,” says Ed Schons, director of              nomic development would be at the fore-
    “Economic gardening is the founda-         Economic Development at UCF.                      front of this type of initiative.”
tion of what we are working to accomplish           Additional support for regional entre-
through the Center,” says Cari Coats,          preneurs comes courtesy of the Disney             SECOND-STAGE
interim executive director. “We help our       Entrepreneur Center, which has become             GROWTH
                                                                                                 To Quello, who has been studying entre-
“These young companies are run by individuals                                                    preneurship and economic growth for
                                                                                                 more than a decade, economic garden-
who have the intent and wherewithal to grow, so
                                                                                                 ing is more than a metaphor. It is a crit-
we help reduce the risks by being coaches and                                                    ical part of a broader economic devel-
mentors.”— Tom O’Neal, associate vice president for Research and                                 opment story associated with the con-
Commercialization, UCF                                                                           tinuum of entrepreneurship. There is a
                                                                                                 leverage point, he suggests, where com-
students successfully start and grow their     nationally recognized for small business          munities can do better faster if they
own businesses. We also network with           development and provides a variety of             invest the right way. “With limited
entrepreneurs in the region who are look-      services such as free business coaching,
ing to grow their businesses and offer         networking functions, a resource library,
them access to resources and programs          access to video conferencing and more.
that will foster successful growth.”           “Whether an entrepreneur is just consid-
    As a partner with UCF and five other       ering starting a business, or a seasoned
Florida institutions, the Center for Entre-    business is seeking tools for growth, the
preneurship hosts the annual New Ven-          10 separate business organizations
tures Business Plan Competition, which         located at the Center can accelerate the
has resulted in the creation of viable busi-   process,” says Jerry Ross, executive direc-
nesses that contribute to the economic         tor. “Our region is very entrepreneurial
vitality of Central Florida. The Center also   and we are very good at assisting the
partners with the Athena Powerlink Pro-        start-up/first-stage ‘main street’ busi-             Randy
gram, a national organization that pro-        nesses. By supporting and accelerating               Berridge
vides panels of volunteer business experts     these start-ups into second-stage busi-
who advise female business owners on           nesses, we are supporting the economic            resources, communities have to allocate
important issues that can help them            gardening concept of growing compa-               resources strategically, and in times like
achieve growth and further success. The        nies and, in turn, growing jobs.”                 this, industrial recruitment is not as effec-
Center’s inclusion as part of a partnership        There is no doubting that a strong            tive as supporting expansion programs
that includes Orlando Regional Chamber         infrastructure exists in Central Florida to       targeting resident businesses. Most jobs
of Commerce, Center for Entrepreneur-          educate, create and retain start-up busi-         are created and sustained over time by
ship and Innovation at UCF, and the Dis-       nesses, but it is during the crucial next         the creation and expansion of local com-

18
texture Spring/Summer 2009
Acknowledging that UCF was way              Signs of Second-Stage
                                              ahead of the curve with its incubator           Growth
                                              program, Lange and the Foundation               A major principle of economic gardening
                                              licensed its PeerSpectives Program to           states that high growth/high potential com-
                                              UCF. O’Neal was quick to embrace it as          panies are critical to inside-out economic
                                              a “graduate program” for his incubator          development. They can be of any size but are
                                              companies. PeerSpectives is a peer-to-          ideally bracketed between having 10 to 99
                                              peer, learning and problem-solving              employees and $1 to $50 million in revenue;
                                              program based on the best practices of          established companies operating at a stage
                                              CEO peer-learning programs across the           beyond start up or early development. Most
 Steve                                        country. Quello worked in concert with          importantly, second-stage companies are
 Quello                                       the Edward Lowe Foundation to study,            particularly strategic.
