The public and private sectors must work together to effectively strengthen, expand, and diversify a community's technology and manufacturing business base. Each of these approaches has a different time frame to benefit our community and different requirements. Taken together they are complementary strategies. They, however, provide the best opportunity to change the character of the region's business base. Start-ups are formed to take advantage of a new market opportunity often provided by a new technology application such as the Internet or an invention such as the cardiac pacemaker or servo valve.
Entrepreneurial businesses are in the formation and rapid growth stages of the business cycle.
Access to capable employees is also a critical need in today's era of high employment. Business Expansion Business expansion has the greatest potential for short-term impact on our community. A company's failure or move often means the loss of tens or even hundreds of jobs for a community while the addition of a new product line or market may allow a company to quickly expand its workforce. This requires a company to continuously improve its business practices and refresh its products and services. In order to expand, a company must improve faster than its competition and increase its market share.