Saturday, March 27, 2004
In 2002, South Carolina waged an intense recruitment campaign to lure Pilot Therapeutics Holdings Inc. from Winston-Salem to Charleston.
South Carolina succeeded with $5 million in loans and grants and $10 million in tax credits and other performance-based incentives. One problem: the company had only 14 workers and shaky commercial prosepcts.
Now, the local paper is having a tough time getting anyone to return phone calls. And the stock is selling for $0.08 a share.
Is there a lesson here? Hmm...Probably. How about this one: Don't recruit companies without a cash flow. Read more.
posted by Ed Morrison |
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Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
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Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
Download some background information on me here.
Trying to find the pilot