                                              design and implement the program                   The Edward Lowe Foundation describes
panies. The message of economic gar-          nationally.                                     the second stage of business development
dening is to allocate resources more              In essence, second-stage CEOs               as a point in the business life cycle when the
effectively, by focusing on the stage-        meet in a roundtable setting once a             casual ad hoc methods of entrepreneurial
specific needs of high growth/high            month to discuss issues relevant to their       ventures begin to fail. It is a stage when the
potential second-stage companies.”            businesses. The entrepreneurs decide
                                                                                              complexity of employing an increasing num-
    The bracket typically used to             what topic to discuss at the meeting. In
                                                                                              ber of workers and the related regulatory
describe second-stage growth compa-           launching this program, Quello also
                                                                                              compliance issues begin to exceed the span
nies is 10 to 99 employees and $1 mil-        served as a facilitator, and has devel-
                                                                                              of control of one owner or CEO.
lion to $50 million in revenues. In this      oped a mentoring program that goes
                                                                                              At this stage of business
space, says Quello, if a community can        hand-in-hand with PeerSpectives, in
                                                                                              development, more formal
cultivate the right environment and offer     which third-stage CEOs give advice to
                                                                                              systems and processes may
stage-specific support, they will gener-      second-stage CEOs.
                                                                                              be required to effec-
ate the best return. Historically, he adds,       This supportive and proactive infra-
the majority of public sector resources       structure has allowed Central Florida to        tively manage the
have flowed to supporting first- and          overcome the most common hurdles                business if it is to
fourth-stage companies, but entrepre-         associated with recognizing second-             sustain or accel-
neurs are not equally productive. Only a      stage growth companies.                         erate its
small subset of first- and second-stage           “Most communities have a hard               current
companies have the desire and capac-          time finding them because they just             rate of
ity to become truly high-growth enter-        don’t know who they are, but Central            growth to the
prises. The goal of economic gardening        Florida can target them easily because          next stage of busi-
is to recognize and support stage-spe-        they’ve already been part of the con-           ness. These compa-
cific needs of these high achievers in        tinuum process from the first-stage             nies have moved
order to generate a greater return, no        growth programs already in place,”              from where
matter the industry sector.                   explains Lange. “I’m really looking for-        the founder is
    The Edward Lowe Foundation,               ward to seeing how this works out long-         owner, operator, manager,
based in southwest Michigan, was cre-         term for Florida now that initial funding       innovator — all in one — to
ated to enhance entrepreneurship and          from the state is in place. I can see           an operation organized
economic growth across the country.           using Florida, and Central Florida              around specialization and more formal
Mark Lange, the executive director, has       specifically, as a blueprint when taking        organizational structure. This is an inher-
known Quello for 10 years, and                economic gardening to other regions
                                                                                              ently fluid stage of business development
together they have worked to better           of the country.”
                                                                                              that requires support to be available
understand how to recognize and sup-              At the core of all this, stresses Quello,
                                                                                              in “just-in-time” fashion.
port second-stage growth companies.           is the entrepreneur. “They create the
                                                                                                 “They require high-maintenance and are
“Steve is our man on the ground in Cen-       jobs and wealth that drive the economy.
                                                                                              often difficult to get a handle on,” says Mark
tral Florida,” he says. “He introduced        That’s the message here — being entre-
                                                                                              Lange, executive director of the Founda-
me to Tom O’Neal four years ago, and          preneur-centric allows Central Florida to
                                                                                              tion. “We often liken second-stage growth
I quickly realized what a great infra-        be more productive and competitive in
structure Central Florida already had in      an increasingly “flat” world. Striking the      companies to a child’s terrible

place. We simply began to provide the         appropriate balance of investment in            twos. It's a tough growth
data and new ways of thinking to key          entrepreneurship and innovation offers          period that requires specific
support people, and Steve became an           the only truly sustainable economic             support and under-
advocate for these ideas in the region.”      development strategy.”                    x     standing.”


