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In Focus: Construction Tech Adoption Speeds Up

Friday, February 26, 2021

Faced with the urgent need to both enable remote work and safeguard job-site activity, U.S. construction firms significantly ramped up tech investments in 2020, condensing three years worth of adoption into a single year. According to JLL’s State of Construction Tech report, mature technologies — including digital collaboration platforms, virtual scanning tools, and safety-focused wearables — were forecast to see strong growth in 2020, thanks to proven value and low barriers to adoption. But once the pandemic struck, these tools proved more than nice-to-have — they’ve become a veritable lifeline for companies of all sizes to keep projects alive through this publi...

President Johnson delivers first State of the University address

Friday, February 26, 2021

In her first State of the University address as the 16th president of The Ohio State University, Kristina M. Johnson today announced a commitment to hire hundreds of new faculty members and invest more than $750 million in new cutting-edge research, and promised a debt-free undergraduate education in a decade. Johnson started her tenure during the height of the COVID-19 pandemic, following a summer of protests against racial injustice and through a contentious political campaign season. While highlighting the challenging times, she also pointed toward a more optimistic future. “The Ohio State University was created to spread opportunity more widely,” she said. “And if eve...

Ohio Governor Mike DeWine Outlines $1 B Program to Combat COVID Economy

Thursday, February 25, 2021

Governor Mike DeWine, as part of his state operating budget kickoff, announced a broad and impressive $1 B Investing in Ohio program designed to impact the economic downturn created by the COVID 19 virus. Ohio like many other states around the country have experienced reduced revenues, and economic activity due to the pandemic and the governor is focused on provided resources and support to help spur economic activity while supporting small businesses in the state. The proposed $1 billion program would provide $460 million to support businesses to help cover costs to keep their doors open, including businesses in the entertainment...

“Made in America” Executive Order to Affect International Companies and FDI

Thursday, February 25, 2021

On January 25th, President Biden issued one of his first Executive Orders, making changes to the “Made in America” program. The order left many with questions about how it would affect trade and international investment into the U.S. About the Executive Order The Executive Order is designed to strengthen the requirements for federal procurement in the U.S., allowing more of a preference for domestic products and supply chains (e.g., components) of domestic products. The order creates a new “Made in America” office to administer the new processes, which will be housed under the Office of Management & Budget (OMB) and will have its own director. Rea...

Attract Those Remote Workers

Thursday, December 31, 2020

Did you know?? Even before the COVID-19 pandemic, 43% of the workforce worked from home at least some of the time according to Gallup data. With the pandemic, that percentage increased and many people have switched to completely remote work. With the switch, many found a certain freedom. In April 2020, people in the U.S. relocated at twice the rate they did one year ago. And that higher rate of moves continued through May, reported The Wall Street Journal. Remote workers are looking to relocate from more populated and price-y metros to smaller towns where they can more easily social distance, get more ban...

Does Your Business Need a Digital Transformation?

Wednesday, December 30, 2020

As technology constantly and rapidly changes, many businesses find themselves unable to keep up with the advances. The reality is that digitalization promises to change the way that businesses operate, and a 2019 McKinsey Digital Quotient survey found that 93 percent of executives believe that taking advantage of digital technology is essential for accomplishing strategic goals. Digitization brings new opportunities, improves processes, expands production and many other benefits. Leaders need to work to develop the right systems, structures, and expertise to welcome digitization with open arms. What is digital transformation? Digital transformation is defined as “cultural, organizational, and operation change of an organization, industry, or ecosystem through the smart integratio...

What Business Can Learn from Supermarkets' Pandemic Playbooks

Tuesday, December 29, 2020

Businesses across the board are struggling to meet the new demands put forth due to Covid. Increasing sales while decreasing operational costs is not an easy feat. However, the country’s nearly 40,000 grocery stores, classified an essential service during the pandemic, have had to adapt quickly without any downtime. Only about 3 to 4 percent of grocery spending in the U.S. was online before the pandemic, but that’s surged to 10 to 15 percent, according to research by consulting firm Bain & Company. And in some cases, it’s much greater than that. “Early on during the pandemic, we saw a 300 percent increase, on average, in online grocery sales amon...

