Making the right financial choices in economic uncertainty

Making the right financial choices in economic uncertainty

By: Max Crampton Thomas

2 min read July 2020 — To say the least, the COVID-19 pandemic has been nothing short of an unexpected wildfire to peoples’ health and financial stability. While the onus can’t be placed on the general public for not being prepared for something they didn’t expect, the past four months have proven that personal prosperity in the future will rely on preparing for the worst and expecting the unexpected. Coming on the heels of President Trump’s most recent address on the COVID-19 pandemic where he appeared to change tack and was quoted as saying, “It will get worse before it gets better,” it has never been more vital for individuals to make sound financial decisions as they are now faced with an economically uncertain future. Invest: explores some of the best practices for safe-guarding personal finances in the current economic climate.

 

Establish a relationship with your banking institution

There was a time when having an established relationship with your bank and a banker was a common practice, whether it was personal or business-related. Fast forward to 2020 and what was once commonplace has become more of a rarity, especially as it pertains to people’s personal finances. This in large part due to the ease of fintech and mobile banking technologies that have eliminated the need to visit a brick and mortar banking branch. Now with certain aspects of the CARES Act reaching their deadlines with no extension currently in place, like the Federal Pandemic Unemployment Compensation payments that are scheduled to run out this week, it would be advisable to visit your banking institution and continue to foster that relationship. If you don’t have a bank for your personal finances, now is as good a time as any to explore the variety of banking options available in the Tampa Bay region and find one that will best suit your personal financial needs. 

Create a budget and stick to it 

According to Forbes, “about half of Americans reported they had three months of expenses in savings for emergencies” while almost “40% said they would struggle to cover a $400 expense in cash.” In times of economic growth and prosperity, it is always advisable to establish a budget that allows you to tuck away some money in the case of unforeseen circumstances. The COVID-19 pandemic is the most significant unexpected circumstance in recent years. For those who did not already have an established budget prior to the pandemic, the last four months may have been quite difficult to push through. With no end date on the horizon for this crisis, it is now crucial to establish a livable budget with an emphasis on intentional spending and a more frugal lifestyle. 

Find ways to cut back unneeded expenses

Before COVID-19, Tampa Bay was in line for another record-breaking year in terms of economic growth, which set a positive tone that permeated throughout the local community and people’s spending habits. Now faced with a year of economic pullback, it is time to reassess how you are spending your money and find the areas where you can cut back. An article by Forbes discusses understanding your “spending triggers” and addressing them head on. This can be in the form of recognizing that you don’t need to spend money on the daily coffee from your local coffee shop and instead brew your own at home, or stopping a habit of needless spending on e-commerce hubs stemming from boredom. One of the easiest expenses to cut back on is dining out and takeout. The U.S. Bureau of Labor reported that in 2018, consumers spent an annual average of $3,459 on these options. With a large majority of businesses still offering work from home to their employees, it is the perfect time to sharpen those culinary skills. 

Continue to reinvest in yourself

The U.S. Bureau of Labor Statistics reported an unemployment rate of 10.4% for the state of Florida in June 2020. This number can be directly attributed to the fallout from the economic challenges that the pandemic has presented to all business sectors. While there is no way to 100% recession-proof yourself as it pertains to job security, and ultimately financial security, you can continue to make yourself as valuable an asset as possible by strengthening your skill sets and acquiring new ones. This may be in the form of continuing education, picking up a new skill set in your free time or even just pushing yourself the extra mile at your job. There is no way to be immune from layoffs and furloughs, but reinvesting in yourself and your work can make that decision a lot harder for a company if it ever comes time. 

These practices toward making sound financial decisions don’t just apply to individuals, as most companies have also applied these ideas to their operations in order to acclimate to the current economic conditions. For example, a variety of businesses in the region have leveraged their relationships with their banking institutions to help them with PPP loan applications and acquiring any additional funding that is available to them. Businesses have reorganized their budgets and found ways to cut back unneeded expenses, which unfortunately has sometimes come in the form of laying off portions of their workforce. Finally, almost every business has had to reinvest in their operations and in some ways reinvent themselves to continue on through these unprecedented times. 

