Maryland had no economic growth in 2013, according to new
estimates released Wednesday by the U.S. Bureau of Economic Analysis.
To turn the tide of reports like this, The Maryland Hispanic Chamber of
Commerce is part of a state-wide coalition working towards improving the
Business Climate in the State. The
Maryland Competitiveness Coalition was established in 2012 to analyze the
situation and provide strategic tactics that will benefit not just Hispanic
Businesses but all businesses in the region.
The Coalition recently met with Norm Augustine, former CEO of Lockheed
Martin, who chairs the new Maryland Economic Development
and Business Climate Commission.
The
commission was established earlier this year by Senate President Thomas V. Mike
Miller and House Speaker Michael Busch. It held its first meeting on April 30.
Augustine said the commission plans to meet in various parts of the State,
seeking ideas to improve Maryland’s economic development efforts with an eye on
making Maryland more competitive.
The
commission will submit its final report and recommendations on December 15. The
presiding officers expect the report to lead to legislative proposals during
the 2015 session. “They are both very committed to this, in my opinion,”
Augustine said. “They’ve made it very clear that what they want is actionable
proposals.”
Competitiveness
Coalition leaders briefed Augustine on the Vision and Action Plan for
Maryland’s Future and offered to support the commission as it
conducts its work. In addition to holding meetings throughout the summer and
fall, Augustine said the commission will establish a website where business
leaders can submit their ideas and feedback.
Augustine was
receptive to the coalition’s ideas and encouraged members to stay engaged with
the commission throughout the process. He was particularly interested in
specific examples of trouble employers are having with Maryland’s permitting
process and economic incentives. The Maryland Hispanic Chamber of Commerce will
keep members and partners informed as the commission established its website
and sets the agendas for future meetings.
“I think that
by working together, as you are doing, you can have a lot more impact than as
individual voices,” Augustine said.
As the former chair of the MD Hispanic Chamber
and an entrepreneur, I’ve seen first-hand the missed opportunities of insufficient
access and lack of resources. Several
studies reveal a tremendous opportunity in Maryland; Dr. Anirban Basu, economist estimates that
the region would see $5 Billion more in annual sales activity by adequately
supporting and leveraging W/MBE businesses.
The analysis further suggests that an adequately-sized W/MBE business
community would allow mainstream business to increase their sales by roughly
$1.8 Billion per year.[1]
Along with
developing & enhancing the infrastructure of existing W/MBE business
community, we also have the opportunity of benefitting from the shifting
demographic changes of the region- the increasing number of Hispanic
Businesses, who are establishing businesses at 3x the national average; and the
increasing number of Veteran owned/operated business, which produced 20% higher
revenues than non-Veteran led firms.
Maryland is
at the cusp of remarkable economic prosperity and we seek to collaborate
further with the MD Competitiveness Coalition and the Private Sector Commission
to increase Maryland’s Competitiveness by further improving Economic Diversity
in the region.
Veronica
Cool is the founder of Cool & Associates LLC, a business management firm
specializing in financial wellness & effective diverse segment
marketing. A Social Entrepreneur
hailing from the Dominican Republic with over 20 years of commercial banking
experience, she can be reached at veronica@coolassociatesllc.com or via Twitter @verocool.
[1] Anirban Basu “Bridging the Gap: An Analysis of
Baltimore’s Minority & Women-Owned Business Communities” (2004)
No comments:
Post a Comment