4 Mindset and Growth Strategies to Help You Grow Your Business Revenue

Monday, December 28, 2020

As entrepreneurs, we’re always itching for growth. Although we love looking back at all we’ve accomplished, what truly excites us are the milestones ahead. The problem is that business growth is not constant. There are hiatuses along the way, and if we don’t see the bigger picture, we can get lost in the patches of shade and twists in the road. What’s more, there are challenges that make us question if continuing to fight for our dreams of success is really worthwhile. The key is to keep focused with the right mindset and growth strategies in our arsenal. Here are four to add to yours. Read full article.

How This App Is Helping Parents Become Entrepreneurs

Wednesday, December 23, 2020

If your children have outgrown their baby items, you might have wondered if you can make money by selling your gently used things. Stephanie Cartin had that thought when her daughter was eight months old. Today, she’s the co-founder of Markid. She spoke with Jessica Abo to share how her marketplace is helping parents become entrepreneurs. Jessica Abo: Stephanie, how did you and your business partner come up with the idea to start Markid? Stephanie Cartin: When my daughter was eight months old, she began to outgrow many of the items that we had purchased for her, like her Mamaroo, her bouncer and her bassinet. And there were new products tha...

10 Key Questions And Answers About SPACs

Tuesday, December 22, 2020

SPACs, or “special purpose acquisition companies,” are continually in the business news these days, with $50+ billion having been raised by SPACs this year alone. In fact, SPACs are estimated to become 50% of the IPO market this year. The increasing popularity of SPACs and the flexibility they provide to companies wishing to go public has led to the formation of a number of high-profile SPACs. SPACs provide the opportunity for private companies to go public in a manner different than traditional IPOs. SPACs also provide for significant incentives for their sponsors. In this article, we answer 10 key questions about SPACs. Rea...

4 Things To Keep In Mind During National Entrepreneurship Month

Monday, December 21, 2020

As the calendar turns to November and National Entrepreneurship Month, business owners have an opportunity to celebrate and reflect. It undoubtedly has been a taxing year for business founders, but those challenges haven’t dampened the overall entrepreneurial spirit. Don’t believe me? Just look at the numbers. According to Yelp, Covid-19 caused more than 163,000 businesses to close as of the end of August, representing a 60% uptick compared with the middle of July. But with more than half a billion new companies setting up shop each month and 24 million people planning to become self-employed in the coming year, it seems like plenty of people are willing t...

No Office, No Problem: Software Unicorn GitLab's CEO

Friday, December 18, 2020

Sid Sijbrandij knows the perils of working from home. In 2018, after years of toiling exclusively from a small room in his 47th-floor apartment in a San Francisco high-rise, the entrepreneur developed foot problems. So he moved in a treadmill desk alongside his Zoom-friendly green screen and three monitors. But GitLab’s CEO says the problem isn’t remote work, but how it’s practiced. Unless you’re employed by one of the handful of companies that have fully embraced the new work reality, Sijbrandij (pronounced see brandy) thinks you’re probably doing it wrong. His radical take on remote work: It’s effective only if you go al...

Billionaire Bill Ackman: Covid Will Get ‘Ugly’ In Next Few Months, But Expect ‘Explosive Growth’ Once It’s Over

Thursday, December 17, 2020

As the pandemic worsens in the United States, billionaire activist investor Bill Ackman thinks the next three to four months could be terrible for the economic recovery, but once a vaccine becomes widely available, the founder of Pershing Square Capital Management expects boom times for the economy, he said at Forbes’ Wealth Management Summit. Pointing to worrying factors like a near-nationwide increase in the positive-test rate for coronavirus, Ackman says the next several months are “going to be ugly” for the pandemic and “challenging” for the economy, particularly in states like New York, where many businesses will likely be forced to halt thei...