To learn more about making the right financial choices in this economic uncertainty as it pertains to your business or personal well-being, register now for the Invest: Tampa Bay 2020 Virtual Launch Conference! The conference, which takes place on Aug. 20 at 11:30 a.m., will feature three robust panels including a banking and finance panel moderated by Rita Lowman, president of Pilot Bank, with panelists Gregory Kadet, managing director of UBS Wealth Management; Terry Igo, CEO of Tampa Bay Trust Company; Scott Perry, chairman and CEO of AmeriLife Group; and Travis Jennings, CEO of Finance Cape. 

If ever there was a time to seriously look at your finances and improve your financial standing, it’s now. Get started by registering to access these valuable insights.

Register for Invest: Tampa Bay 2020 Virtual Launch Conference
Tourism in Orlando pushing forward despite rise in COVID-19 cases

Tourism in Orlando pushing forward despite rise in COVID-19 cases

By: Beatrice Silva

2 min read July 2020 — It has been almost six months since the World Health Organization declared the novel coronavirus a pandemic. Within days, each sector of the economy had to discover new ways to keep businesses afloat despite being forced to close their doors. Unlike banking and technology, tourism relies on almost every aspect of life that is now restricted, like travel and face-to-face interaction. For cities like Orlando, tourism is a major factor in the economy, to the tune of $75 billion a year.

 

 Tourism supports an estimated 41% of Orlando’s workforce. Around 463,000 jobs have been affected and millions of dollars worth of wages are being lost each day during the area’s local tourism shut down. Tourism also accounts for $5.8 billion in state and local taxes, finances which go to support local schools, roads and other crucial services, according to Visit Orlando. The city’s resilience, however, is proving that it is not going to let a microscopic organism bring it down as tourism continues to push forward.

Although the hotel industry has been wrestling with obstacles caused by COVID-19, activity in that area is starting to gain traction again. One example is the development of a five-star convention hotel that was recently announced. Summa Development Group LLC has proposed a 33-story project in Thornton Park and the construction is expected to begin sometime next year, according to Orlando Business Journal. As for the big players like Walt Disney World, SeaWorld and Universal Studios, they too have begun to jump-start their operations. Disney’s Hollywood Studios and Epcot officially opened on July 15. Universal Studios welcomed guests back to its park on June 5, after almost two and a half months of closure. Of course, the theme parks will each have their own updated operational guidelines, including mandatory face coverings, temperature checks and social distancing regulations.  

“When we first made the decision in March 2020 to close Universal Orlando Resort in response to the coronavirus pandemic, we didn’t know how long it would be for. We didn’t know what the future held or what a reopening would entail … Getting us here has been an in-depth process, and I am incredibly proud of the ways our Team Members have listened to experts and implemented new operational guidelines for the safety of our guests. At Universal Orlando Resort, we are following what we’re calling the three Ss. That’s screening, meaning we’re taking everybody’s temperature before they enter; sanitization, because we are constantly sanitizing areas and high-touch surfaces in the parks; and spacing, providing markings and reminders throughout our resort so guests can socially distance themselves from other parties,” said Bill Davis, president of Universal Orlando Resort, in a welcome back letter. 

It’s safe to say that tourism is the bloodline of Orlando’s economy. While there is hope for a new beginning and a new normal after the pandemic, the city isn’t in the clear just yet. Despite every attempt by public officials to stop the spread of the novel coronavirus, cases continue to surge and hospitals are starting to fill up. On July 19, Florida reported 10,328 new positive COVID-19 cases and 90 Florida resident deaths related to COVID-19. Orlando has been listed as the second highest city, behind Miami, with the most confirmed number of COVID-19 cases, according to The Florida Department of Health. 

