Yankee ingenuity reflects strongly in a new Bloomberg ranking of the most innovative states in the U.S. as Massachusetts heads the list. (California, Washington, New Jersey and Connecticut round out the top five states on The Bloomberg U.S. Innovation Index.)
Our top-notch universities play a major role in producing the well educated, highly qualified small to medium business entrepreneurs who in turn not only create successful ventures, but also ones that generate a ripple effect causing still other businesses to either be created or help foster growth in existing ones.
For example, over the past several decades, MIT graduates have produced some 400 start up businesses.
Nariman Behravesh, chief economist at IHS Inc. in Lexington, Massachusetts is quoted in the article as saying. “”Innovation usually leads to job creation, and high-skilled job creation, mostly. But there are other jobs that come with it, namely, that as the labor force grows, they need haircuts, they need landscapers, all that stuff — so it does tend to have linkages to other parts of the economy.”
Your social media strategy should not only be about your business but also in helping to promote others through innovative project partnerships. For example, if you own a pizza restaurant with a science fiction theme, you might want to co-host events with a local book merchant who sells comic books and SF novels. Then blog and tweet the events. Increasing traffic at either or both stores would result in extra staff being hired. It could also result in expansion.
As a small business owners you may be “all alone” out there but you are also part of a team in terms of your market sector and the state’s economic growth.
Mississippi, West Virginia and South Dakota were the three least innovative states. If you’re not here in MA, where did your state rank in terms of fostering an innovative business environment for start ups? And what can your small business do to help your state improve that ranking?
(Anthony M. Scialis is a social media strategist focusing on blogging & tweeting as a two-step customer service effort in bridging the gap between the wants of your small business to grow and the needs of your customers to be satisfied. Follow https://twitter.com/amssvs)