In Focus: The Evolving Role of Outdoor Spaces

Wednesday, December 16, 2020

This year has been hallmarked by re-evaluation. On all levels, people have taken a second look at their habits, spaces, and lifestyles and have had to adjust greatly to meet the new needs of today. With safety as a priority, people entered their homes in March, and most have not returned to a “normal” lifestyle. On a macro-level, spaces must be reimagined in order for people to return safely and once again participate in day-to-day activities without fear of getting sick or infecting others. One solution is moving traditionally indoor spaces outdoors. The office is a great example of how outdoo...

Leveraging the Workplace in Recruitment Strategies

Tuesday, December 15, 2020

For most recruiters finding prospective employees is only half the battle. As challenging as it may be to sift through resumes and emails, when that one outstanding candidate comes along, there is an even greater obstacle: making sure he or she chooses to work with your organization. So how can one company stand out against another? Salaries and benefits are a huge factor, but they are certainly not the only variables considered. Company culture also plays a crucial role and, in many cases, may be the deciding factor for prospective employees. When a candidate visits a company’s office for an interview...

Redevelopment of Space for Booming Life Sciences Firms

Monday, December 14, 2020

As the race for a vaccine or widely available treatment for COVID-19 kicks into high gear, many life sciences firms are looking to ramp up their production capacity — for this and future public health crises. With this anticipated growth in production volume comes the need for more lab space. But when looking for space to expand, life sciences firms may need to look beyond space specifically built for life sciences and identify sites that have been redeveloped into lab space. Developers are taking note that some markets that have the assets of a life science cluster — such as proximit...

Workforce: A Primary Ingredient in the Evolution of the Food Industry

Friday, December 11, 2020

Food processing is an ever-changing industry. Recent years have ushered in a wave of change driven by consumer demands, technology advancements, and regulation shifts. Society has become much more aware of the food it consumes and how it is sourced. As with other industries, millennials are vocal about their preferences, which has motivated manufacturers, including food processors, to listen. The food and beverage industry, in response, is transforming itself through increasing production times, changing technologies, heightened food safety regulations, and more in-facility work. This evolution has been in the works for some time now and shows no indication of slowing down. Ad...

Trends in Industrial Design Accelerated by E-Commerce

Thursday, December 10, 2020

Industrial real estate has experienced healthy growth over the past five years, but no one could have forecast that a global pandemic would be a boon for the sector. The global shutdown resulting from the coronavirus outbreak has forced many consumers to change their shopping habits, drastically accelerating the penetration and adoption of e-commerce worldwide. In the U.S., online shopping increased by 30 percent in the first six months of 2020 compared to the same period in 2019. This e-commerce surge has put remarkable pressure on retailers to quickly move their inventory online and bolster their distribution networks, resulting in nearly unprecedented deman...

Expanded Incentives Support the Growth in Remote Work

Wednesday, December 09, 2020

So much about life has changed dramatically since the onset of the coronavirus pandemic. We’ve upped our game with hand hygiene and gotten used to wearing a mask in public. We’ve learned a lot about food carryout and delivery. And for millions of Americans, we’ve had a crash course in remote work. Indeed, as of an October 2020 Gallup survey, fully a third of the American workforce was “always” working remotely, and another quarter said they were working remotely “sometimes.” The share of remote workers in October was down a fair amount from what it was earlier in the pandemic, but still huge...

Finding the Sweet Spot in Food Plant Location Decisions

Tuesday, December 08, 2020

Who doesn’t like cookies? The food industry usually avoids NIMBY objections. The facilities smell nice, they are not too big, and they often have a company store open to the public! This article is focused on food plants in the $20 million to $80 million range, perhaps 40,000 square feet to 120,000 square feet. In future articles we can discuss finding and retrofitting existing buildings and the site selections of more challenging operations like animal slaughter. A Strong Sector New food plant construction has continued in 2020. And as the year progresses, owners are also restarting projects that were delayed due t...