 

Cruise industry sailing into unknown waters due to pandemic

Cruise industry sailing into unknown waters due to pandemic

By: Max Crampton Thomas

2 Min read July 2020 — This year has been nothing short of a disaster for the cruise industry, and for PortMiami this has presented some major challenges. Coming into 2020, expectations could not have been higher for the “Cruise Capital of the World” as it came off a record cruise year, reporting a 22% increase in cruise passenger totals for the 12-month period that ended on Sept. 30, 2019. With multiple port terminal expansion projects on the horizon and continued strong support from the county, it appeared as though the sky was the limit for the cruise industry in Miami-Dade. 

 

This all rapidly changed as the COVID-19 pandemic began to spread throughout Florida, severely impacting the local community and economy of Miami-Dade County. On March 14, 2020, the Center for Disease Control and Prevention (CDC) issued the “No Sail Order,” preventing all cruise ships in the United States from normal cruising operations. This order has since been extended, first in April 2020 and most recently on July 16. Now with the order in effect until at least Oct. 1, 2020, the once bright outlook for Miami-Dade’s cruise industry now looks dark. 

Due to the challenges presented by the pandemic and with the industry still on hold, some South Florida-based cruise organizations are rethinking their business strategies and expansion plans. One such company is the Miami-based Norwegian Cruise Line Holdings Ltd, which announced on July 16 that it was launching an underwritten public offering of $250 million worth of ordinary shares. As reported by Bizjournals, the net proceeds from the offering would be used for general corporate purposes. 

While NCL is offering shares in its company, other cruise organizations are working with the county to look at restrategizing terminal expansion and development plans at PortMiami. After a vote on July 14 by the Miami-Dade County Tourism and the Ports Committee, plans were set in motion to negotiate a revised scope of work for two terminal projects at PortMiami. One of these terminal projects is that of Broward-based MSC Cruises, which would look to benefit from these negotiations as an extended timeline would allow it more time to secure the proper funding for its $300-million project. The other project under discussion in these negotiations is the Terminal V project at PortMiami belonging to Virgin Voyages. The company, in collaboration with the county, is working toward finding a way to reduce the cost of the $179-million project. 

Although the cruise industry may be at a standstill, PortMiami is weathering the economic storm of the pandemic due in large part to cargo and trade business. While it prepares for the eventual return of the cruise industry, the port and county have continued to support these organizations in a variety of ways. On March 13, Mayor Carlos Gimenez announced that PortMiami would be waiving berth fees for 30 days, which has continued to be extended throughout the pandemic. The Miami-Dade County mayor has remained steadfast on the county’s support of the cruise industry. “Our partnership with the cruise industry is stronger than ever, and we will continue to offer our support,” Mayor Gimenez was quoted as saying. 

 

 

Palm Beach education leaders assess 2020-21 academic year

Palm Beach education leaders assess 2020-21 academic year

By: Felipe Rivas

2 min read July  2020 — Forced to switch from in person learning to remote instruction seemingly overnight, Palm Beach education leaders are now planning the reopening of county campuses as the 2020-21 academic year nears its August start date. The reopening of public schools has been a contentious topic among parents, policymakers and educators, all of whom have different visions for the reopening process. 

The Palm Beach County School Board convened on Wednesday to discuss what the reopening of county public schools could look like under the coronavirus landscape. The Palm Beach County School Board is likely to approve its reopening plans, which will feature a mixture of distance education and a phased reopening process, according to the Sun Sentinel. With this approach, the youngest of each grade category will be among the first students to return to the classroom, along with those students with special needs. This would include students in pre-K, kindergarten, first grade, sixth grade and ninth grade, the paper reported.     

Further complicating the difficult reopening process, many teachers and parents fear that opening campuses would not be safe given the recent spikes in cases and Florida’s standing as the epicenter of coronavirus cases worldwide. Florida has reported 301,810 cases of the virus and 4,521 deaths as of Wednesday, according to the Johns Hopkins Coronavirus Dashboard. 

