by Rodrick T. Miller, President & CEO
This year, New Orleans was featured many times in the national spotlight as a progressive city with favorable conditions for business growth and investment. We are also competitive in quality of life rankings, and New Orleans was consistently recognized as one of the best cities in the nation in which to live and work in 2013.
Quality of Life:
Effective Economic Development Leadership:
Today, Mayor Mitch Landrieu, the Mayor’s Office of Economic Development and the New Orleans Business Alliance applauded the successes of the City’s economic development efforts during 2013. Throughout the year, the City attracted nationally recognized retailers and was distinguished as a hub for economic innovation and growth.
“This past year we took huge steps towards growing our economy and saw a tremendous retail boom and major business developments,” said Mayor Landrieu. “We were successful in not only bringing businesses back to New Orleans, but also utilizing public-private partnerships to help create new jobs and options for our residents and visitors. This groundwork will lead the way for a 2014 filled with even more economic growth and good news.”
Rodrick Miller, President and CEO of the New Orleans Business Alliance, the City’s official public-private partnership for economic development, described 2013 as a remarkable year for New Orleans.
“This year we launched ProsperityNOLA, a dynamic 5-year strategic plan that introduced strategies to promote collaboration, investment, workforce, entrepreneurship that will secure the City’s economic future.” Miller said. “New Orleans is well on her way to becoming a global leader in business and a prototype for corporate investment. Under the stellar leadership of Mayor Landrieu and our business community, we are sure to have a phenomenal 2014.”[Continue Reading...]
By Rodrick Miller, President & CEO
In the story of New Orleans’ economic transformation, small businesses play a leading role. Against the odds, tenacious and savvy New Orleanians have built their own companies. Whether looking at traditional business to consumer companies or high growth startups, New Orleans has proven itself as a market primed for growth. In fact, New Orleans leads the nation by 53% in our number of start-ups per capita. It may also come as no surprise that the majority of business establishments in New Orleans are small businesses. Today, 90% of New Orleans companies employ less than 25 people.
We should be proud of the strong presence of small businesses in New Orleans, however, we must also provide the support they need to grow their revenues and employ more people. Nationally, since 1995, small businesses (defined by the SBA as businesses with >500 employees) have generated 64% of the new jobs in our economy, and paid 44% of the total US private payroll. According to the International Economic Development Council, at least 70% of job growth in a community occurs when existing businesses grow and expand – therefore, supporting small business growth is a critical strategy for New Orleans to increase jobs and investment.
For our most recent newsletter issue focusing on small business, we caught up with Phyllis Cassidy, Founder and Executive Director of GoodWork Network to learn more about her organization’s work in New Orleans.
What does your organization do to support small businesses and entrepreneurs?
We provide one-on-one counseling and training for over 700 small business owners and aspiring entrepreneurs each year. The core of our training is a 30-hour Entrepreneurship Series, which is an intensive course that teaches participants about critical business functions and helps them to complete a full business plan. In addition to training, we work with businesses to develop marketing strategies, build financial record keeping systems, improve their credit, and address challenges. Once businesses have a sound business structure we connect them with market opportunities and assist them in accessing capital.[Continue Reading...]