Leaning into the storm: Reshoring manufacturing is Ohio’s call to duty

Tuesday, December 08, 2020

Ohioans couldn’t get N95 masks into our hospitals. Business couldn’t buy PPE to stay open. States fought to get testing kits. It didn’t stop with medical supplies. Try to buy a bicycle during COVID? Good luck. Many overseas-dependent products couldn’t be found on our shelves. Some seemingly simple items couldn’t be found because of one tiny component in the supply chain wasn’t available in our country. Reshoring, the restoring of manufacturing supply chains to our North American shores, is imperative! It’s also bipartisan. It’s clearly one of only a few issues upon which both sides of the aisle can agree — let’s bring manufacturing back to the U.S. Red full article.

Literary Buffs Will Love These Roadside Destinations

Monday, December 07, 2020

Once upon a time in a land close to home, there were workplaces and living spaces of famous authors and illustrators that literary fans could explore through printed maps created by the Ohioana Library Association. After more than 50 years, the organization, which collects, preserves and celebrates Ohio literature, has now gone digital with the Ohio Literary Trail, an online map that connects people to more than 60 notable sites around the state. “Literary tourism is becoming a much more popular thing because people love authors and books,” says Ohioana Library Association executive director David Weaver. “It’s exciting to g...

Nondisclosure Agreements Best Practices When Negotiating Incentives

Monday, December 07, 2020

Nondisclosure agreements (NDAs) or confidentiality agreements are commonplace in commercial transactions, especially in deals that are negotiated privately before any public disclosure, or if parties need to share proprietary information. In the context of economic development transactions, NDAs are sometimes used, but their limitations are often misunderstood. Incentives transactions generally involve a private-sector entity applying for financial or other incentives from one or more governmental or quasi-governmental entities. Incentive transactions can involve critical information that the company needs to keep confidential until the incentives negotiations are complete. For instance, a company considering relocating to a new state may not want it...

Boom in E-Commerce Creating Workforce Opportunities

Friday, December 04, 2020

To say that COVID-19 has altered our world is an understatement. Among the pandemic’s many adverse effects is the impact on brick-and-mortar retailers. UBS analysts projected that 100,000 retail locations could close by 2025 if Americans continue the online shopping craze perpetuated by COVID-19. The pandemic is just the latest blow to a trend in brick-and-mortar downturn. Previous years have seen record closures due, in part, to online retail giants dominating retail. Meanwhile, steady (and rising) unemployment numbers have left many out of work. But there is an expected bright spot in the culmination of these two problems: The rise of e-commerce could fuel a massive nee...

OSU seeks approval to build $36.7M innovation center

Friday, December 04, 2020

Provided that the Board of Trustees approves the project this week, construction will start in June 2021. The facility would be slated to open in May 2023. Read full article.

Air Force, Ohio State announce partnership to improve diversity in science, engineering

Thursday, December 03, 2020

The Ohio State University and the U.S. Air Force are creating a national consortium to increase opportunities in the Air Force for minority STEM students and graduates. Ohio State will co-lead the new effort with Wright State University, North Carolina A&T State University, and the Air Force Research Laboratory (AFRL) at Wright-Patterson Air Force Base. The six-year, $40 million project, funded by the AFRL, will include summer internships for minority engineering students, access to specialized research equipment and laboratory space at AFRL, Ohio State and Wright State, and support for projects to be determined by collaborating with historically black colleges and universities an...

Certainty and Predictability Are the Winning States’ Hallmarks

Thursday, December 03, 2020

State business climates are exceedingly competitive in 2020, if Site Selection’s latest Business Climate Ranking is any indication. For the first time ever, two states claim the top spot — Georgia, which now has an eight-year run in first place, and North Carolina, which missed tying Georgia last year by just two points. What’s more, there are two additional sets of tied states in the Top 10, Texas and South Carolina in fourth place and Alabama and Arizona in seventh. Half the ranking is based on a survey of corporate executives and site selectors (asked to identify the states they believ...