                                                                                                                                    19
                                                                                              texture Spring/Summer 2009

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Eg Harvest Time

  • 1. HARVEST TIME By Jack Roth THE PRACTICE OF NURTURING HOMEGROWN COMPANIES AS AN ECONOMIC DEVELOPMENT STRATEGY REQUIRES FORESIGHT AND PATIENCE. COPYRIGHT 2009 EDWARD LOWE FOUNDATION - ART BY STEPHEN RAVENSCRAFT >> Economic gardening, the underlying When the town of Littleton, Colorado, faced a potential economic disaster in economic model that stresses business 1987 due to layoffs of thousands of peo- creation and expansion, has gained a foothold ple by the community’s major employer, in Florida thanks in large part to a coordinated the crisis strained the resources of local residents and businesses and threatened effort from Central Florida economic devel- to undermine the community’s overall tax opment leaders who view local entrepreneurs base. Staring into a dark abyss, commu- as the key to economic growth and prosperity. nity leaders disregarded conventional economic development wisdom and chose a divergent strategic path. 16 texture Spring/Summer 2009
  • 2. Instead of seeking a quick fix to A PERFECT FIT replace lost jobs by offering relocation No region can be truly successful at incentives and tax breaks to firms out- economic development without local side the region — an approach known universities and colleges that offer the as “economic hunting” — they curriculums, mentoring and internship embraced an alternate, long-term programs that help create and retain entrepreneurial strategy designed to home-grown talent. This is true in generate new jobs from the commu- Central Florida, where the University of nity’s existing base of businesses. This Central Florida (UCF), Rollins College, PHOTO BY JACQUE BRUND approach, which became known as Stetson University, three top-rated “economic gardening,” yielded remark- community colleges and other institu- able results. During the 15-year period tions offer the tools necessary for eager from 1990-2005, Littleton saw a 136 Ray Gilley young talent to blossom. percent increase in the number of net Take the UCF Business Incubation Pro- new jobs, outperforming Denver Metro, The EDC is part of a particularly gram, for example. Opened in 1999, it the state of Colorado and the entire strong infrastructure in Central Florida has served more than 90 emerging com- nation by a significant margin. Economic that supports entrepreneurship, busi- panies that have generated more than gardening proved to be a successful ness growth, new-industry develop- 900 new jobs and more than $200 million paradigm shift, as well as a burgeoning ment and recruitment in the region, but in annual revenues. This community part- alternate strategy in the arsenals of economic development commissions “We’ve always tried to create a balance between across the nation. When Florida Governor Charlie Crist recruitment and retention and growth.” — Ray Gilley, went against conventional economic wis- president and CEO, Metro Orlando EDC dom and — during an emergency bud- get-slashing session this past January — the recent buzz associated with eco- nership provides early-stage companies pushed through an economic develop- nomic gardening lies in how its basic with the tools, training and infrastructure ment pilot program that called for money philosophy syncs with the current eco- needed to create financially stable, high- to be spent on preferred small-business nomic climate. “A focus on existing growth enterprises. loans and entrepreneurial support ser- companies is more practical right now, “Growing is our main role, which vices, it marked a bold and significant especially when cities and states have hopefully leads to maintaining,” says Tom leap toward adopting economic garden- limited economic funds,” explains John O’Neal, associate vice president for ing as a model for the state. Fremstad, vice president of BE&K Inc. Research and Commercialization at UCF The impetus for the state legislative and former vice president of the EDC. and founder of the incubator program. action, however, started in Central Florida “You can spend limited funds on your “These young companies are run by indi- years ago with the efforts of a handful of own entrepreneurs, and the benefits viduals who have the intent and where- pro-entrepreneur advocates who have will trickle down to other areas within withal to grow, so we help reduce the risks understood the importance of “fertiliz- the community.” by being coaches and mentors.” ing” homegrown businesses and reaping In fact, a tough economy isn’t the The university has a built-in network of the benefits of a strong harvest. only reason to consider an inside-out advisors, in the form of professors, who economic growth strategy. Globaliza- are familiar with the particular issues asso- THE NEW BUZZ PHRASE tion, the impact of the Internet, rapidly ciated with various industries. It also nur- Ray Gilley, president and CEO of the changing technologies, and the emer- tures the region’s future workforce. “We Metro Orlando Economic Development gence of new, fast-growth overseas help these companies write grants so they Commission (EDC), stresses that the economies are forcing wholesale eco- can get money, and we connect them with EDC has always incorporated economic nomic change across the United States, graduate students who work with the pro- gardening as part of both an inside-out making business expansion programs fessors to write the proposals,” O’Neal