I. Vision Philadelphia must become the top destination for entrepreneurs who participate in innovative New Economy start-ups that fuel future growth. Philadelphia must attract these innovators with an exciting business and cultural environment, providing them with the best environment for their endeavors. The lines between center-city, neighborhoods, counties and states will blur as the city emerges in the center of an innovation zone that will rival Silicon Valley, Austin, Texas and others. As a result, residents will be able to find meaningful employment and experience the economic booms of growing industries. While growth in New Economy areas has started in the region, it has not become a major factor in the city.
Outlying areas have leveraged regional assets to create healthy start-up communities.
The city has continued to lose ground as compared to the suburbs and other major cities on the comeback. The city must act now , partner with the region, state and federal governments, and establish a critical mass that can compete with emerging Silicon Valleys nationwide. Reduce business barriers that have driven companies out of the city and kept businesses from considering Philadelphia. Reduce the wage and gross receipts tax burden as quickly and as deeply as possible. Foster a community that attracts the future Internet and biosciences billionaires.