Tools for business growth

BY DWAINE CHAPEL

Adiversified economy for a community and region is accessible with a well-thoughtout plan. For any economic development group, establishing a course of action is essential to success. Several factors enter into the plan design, two of which are tools and assets.

Fortunately, South Dakota communities are located in one of the more favorable and forwardthinking business climates in the country for doing business. The state has provided its communities the following tools and assets:

• No corporate income tax

• No personal income tax

• No personal property tax

• No business inventory tax

• No inheritance tax

• No red tape

• Access to capital

• Access to workforce training opportunities

• Shovel ready industrial sites

• Shovel ready science and technology sites

• Available build-to-suit buildings

This business climate has been embraced by Brookings, South Dakota State University and the Research Park at SDSU. Together, they have developed a strong collaborative partnership. These groups work to assist in new business development, current business expansion and recruitment of science and technology research divisions across many industries.

The partnership has also brought forward local tools and assets to assist business growth and development. SDSU provides a high level of human capital in a variety of areas of expertise, including engi- neering, agriculture, human health, pharmacy and chemistry. The community has invested in the Research Park, Research and Technology Center and Rural Technology Labs, along with private investment into science and bio laboratories. They also have buildings available that can be finished to a company’s needs. These investments into infrastructure have been utilized by a large number of successful businesses including state-of-the-art companies like Prairie AquaTech, which converts ag-based materials to high-protein fish meal; TJ Technologies, an ag company focused on developing microbial and micronutrient products to improve plant growth and yields, and EleMech, an Illinois-based engineering firm specializing in the design and build of integrated control systems for municipalities and industrial applications.

Additionally, the partnership has collaborated to establish educational training opportunities to meet the workforce needs of its existing and new businesses. SDSU has worked with companies within the region to set up internships that have also turned into long-term employment opportunities.

There are a number of factors that lead a community to a diversified economy. Identifying its tools and assets is a great place to begin. Incorporating a “think outside of the box” mentality into the planning process may be one of the most important factors to consider. PB

Dwaine Chapel Executive Director Research Park at SDSU dwaine@researchparkatsdstate.com

BISMARCK-MANDAN NORTH DAKOTA

It’sacompetitiveworld. Trainforit.

TrainND providestrainingforNorth Dakotabusinessandindustry,enhancing theirabilitytocompeteglobally.

• Thriving diversified economy.

• Easy access by road, rail and air.

• Buildings and sites available.

• Well-rounded, growing community for business and family.

Bismarck-Mandan Development Association www.bmda.org • 701-222-5530 info@bmda.org

A fabulous

Jeff

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