There are three ways to quickly pull an economy forward: Real Estate, Finance, and Entrepreneurship. Let’s put these into a Vermont context. Without steady population growth, real estate often overbuilds beyond the units needed today (i.e. speculation) and that seldom ends well. Without low taxes and friendly regulatory incentives, institutional financial players stay away, too. Can anyone tell me how many hedge funds are in Vermont? That leaves entrepreneurs as our highest probability solution. Imagine Vermont’s economy and public supports available today without past & present pillars like IDX/GE, Green Mountain Coffee, IBM/Global Foundries, Dealer.com/Cox, National Life, Mack Molding, HUSKY, GW Plastics, Cabot Creamery, Lockheed Martin, Burton, EHV Wiedmann, Kiilington Resort, Ethan Allen Furniture, and a few dozen more. Pretty scary to contemplate, right?
Our problem is that this pool of pillar firms ain’t deep. An inconvenient truth is that public policy decisions often impact pillar employers more so than scrappy startup stage companies. To thrive, pillars (like the average household) need sufficient, affordable and sustaining sources of housing, workforce, healthcare, education, clean water and open spaces to support them over time. All these needs compete for resources, prioritization and compatibility within Vermont. This puzzle is not easy, but doable, I think. These new private sector employers are where Vermont must focus with smarter public policy and, above all else, business climate predictability. Do no further harm, please. We all need to focus on the underlying chronic conditions, not just treating symptoms.
Yesterday, BETA rang the bell at the NYSE. Astonishing! This is a monumental moment for Kyle & Katie Clark, the team, its investors, Vermont, and when it all ultimately works out, the planet. Once lockup ends, today’s IPO wealth will translate into real economy projects for housing, startup capital, new cars & boats, charity, scholarships, and more. That’s the type of broadly shared, globally visible Vermont economy we need. Now, let’s get back to work.
-Dave