and outside-in economic development more important than ever. Despite this, explains. “So when they graduate, they strategy. “We’ve always tried to create many cities and states still focus on get jobs with these companies. It’s a good a balance between recruitment and recruitment, not expansion. So why is expansion model. We have many highly retention and growth,” he explains. Central Florida, and now the entire skilled graduates currently working on “Both the attraction of out-of-market state, so ahead of the curve? projects with incubator companies, so companies into Metro Orlando and the The answer: an infrastructure geared we’re parlaying this local talent into the retention and growth of companies toward an entrepreneurial growth con- region’s economic growth.” already within this market are vital to tinuum and the presence of forward- At the Rollins College Center for the regional growth process.” thinking individuals. Entrepreneurship at the Crummer Grad- 17 texture Spring/Summer 2009
  • 3. ney Entrepreneur Center secures its role step in a company’s growth cycle when as one of the many entrepreneurship- support gaps often exist and many focused organizations working in concert regions fail to fill them. Ross emphasizes to create one of the best regional entre- second-stage growth companies as preneurship systems in the United States. essential to economic development, and, The Florida High Tech Corridor Coun- in fact, they are the critical focus of eco- cil (FHTCC), under the guidance of presi- nomic gardening. It became clear to Ross dent Randy Berridge, partners with various that economic gardening could be an ini- Central Florida institutions to attract, retain tiative worth considering for Central and grow high tech industry and to help Florida when he read the 2006 Report to develop the workforce to support those the President on The Small Business Econ- industries in the 23-county service areas of omy, written by Orlando-based economic UCF, the University of South Florida (USF), development researcher Steve Quello. Tom O’Neal and University of Florida (UF). “Steve has brought his knowledge uate School of Business, the goal is to “The Corridor Council plays an integral and research on economic gardening to provide the best possible training for its part in providing services to high-tech Central Florida because of the fertile MBA students. The Center provides semi- companies, many of which wind up ground of high-tech, biotech, and entre- nars, workshops, mentoring programs, becoming second-stage growth preneurial capital present here,” adds internships and speakers, many of which companies with often limitless capacity Ross. “It only makes sense that a region are open to the public and all of which to provide jobs and wealth for the that is so engaged and supportive of eco- promote the retention of MBA talent. region,” says Ed Schons, director of nomic development would be at the fore- “Economic gardening is the founda- Economic Development at UCF. front of this type of initiative.” tion of what we are working to accomplish Additional support for regional entre- through the Center,” says Cari Coats, preneurs comes courtesy of the Disney SECOND-STAGE interim executive director. “We help our Entrepreneur Center, which has become GROWTH To Quello, who has been studying entre- “These young companies are run by individuals preneurship and economic growth for more than a decade, economic garden- who have the intent and wherewithal to grow, so ing is more than a metaphor. It is a crit- we help reduce the risks by being coaches and ical part of a broader economic devel- mentors.”— Tom O’Neal, associate vice president for Research and opment story associated with the con- Commercialization, UCF tinuum of entrepreneurship. There is a leverage point, he suggests, where com- students successfully start and grow their nationally recognized for small business munities can do better faster if they own businesses. We also network with development and provides a variety of invest the right way. “With limited entrepreneurs in the region who are look- services such as free business coaching, ing to grow their businesses and offer networking functions, a resource library, them access to resources and programs access to video conferencing and more. that will foster successful growth.” “Whether an entrepreneur is just consid- As a partner with UCF and five other ering starting a business, or a seasoned Florida institutions, the Center for Entre- business is seeking tools for growth, the preneurship hosts the annual New Ven- 10 separate business organizations tures Business Plan Competition, which located at the Center can accelerate the has resulted in the creation of viable busi- process,” says Jerry Ross, executive direc- nesses that contribute to the economic tor. “Our region is very entrepreneurial vitality of Central Florida. The Center also and we are very good at assisting the partners with the Athena Powerlink Pro- start-up/first-stage ‘main street’ busi- Randy gram, a national organization that pro- nesses. By supporting and accelerating Berridge vides panels of volunteer business experts these start-ups into second-stage busi- who advise female business owners on nesses, we are supporting the economic resources, communities have to allocate important issues that can help them gardening concept of growing compa- resources strategically, and in times like achieve growth and further success. The nies and, in turn, growing jobs.” this, industrial recruitment is not as effec- Center’s inclusion as part of a partnership There is no doubting that a strong tive as supporting expansion programs that includes Orlando Regional Chamber infrastructure exists in Central Florida to targeting resident businesses. Most jobs of Commerce, Center for Entrepreneur- educate, create and retain start-up busi- are created and sustained over time by ship and Innovation at UCF, and the Dis- nesses, but it is during the crucial next the creation and expansion of local com- 18 texture Spring/Summer 2009