Not everyone is on board with strictly online classes, either. Some Palm Beach County parents gathered in front of the Palm Beach County School District’s headquarters on Monday to protest school officials’ decision to bar students from campuses and deliver only online classes at the start of the new school year. Among the parents’ chief concerns are the needs of students with disabilities, or those struggling with the online learning environment, and the needs of parents who have to choose between working or taking care of their children, the Palm Beach Post reported. 

According to the Palm Beach County School Board’s agenda, Palm Beach County Public School Superintendent Donald Fennoy is recommending “starting the school year with distance learning for all students and allowing for a phased return to brick and mortar in-person instruction when county health conditions permit.”

At the university level, institutions like Florida Atlantic University are also likely to begin the school year with an emphasis on remote learning while enforcing mask measures and strict social distancing rules for students and staff present on campus. Florida Atlantic University President John Kelly announced in late June that the university’s fall 2020 reopening plans were approved by the State University System of Florida Board of Governors. The school’s 25-page plan features the requirement of face coverings, with most classes remaining online, including classes with more than 50 students and all graduate-level courses, according to the university. Classrooms are to remain at 25 percent capacity and faculty, staff, and students will be required to observe social distancing measures while in the classroom.

Each of the state’s 12 public universities was required to file such a plan. School leaders still have to submit their reopening plans to the Florida Department of Education for final approval by July 31, 2020.

For more information, visit: 

https://fau.edu/

https://www.palmbeachschools.org/

Fort Lauderdale company develops another layer of COVID-19 protection

Fort Lauderdale company develops another layer of COVID-19 protection

By: Beatrice Silva 

2 min read FORT LAUDERDALE — It has been nearly five months since COVID-19 became a pandemic and initiated its assault on the world. On March 13, the United States declared a national state of emergency. Within weeks, local economies were in decline. Millions of people quarantined themselves in the safety of their homes. As the months went on, county officials began to loosen restrictions on non-essential businesses and people slowly started to emerge from the lockdown. What materialized on the other side was a completely new way of living. Wearing a mask inside establishments, waving hello instead of greeting people with a handshake and keeping a safe distance have become the new normal. With that being said, more and more people are looking for additional ways to protect themselves from the novel coronavirus. Veloce BioPharma LLC, a Fort Lauderdale-based company, has raised $2.3 million in equity financing to help scale up manufacturing of its COVID-19 nasal antiseptic and mouth rinse, according to the Philadelphia Business Journal. 

 

Veloce paid homage to its roots by naming its two over-the-counter products after the company it originated from, Halodine. “This is the first iodine-based antiseptic that has ever been shown to have activity against the virus that causes Covid-19,” Dr. Jesse Pelletie, CEO of Veloce and Halodine, said in a news release. The antiseptic contains a polymer-enriched povidone-iodine, which is non-toxic to sensitive areas of the body like the eyes, mouth and skin. 

The spread of COVID-19 most commonly occurs through respiratory droplets produced when an infected person coughs, sneezes or talks. Those viral aerosols and droplets can remain infectious for up to three hours. Although face coverings are suggested by the CDC to help prevent the spread of the virus, all masks are not created equal. The N95 has been proven to effectively prevent viral spread. However, even the most prestigious hospitals are having trouble obtaining them. A  cloth mask, most commonly worn by the average person, allows air in around the sides. “Masks aren’t enough,” said Samuel Barone, Chief Medical Officer of Veloce BioPharma to the Philadelphia Business Journal. “The world is going to be a different place. We are seeing a changing recognition and a new normal with infection control. There’s never been anything before that could bring economies to a screeching halt like COVID-19 has.”

Even though thousands of companies have adjusted their business to allow their employees to work from home there are still obstacles to overcome. For workers who have to be physically present at their jobs, undergoing a bi-weekly COVID-19 test could become a normal activity but companies should be mindful of the type of test they ask their employees to take. A molecular test is done with a simple nasal or throat swab and it can identify if a person has been infected within three to five days. Antibody tests, on the other hand, can help identify who has already been exposed to COVID-19 to reduce the need for any future testing. 