A Country With a Great History and Even Greater Potential

Wednesday, December 02, 2020

Georgia is probably a place you don’t know much about,” said the late Anthony Bourdain when his “Parts Unknown” TV program filmed an episode about the country several years ago. “Few Americans, I suspect, could place it on a map. It’s small compared to the superpowers around it, but vital, its significance far exceeding its relative size.” My conversations with an array of global investors and experts confirm that vitality and significance. More and more companies today know where to find it on a map. But first, let’s get one thing straight: The country was first inhabited by the proto-Georgian tribes i...

Ohio Ranked Third in Site Selection’s 2020 Top State Business Climate Rankings

Wednesday, December 02, 2020

This report is a summary of third-party economic research and perspectives to foster communication with business and economic development stakeholders during the COVID-19 crisis. Key Takeaways Global: International FDI fell by 49%; outlook remains negative. U.S.: U.S. unemployment rate falls to 6.9%, Federal Reserve holds rates at zero amid considerable risks as economy continued to recover. Ohio: Ohio ranked third in Site Selection’s 2020 Top State Business Climate Rankings. Global Foreign direct investment (FDI) fell by 49% to $399B in the first half of 2020 according to UNCTAD. The European Union’s executive commission lowered its economic forecast for next year and doesn’t expect to reach pre-virus levels until 2023. The ne...

5 Creative Approaches To Gain The Attention Of Businesses

Tuesday, December 01, 2020

So your community didn’t get on the finalist list of Amazon HQ2. Now what? The site selection process is changing and adapting with the trends in business. While it may still be important for you to look for potentially large company relocations, many good business expansions can occur with small to mid-sized companies. But gaining the attention of their businesses requires some creative approaches. #1 TALENT > INCENTIVES Workforce, workforce, workforce. The ability of a community to attract and retain a workforce is ranking at the top of the incentive list. Business owners may still be interested in traditional incentives, but th...

Will Modi's Moves Lead to the 'Next China'?

Tuesday, December 01, 2020

COVID-19 taught global manufacturing companies the dangers of depending on any single country for their operations. Multinationals are reviewing their global footprints and diversifying away from China. Is India the first step? Indian Prime Minister Narendra Modi has recognized that India has many of the attributes that made China successful, such as low-cost and abundant labor, technical and engineering excellence and growing domestic consumption led by an emerging middle class. The factor that has been missing has been investor- and business-friendly policies, but Modi is aggressively addressing this shortcoming, and is in hot pursuit of global manufacturing FDI. He has bee...

Safe Harbor

Monday, November 30, 2020

The categories and types of special economic zones, free trade zones and just plain free zones sometimes can seem as numerous as the zones themselves. Their boundaries can shift and jump depending on community and company needs. And even as some zones merge or disappear (Mexico’s government repealed several SEZs late last year) new zones are being formed and named all the time. China’s State Council in September, for instance, announced that it will establish three new pilot free trade zones (FTZs) in Beijing, Hunan, and Anhui and expand the FTZ in Zhejiang. As explained by Dezan, Shira & Associates, “pilo...

Where FDI Drives the Bus

Wednesday, November 25, 2020

Since the late 1980s, the global corporate facility projects database maintained and populated by Conway Data has tracked project locations and expansions by companies of every stripe in every U.S. state. But only within the past decade did we add to our columns of data a category tracking investing companies by country of ultimate beneficial owner. Now that a critical mass of projects has been tracked, this fall we analyzed the 1,686 U.S. projects we’ve tracked since 2015 that have had at least a share of involvement by a foreign-based firm (i.e. joint ventures count). The Top 10s below represent th...

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