  • 4. Acknowledging that UCF was way Signs of Second-Stage ahead of the curve with its incubator Growth program, Lange and the Foundation A major principle of economic gardening licensed its PeerSpectives Program to states that high growth/high potential com- UCF. O’Neal was quick to embrace it as panies are critical to inside-out economic a “graduate program” for his incubator development. They can be of any size but are companies. PeerSpectives is a peer-to- ideally bracketed between having 10 to 99 peer, learning and problem-solving employees and $1 to $50 million in revenue; program based on the best practices of established companies operating at a stage CEO peer-learning programs across the beyond start up or early development. Most Steve country. Quello worked in concert with importantly, second-stage companies are Quello the Edward Lowe Foundation to study, particularly strategic. design and implement the program The Edward Lowe Foundation describes panies. The message of economic gar- nationally. the second stage of business development dening is to allocate resources more In essence, second-stage CEOs as a point in the business life cycle when the effectively, by focusing on the stage- meet in a roundtable setting once a casual ad hoc methods of entrepreneurial specific needs of high growth/high month to discuss issues relevant to their ventures begin to fail. It is a stage when the potential second-stage companies.” businesses. The entrepreneurs decide complexity of employing an increasing num- The bracket typically used to what topic to discuss at the meeting. In ber of workers and the related regulatory describe second-stage growth compa- launching this program, Quello also compliance issues begin to exceed the span nies is 10 to 99 employees and $1 mil- served as a facilitator, and has devel- of control of one owner or CEO. lion to $50 million in revenues. In this oped a mentoring program that goes At this stage of business space, says Quello, if a community can hand-in-hand with PeerSpectives, in development, more formal cultivate the right environment and offer which third-stage CEOs give advice to systems and processes may stage-specific support, they will gener- second-stage CEOs. be required to effec- ate the best return. Historically, he adds, This supportive and proactive infra- the majority of public sector resources structure has allowed Central Florida to tively manage the have flowed to supporting first- and overcome the most common hurdles business if it is to fourth-stage companies, but entrepre- associated with recognizing second- sustain or accel- neurs are not equally productive. Only a stage growth companies. erate its small subset of first- and second-stage “Most communities have a hard current companies have the desire and capac- time finding them because they just rate of ity to become truly high-growth enter- don’t know who they are, but Central growth to the prises. The goal of economic gardening Florida can target them easily because next stage of busi- is to recognize and support stage-spe- they’ve already been part of the con- ness. These compa- cific needs of these high achievers in tinuum process from the first-stage nies have moved order to generate a greater return, no growth programs already in place,” from where matter the industry sector. explains Lange. “I’m really looking for- the founder is The Edward Lowe Foundation, ward to seeing how this works out long- owner, operator, manager, based in southwest Michigan, was cre- term for Florida now that initial funding innovator — all in one — to ated to enhance entrepreneurship and from the state is in place. I can see an operation organized economic growth across the country. using Florida, and Central Florida around specialization and more formal Mark Lange, the executive director, has specifically, as a blueprint when taking organizational structure. This is an inher- known Quello for 10 years, and economic gardening to other regions ently fluid stage of business development together they have worked to better of the country.” that requires support to be available understand how to recognize and sup- At the core of all this, stresses Quello, in “just-in-time” fashion. port second-stage growth companies. is the entrepreneur. “They create the “They require high-maintenance and are “Steve is our man on the ground in Cen- jobs and wealth that drive the economy. often difficult to get a handle on,” says Mark tral Florida,” he says. “He introduced That’s the message here — being entre- Lange, executive director of the Founda- me to Tom O’Neal four years ago, and preneur-centric allows Central Florida to tion. “We often liken second-stage growth I quickly realized what a great infra- be more productive and competitive in structure Central Florida already had in an increasingly “flat” world. Striking the companies to a child’s terrible place. We simply began to provide the appropriate balance of investment in twos. It's a tough growth data and new ways of thinking to key entrepreneurship and innovation offers period that requires specific support people, and Steve became an the only truly sustainable economic support and under- advocate for these ideas in the region.” development strategy.” x standing.” 19 texture Spring/Summer 2009