“The good news is that we’ve been synthesizing a lot of information to come up with simpler, more digestible rules, approaches and strategies that we can use to take the important steps to help people get back to their workplaces… We’re continuing to learn more about these tests and how to interpret them. We’re also gaining more experience with how to use these tests in work environments,” Dr. William Shrank, chief medical officer for Humana, told the South Florida Business Journal.  

 

 

Capital Analytics Highlights Charlotte’s Business Growth

Capital Analytics Highlights Charlotte’s Business Growth

By: Felipe Rivas

Capital Analytics Highlights Charlotte’s Business Growth

Invest: Charlotte offers economic insight in a time of uncertainty

July 13, 2020

FOR IMMEDIATE RELEASE

CHARLOTTE, NC — Capital Analytics’ in-depth research into the Charlotte market is an essential tool for economic development in a time of uncertainty. Invest: Charlotte, one of an annual series of business reports from the media and information company, offers comprehensive business intelligence highlighting Charlotte as a place to do business. Known for its affordability, highly educated workforce, and reputation as a major banking hub, the Queen City is poised to continue its growth and economic diversification even through current coronavirus-related challenges and uncertainty. This first edition of Invest: Charlotte dives deep into the top economic sectors in the Charlotte Metro Area, including real estate, construction, utilities and infrastructure, transportation and aviation, banking and finance, legal, healthcare, education, and arts, culture and tourism. 

The business report features exclusive insights from industry leaders, sector insiders, elected officials and heads of important institutions, brought together for the first time in a comprehensive release. It analyzes the leading challenges facing the market and uncovers emerging opportunities for investors, entrepreneurs and innovators.

“Charlotte was an important expansion for us as it is the nation’s second-largest banking city and a key driver of economic growth in the Southeast. The Queen City is experiencing positive economic activity as national and international companies choose Charlotte as a place to grow or relocate their operations. Our Charlotte expansion showcases how metro areas are more than just cities, but rather a diverse ecosystem made up of many companies, locations and environments. Despite the challenges put upon us by COVID-19, Capital Analytics remains steadfast in our purpose: to deliver in-depth business intelligence through its print and digital platforms. Now more than ever, information is not only necessary, it is vital,” said Abby Melone, President and CEO of Capital Analytics. 

Over seven months, the Capital Analytics team conducted extensive research and interviewed over 200 high-profile industry leaders, including Charlotte Mayor Vi Lyles, City Manager Marcus Jones,  Charlotte Regional Business Alliance President Janet LaBar, Bank of America Charlotte Market Leader Charles Bowman, and President and CEO of Atrium Health Eugene Woods. Through intensive research, the Capital Analytics team identified significant business insights that will serve as important knowledge benchmarks for investors, entrepreneurs and innovators. The publication is the first and most comprehensive report on Charlotte’s vibrant business climate, as seen through the eyes of those at the forefront of their sectors. Additionally, Invest: Charlotte features a dedicated Gaston County chapter further highlighting the business opportunities in the region. 

“Over the course of our seven-month research period, we were given the ability to get an insider view into Charlotte’s vibrant and diverse economy and discover what is driving the population and business growth in the Queen City. We found that Charlotte’s forward-thinking attitude, key investments in infrastructure and development, and collaborative business culture has transformed Charlotte into a resilient city ready to weather current economic challenges, while continuing its economic growth and social prosperity,”  said Max Crampton-Thomas, Regional Editor of Capital Analytics. 

About Capital Analytics:

Capital Analytics produces in-depth business intelligence with a focus on providing comprehensive investment knowledge on markets within the United States for the domestic and global business community. Over a seven-month research period, it meets with more than 200 top political, commercial and industry leaders to deliver targeted information, in-depth analyses and strategic insights to the global business community on economic trends and investment opportunities.

