Can you kick-start the economic growth of an entire region? It depends. How many billions do you have to throw around?
Daniel Isenberg, entrepreneur and professor of entrepreneurship practice, has a better way. His method, refined over decades and discussed in his video and article, is built around the concept of “scaling up.” When people think of entrepreneurship, they usually think of tiny, one-person start-up operations. Isenberg’s definition expands to include midsize companies that are poised for dramatic innovation and growth. His method partners with stakeholders to help create growth innovation for a small fraction of a region’s businesses, which then drives growth in the entire area. More than theory, his successful scaling-up projects with major cities in the U.S., Latin America and Northern Europe prove his method works.
There are three basic levels:
Level 1: Demonstrate growth quickly. Not in five or ten years, but a 100% increase in revenue in a single year, created by both “unicorn” companies showing explosive growth and scaling up all those “workhorse” companies that grow by a steady 10% or 17% or 25% per year.
Level 2: Talk about it! It’s not enough to have new local growth – if no one knows about it, it has less effect. The more people who are aware of the action and get on board, the greater the impact of the economic boom.
Level 3: As you communicate, engage stakeholders. Create programs to systematically work with leaders across industries, with different goals, to create a sense of investment in the project and its success.
When these levels are all operational, regions have realized billions of dollars of growth for an outlay in the low millions. Isenberg’s method is a function of change in the culture of growth – through language, communication, and a growing number of examples. For more information on how Isenberg’s expertise can benefit your region, contact us.
Daniel Isenberg is available for paid speaking engagements including keynote addresses, speeches, panels, conference talks, and advisory/consulting services through the exclusive representation of Stern Speakers, a division of Stern Strategy Group®.