Local, state and national economies are in a state of constant change akin to a living, breathing organism. The economic health of a place is often debated, and it is true that economies change based on how well nourished they are and what conditions the surrounding environment provides. While only slightly different, economic dynamism takes the debate to a new level. I think we can all agree that we would like to be called dynamic, rather than merely healthy.
An ongoing study by Grant Thornton of how dynamic economies are across the world is quite fascinating. The analysis looks at 22 factors within five critical areas: business operating environment, science and technology, labor and human capital, financing environment, and economics and growth. Singapore was recently ranked as having the most dynamic economy in the world.
Looking at each factor for your state or local economy is instructive about how to become a more dynamic economy. One thing that most would agree on is this – an environment where entrepreneurship thrives is more dynamic than an environment where it does not. This recent post from the Manhattan Institute for Policy Research quotes Columbus Region entrepreneur Sharon DeLay of BoldlyGO, and makes a great case for why entrepreneurship is the foundation of productivity and the creation of a more dynamic economy.
One Columbus Update
- This week, 140,000 people from all over the U.S. and Canada will attend the Farm Science Review in Madison County. Attendees will learn the latest in agricultural production and peruse 4,000 product lines from 600 exhibitors. Also this week, the beloved Little Brown Jug – the premier harness race for three-year-old pacing standardbreds – will celebrate tradition and make history during its 69th year in Delaware County.
- This week, the One Columbus team will present at the Society for Marketing Professional Services and join VentureOhio, MidAmerican Global Ventures and Tractus to present on Sourcing Capital from Asian Markets. We’ll also attend the 2014 Great Placemakers Lab and the Columbus Metropolitan Club forum focused on The Culture of Entrepreneurism.
- Next week, our team will travel to Chicago for meetings with companies and consultants.