Capital Analytics has a global readership and includes among its readers top executives working in real estate, finance, technology, trade and logistics, health, hospitality and others. Books are distributed locally, nationally and globally to trade and investment boards, executives of Fortune 500 companies, institutional investors, consulates and embassies, hedge funds, leading chambers and associations, as well as high-level summits and conferences.

 

For more information contact 

Max Crampton-Thomas 

Regional Editor

mcthomas@capitalaa.com

TEL: 305-523-9708 ext 233

Invest: Tampa Bay 2020 Press Release

Invest: Tampa Bay 2020 Press Release

By: Max Crampton Thomas

FOR IMMEDIATE RELEASE 

July 12th, 2020

Tampa Bay’s economic resilience in the face of unprecedented challenges to highlight the launch of the second edition of Invest: Tampa Bay 2020.

 

Tampa Bay, FL – In this time of uncertainty, it has never been more important to showcase the strength and overall resilience of the local community and economy. Throughout the 156-page analysis, Invest: Tampa Bay 2020 presents a detailed and well-researched showcase of the strengths and opportunities in regional Tampa Bay’s economy. Tampa Bay’s durable real estate market and prominent healthcare sector, along with the challenges in the face of adversity across other sectors, are just some of the focal points in this edition of Invest: Tampa Bay from Capital Analytics. The 2020 edition highlights the region of Tampa Bay, including both Hillsborough and Pinellas counties, as well as a special focus chapter on the City of Clearwater. 

Invest: Tampa Bay is an in-depth economic analysis that highlights business opportunities that exist for investors, entrepreneurs and innovators within the Tampa Bay region despite a harsh economic climate due to the pandemic. Some of the opportunities spotlighted throughout the publication include Tampa Bay’s healthcare market that has made significant strides to establish this region as one of the preeminent medical hubs in Florida. The region’s real estate market is also covered in great detail as new developments continue to rise from the ground despite major roadblocks caused by the ongoing COVID-19 pandemic, a true testament to the thoughtful and strategic planning by the sector’s leaders. The publication also dives into the banking and finance sector, which has remained strong while also aiding the local business community through this unprecedented time. 

The official launch of the publication will take place on Thursday, August 20, at 11:30 AM via Zoom Webinar. This event will consist of a brief introduction by Capital Analytics’ CEO Abby Melone and will be followed by three robust panel discussions.

The panels will address the current economic climate as well as prevailing themes currently dominating the Tampa Bay region’s economy: finance and banking in the time of a pandemic, adaptation and transformation for the legal sector, and innovation within the business community stemming from the current crisis. Gregory Kadet of UBS Global Wealth Management U.S., Terry Igo of the Tampa Bay Trust Company, Scott Perry of AmeriLife Group and Travis Jennings of Finance Cape will participate in the panel, “Making the right financial choices amid economic uncertainty.” Rita Lowman of Pilot Bank will moderate. The second panel, “Adaptation for legal professionals in the wake of the pandemic,” will feature Marie Tomassi of Trenam Law, William Schifino of Gunster Law and Alan Higbee of Shutts and Bowen. The moderator will be Kevin Johnson of Johnson Jackson. The final panel, “Crisis breeds innovation: What this means for the business community,”  will consist of John Couris of Tampa General Hospital, Michael Schultz of AdventHealth, Santiago Corrada of Visit Tampa Bay and Douglas Wright of Holland and Knight. The moderator for this panel will be Christopher Bowen of RD Management. 

Hundreds of high-level guests and officials from Tampa Bay’s key industries and economic institutions will be tuning into the event via Zoom Webinar. We are inviting all attendees and those wanting to register for the event to participate in the following survey, the results of which will be presented at the Invest: Tampa Bay 2020 launch conference. 

“Never before has it been so essential to have accurate and comprehensive investor intelligence during these uncertain times,” said Abby Melone, president of Capital Analytics. “Capital Analytics is playing a pivotal role in ensuring a safe landing from this flash economic recession. Reports and events like ours enable the business community to take the right steps toward rebuilding. Following this event, we will be releasing our next South Florida titles, Invest: Miami and Invest: Palm Beach in early Q4 of 2020.”  

