1. It creates 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 employ nearly 1,000 people. In the past, the BDB, Palm Beach County’s official economic development resource, 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.
FUN FACT: Modernizing Medicine recently moved into the same place where IBM built the world’s first personal computer.
2. It drives innovation.
Entrepreneurs help Palm Beach County stay ahead of the game with innovation. The County is home to many support organizations dedicated to stimulating a robust entrepreneur ecosystem such as Palm Beach Tech, FAU Tech Runway, SCORE, the Small Business Development Center, 1909, The Jim Moran Institute for Global Entrepreneurship, Junior Achievement of the Palm Beaches and Treasure Coast 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 3Cinternactive, Tellus Products. Levatas, 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 Beacon Center for Life Science and Research in Jupiter in facilitating the opening of its 150,000 sq. ft. accelerator, which will host up to 50 life science startups. Not only did the accelerator anticipate creating up to 137 life science jobs, but it will introduce new technology and world-changing research. The possibilities that this accelerator provides are endless.