The Leadership Summit: Shaping the Region's Economic Future

The Leadership Summit: Shaping the Region's Economic Future
Congressman Jo Bonner, Honorary Summit Chair
November 17, 2003
Mobile, AL

WORKSHOP SESSION DESCRIPTIONS

SESSION ONE: Innovation & strengthening our existing businesses

Innovation is a key ingredient in fostering success. It is especially important in sustaining competitiveness, growing market share, and increasing value-added productivity and other returns to capital and labor within firms. Innovation also frequently has important “spillover” effects, leading to additional benefits for users, suppliers, and industrial clusters as well as the innovating firm. The best protection strategy for existing industry in southwest Alabama, as well as for the state as a whole, must be one that encourages innovation - encompassing the range of steps and activities involved in the introduction and deployment of new or improved ideas within and between companies. Within the scope of this definition, we include product design and development, the development of new processes, organizational innovation, innovative customer service approaches, and the development of innovative linkages with other firms. The definition also considers how small firms identify, acquire, develop and implement innovations, as well as the context, resources, values, knowledge base, and leadership that contribute to innovation.

SESSION TWO: Expanding opportunities for minority & woman-owned businesses

Today, there are 6.2 million women-owned firms employing 9.2 million people and generating sales of $1.15 trillion and minority-owned firms are growing at a rate of more than three times the national average. It is easy to see that minority and women-owned businesses are playing an important and expanding role in maintaining the economic well-being of America. Operating primarily as small businesses, they are also the backbone of Alabama's economy. According to the most recent economic data available, minority and woman-owned businesses in the state of Alabama generated nearly $15 billion in revenue. Thus, creating opportunities for full participation in our free enterprise system by minority and women-owned business enterprises is essential to obtaining social and economic equality and improving the functioning of Alabama's economy.

SESSION THREE: Workforce development: Our people in a knowledge-based society

Human capital remains the greatest resource in southwest Alabama for tackling the economic challenges before us. Improving all levels and all facets of education and workforce development systems will be an important step in enabling the region to address the short-term challenges while preparing for long-term success. A well-educated population undergirds economic growth by supplying an extra-capable workforce.

Potential discussion topics include:

Improving math and science education throughout the region, throughout the state and throughout the nation
Identifying strategies to recruit and retain additional quality teachers throughout the education system
Extending the availability of education and training to those who need it
Examining innovative ideas to reduce ‘brain drain’
Assisting dislocated workers transitioning into new professions

SESSION FOUR: Attracting & creating new entrepreneurs & businesses

Small businesses create 75% of all new jobs and constitute 99% of all employers in America. Since the 25 million small businesses in our country are responsible for nearly half of all sales in America and make up half of our Gross National Product, there will be no economic turnaround in Alabama or the country as a whole if we fail to respond to their needs and encourage innovation. Entrepreneurs bring innovation, create new jobs, and develop innovative businesses that either grow, fail (which is all part of R&D and a contribution to the economy), or get bought out and therefore contribute to the growth of larger companies.

In 2000, businesses with fewer than 500 workers employed nearly half (48.7 percent) of Alabama's 1,653,074 non-farm sector employees. This session will seek to answer some of the following key questions: In southwest Alabama, what is the relationship between small business and large businesses? How can that relationship be enhanced to create more entrepreneurs and help share research?

Discussing opportunities for small businesses and entrepreneurs to increase write-offs for new investments and to speed depreciation schedules
Examining the effectiveness of federal programs such as the Small Business Innovation Research (SBIR), the Small Business Technology Transfer Program (STTR), and the Trade Adjustment Assistance (TAA)
Identifying ways to build a vibrant trade network in southwest Alabama to open doors of new markets for local businesses to grow and expand.