***

About Capital Analytics & Invest: Tampa Bay

Capital Analytics is an integrated media platform that produces in-depth business intelligence through its annual print and digital economic reviews, high-impact conferences and events and top-level interviews via its video platform, Invest: Insights.

Invest: Tampa Bay is an in-depth economic review of the key issues facing Tampa Bay’s economy, featuring the exclusive insights of prominent industry leaders. Invest: Tampa Bay is produced with two goals in mind: 1) to provide comprehensive investment knowledge on the Tampa Bay region to local, national and international investors, and 2) to promote Tampa Bay as a place to invest and do business.

The book conducts a deep dive into the top economic sectors in the county, including real estate, construction, utilities and infrastructure, transportation and aviation, banking and finance, legal, healthcare, education, and arts, culture and tourism. The publication is compiled from insights collected from more than 200 economic leaders, sector insiders, political leaders and heads of important institutions. It analyzes the leading challenges facing the market, and uncovers emerging opportunities for investors, entrepreneurs and innovators.

For more information, contact: 

Max Crampton-Thomas

Regional Editor

305-523-9708 Ext: 233

Register for Invest: Tampa Bay 2020 Virtual Launch Conference
Startup ecosystem has a new Silicon Valley: Philadelphia

Startup ecosystem has a new Silicon Valley: Philadelphia

By: Beatrice Silva

2 min read July 2020 — The term “startup” may bring to mind a group of motivated mid-20-year-olds huddled together in a high-tech office somewhere in Silicon Valley. However, the southern part of San Francisco Bay is no longer the only hotspot for young, ambitious people. The Philadelphia Business Journal recently reported that Philadelphia has one of the top emerging startup ecosystems in the United States, according to a new study from the Startup Genome. Although startups are often small enterprises, the role they play in economic growth is extensive. With new entrepreneurs come new ideas, new innovations and new competition for bigger corporations. 

 

While all startups have the ability to transform into a big business, there are many differences between the two. Along with having different visions for growth and sustainability, startups also tend to have a unique relationship with funding. Unlike a traditional business, startups often rely on capital from outside investors or venture capital firms. Running out of money is the second-most common reason for a startup’s failure. An estimated 29% of startups fold because they ran out of cash, according to CB Insights. With that being said, more and more entrepreneurs are opening up shop in Philadelphia because it has a diverse population, an urban atmosphere and most importantly affordable rents. 

“People who do tech startups in Philly still feel that giddy sense of wonder and magic that comes from starting something totally new. We don’t take it for granted. We still feel lucky and grateful to be doing what we’re doing. We’re scrappy. Philly tech is the way I imagine Silicon Valley must have been before the personal computer boom, the first internet boom, and the second internet boom made startup success feel like a foregone conclusion. In the Valley, most employees don’t remember those days. In America, we’re used to thinking of the East as the past and the West as the future. But when it comes to tech, the tables are turned. The Valley is experienced and satisfied. Philly is young and hungry,” Michael Idinopulos, a social business pioneer, wrote in a blog originally for PeopleLinx, now FRONTLINE Selling, and reposted on Robin Hood Ventures. 

Startups and small businesses are also a crucial part of Philadelphia’s economy. Startups have been proven to boost employment patterns, which leads to more job opportunities. In 2019, small businesses created 57,377 net jobs. Firms employing fewer than 20 employees experienced the largest gains, adding 34,585 jobs, according to Pennsylvania Small Business Economic Profile. Other than economic growth, startups also tend to revolutionize technology. Exyn Technologies, founded in 2014 by Nader Elm, is just one of the many startups using research to create technology designed to keep more people out of harm’s way. Exyn Technologies pioneers autonomous aerial robot systems to improve operational efficiencies and safety for data gathering in underground mining. 

