Five Reasons Entrepreneurship Fuels Economic Growth in Palm Beach County
Business Development Board of Palm Beach County / October 11, 2017
1. It creates high wage jobs.
When new companies grow, they need to hire more employees. This is where economic development and entrepreneurship intersect. For example, Boca Raton’s Modernizing Medicine was founded by entrepreneurs Daniel Cane and Dr. Michael Sherling and has quickly grown to over 550 employees. The BDB recently assisted the company in expanding its operations to add 838 net new jobs while making a capital investment of more than $15 million in Palm Beach County by 2022.
2. It drives innovation.
Entrepreneurs help Palm Beach County stay on the leading edge of innovation. The County is home to many support organizations dedicated to stimulating a robust entrepreneur ecosystem such as Palm Beach Tech, Start Up Palm Beach, and FAU Tech Runway to name a few. It has been proven that rapid innovation is intertwined with a community’s strong economic growth. Examples of brilliant companies demonstrating innovative success in Palm Beach County are Sancilio & Company, 3Cinternactive, KRS Global Biotechnology and SolarTech Universal.
3. It expands the tax base.
Entrepreneurship can generate large amounts of capital investment, while expanding the community’s tax base. This influx of revenue provides for local governments to deliver even higher quality services and infrastructure, further accelerating job creation and strengthening the economic vitality of Palm Beach County and surrounding areas.
4. It enhances competition.
Palm Beach County entrepreneurs do more than just start businesses; they find solutions to problems. For example, when a company in the county implements a new technology, it drives the community to the forefront of global competition. Palm Beach County’s collaborative environment ensures that there’s an educated workforce ready to facilitate this innovation while putting Palm Beach County at the top of the list of most desirable places to live and work.
5. It shifts with the world’s ever changing economy.
Industries are constantly changing as our world economy evolves and entrepreneurs help ensure that we are keeping up with such transformation. For example, the BDB assisted Halo Technologies in facilitating the opening of its office in downtown West Palm Beach. Not only did the company anticipate hiring 50 new employees and making a capital investment of $300,000, but it introduced interactive technology and engineering solutions to the community. The possibilities that this company will provide are endless.