Three Fundamentals for Growing Advanced Industries
October 19, 2016
Businesses in advanced industries—including manufacturing, energy and services—are becoming increasingly more valuable for employers, employees and for the U.S. economy in general. On average, these high-tech jobs pay almost double what other sectors pay, according to the Brookings Institution; and for every new advanced industry job, 2.2 additional jobs are created.
As a result, Brookings says a focus on advanced industries—R&D-intensive industries that concentrate the nation’s science, technology, engineering and mathematics (STEM) workforce—are crucial for strengthening our nation’s economy.
The state of Rhode Island has heeded the call to steward advanced industry growth. It has begun the job of strengthening and rejuvenating its high-tech sector, and the steps taken in the nation’s smallest state can help companies of all sizes leapfrog their competition and maintain a cutting edge.
The 3 strategic steps Rhode Island is taking are:
- Tax reduction. Rhode Island cut taxes and eliminated unnecessary regulations, and is providing tax incentives. RI now has the lowest top corporate tax rate in New England, as well as multiple incentives programs for qualifying businesses. And we have eliminated licenses and regulations seen as impediments to business growth.
- Customer-centricity. To ensure all touch points would play a role in helping our state look inviting, our Client Services team at Commerce Corporation flipped its business model to create a client-centric attitude exuding exemplary customer service. Its goals are to encourage entrepreneurship for businesses of all sizes, advance the global competitiveness of Rhode Island companies and promote the state’s attractiveness as a smart place to do business.
- Investing in talent. By investing in the talent pipeline through education and workforce development, we are creating a talent environment rich in the high-tech skills all businesses need today. Our Wavemaker Fellowship incentivizes recent STEM graduates to stay in the state or relocate here by providing help with their student loan debt. We’ve also introduced an initiative that provides down-payment assistance for first-time homebuyers. And, we are on track to become the first state in the country to provide computer science in every school, from kindergarten to high school (in partnership with Microsoft).
No matter what industry your business is in, high-tech skills will be needed to transform and transport it into the future. By building a relationship with a state that embodies these three steps, your company will be well-positioned for the long-term.