Traveling around the state to talk with Indiana entrepreneurs and business and community leaders is one of the great joys of my job. And no matter where my travels take me, one question remains constant: “What are you hearing out there?” Whether it’s a Chamber of Commerce luncheon in LaPorte, an economic development dinner in Angola or an energy summit in Evansville, Hoosiers want to know what other Hoosiers think about the state of the economy.
That curiosity has certainly always existed, but perhaps it is more evident now as the state’s economy continues to embrace, and in some cases resist, the continued transition to a 21st century economy. Indiana continues to make headlines for its loss of tens of thousands of traditional manufacturing jobs that were once the bread and butter of the economy. At the same time, the state is making great strides and adding jobs and investment in areas like advanced manufacturing, life sciences, distribution and logistics and information technology.
The obvious appetite for a credible and relevant read on the state’s changing economic landscape is what prompted the creation of The State of Our Business, a survey of Indiana business leaders on issues like economic policy, workforce development and key business challenges. In partnership with Butler University’s College of Business Administration and Ice Miller LLP, we’re releasing the results of a comprehensive 18 month project which allowed Butler MBA students to develop and conduct an online survey involving hundreds of Indiana business executives. While some of the results were expected, others were surprising. In the aggregate, the survey provides insight into some of the challenges and opportunities facing the state at a very important juncture in our economic timeline.
So what’s on the minds of Hoosier executives? Not surprisingly the survey points to quality of life issues as vital to the state’s continued economic development, while improving education clearly rates as the number one issue facing the state’s business future. In fact, 68% of those surveyed rate “improving education” at nearly twice the rating of the second most critical area.
The survey shows that undergraduate and graduate education, both public and private, are perceived to be very strong, but public elementary and secondary education are perceived to be weak. Importantly, it appears as though executives in the survey believe that the state’s educational system as a whole is not keeping up with the changing business climate.
The survey also underscores the need for Hoosiers to embrace “lifelong learning.” The continued statewide growth of Ivy Tech Community College and burgeoning efforts by Vincennes University in southwest Indiana are prime examples of the academic and private sectors collaborating to attack that issue.
We were surprised to learn that foreign competition doesn’t appear to be a major concern for Indiana executives and that they don’t consider efforts to stimulate foreign trade to be all that important. I find this intriguing because foreign investment in the state is one the rise and efforts to stimulate trade relationships are at an all time high with some successes to report.
Another surprise was that executives indicated that creating cultural attractions and professional sports are among the least critical of the issues presented in the survey. Interesting, since cultural tourism and development initiatives in places like Indianapolis, Fort Wayne and Evansville are being credited with enhancing quality of life issues necessary to attract and retain workers.
There’s plenty more to chew on in the survey, including CEO challenges and issues, the state’s economic stability, government’s role in economic development human resources and diversity issues, education, technology and CEO work habits. The results represent the first survey by the group and the establishment of a base line to track these key issues over time.
There’s no doubt that Indiana faces substantial challenges in its quest to become a leader in the knowledge-based 21st century economy and proactively addressing tough issues will be key to future success. So too will embracing the exciting opportunities that exist in areas like the life sciences, advanced manufacturing and other technology driven sectors. The State of Our Business won’t replace the one-on-one information I receive in my statewide travels, but I hope you find it to be a valuable resource as we work to grow Indiana!
Gerry Dick is president of Grow INdiana Media Ventures and host of the weekly “Inside INdiana Business with Gerry Dick” statewide television program.
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