“I think it is interesting as we are watching the use of drones following the emergence of COVID-19. A lot of companies have started testing and demonstrating the capability of using drones to disinfect public areas. I think that is super relevant and very important not only for this pandemic, but it also shows how the industry at large is adopting autonomous tech in all kinds of environments. Also, it is fascinating to think about autonomous inspections and data collection for heavy industry,” Joe Snodgrass, field engineer at Exyn Technologies, told My Dear Drone. 

 

Georgia’s business reputation stays strong in midst of pandemic

Georgia’s business reputation stays strong in midst of pandemic

By: Felipe Rivas

2 min read July 2020 — The Peach State’s methodical investments in economic development, workforce training, support for small businesses, and overall pro-business environment continue to pay dividends for the region, even in the midst of a global pandemic.

 

Georgia was once again celebrated as a leader in economic development in June by Area Development Magazine, which awarded the state its 12th Silver Shovel Award. This distinction, Georgia’s 11th consecutive award, celebrates the region’s excellence in economic activity, job creation and investment attraction. Besides this latest recognition, the region also saw significant technology-based business expansion in June, while its film industry readies to meet pent-up studio demand, which is set to employ some 40,000 people — a significant boon to the local economy afflicted by coronavirus-related challenges. 

“It’s an honor to accept this award on behalf of all of the hardworking Georgians who consistently create opportunities in their communities,” Gov. Brian Kemp said of the 12th Silver Shovel Award, according to a press release. “For 11 years in a row, Georgia has earned this recognition thanks to our pro-business environment, unmatched workforce, world-renowned logistics, and long-standing commitment to attracting jobs to every corner of the state. I want to thank our state’s economic development team and our local partners for their tireless work to promote prosperity throughout the Peach State.”

While compounded economic activity prior to the coronavirus slowdown may have significantly maintained the state’s pro-business reputation, recent June business expansion announcements continue to highlight the strong economic fundamentals found in the Peach State. 

Three technology-based companies announced investments and job creation plans in different Georgia communities. Milletech Systems Inc., SK Innovation, and Perspecta, companies that span the gamut of technology services from software solutions to advanced manufacturing to cybersecurity, are set to bring more than 1,200 jobs to the region while providing millions of dollars in investments. These announcements are testaments to Georgia’s “top-notch college and university system and training programs,” Kemp said. “I am confident that Milletech will be pleased with their decision to expand and invest in Georgia along with the skilled talent we have right here in the Peach State.” Kemp had similar sentiments when speaking of the other recent technology company expansions.

To go along with editorial recognition and recent business expansions, the Peach State’s film sector officially opened for business following months-long coronavirus-related shutdowns. Major motion picture, television, and streaming companies are gearing up to hire approximately 40,000 production workers, the governor’s office announced in June. The announcement follows revised safety protocols provided by the Georgia Film Office, which complements further safety guidelines published by the Industry-Wide Labor-Management Safety Committee Task Force, aimed at ensuring a safe workplace environment and reducing the spread of the virus. 

An expected 75 productions are set to resume filming. They are projected to inject over $2 billion into the Georgia economy during the next 18 months, helping more than 17,000 small businesses in the process. “The entertainment production industry is coming back and ready to jumpstart the Georgia economy by creating jobs and generating greatly needed investment and spending in communities across the Peach State,” said Gov. Kemp, according to a press release.

“Georgia is open for business, and we look forward to an even stronger relationship with the film industry moving forward,” said Georgia Department of Economic Development Commissioner Pat Wilson. In 2019, 391 film and television productions filmed in Georgia, supported by 3,040 motion picture and television industry businesses. “Thanks to the historic best practices guide, Georgia is able to safely send the tens of thousands of film and TV industry employees back to work and restart production. The economic impact of film touches local communities and small businesses across Georgia. We look forward to resuming the hundreds of productions across the state and to keeping Georgia as the nation’s film and TV capital,” Wilson said.

To learn more, visit: https://gov.georgia.gov

 

 

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