Inventure is currently implementing a strategy to retain, expand and recruit “knowledge-based” companies in Evanston. While at MIT, economist David Birch’s studies of new job creation showed that most new jobs come from small, fast-growing companies. Many of these companies are based on new knowledge or an application of existing knowledge in a new and different way.
Examples are such companies as Google, Yahoo and others built around the Internet; Amgen and Genentech in genomics and pharmaceuticals; Nanophase, Sematech in nanotechnologies. Knowledge-based businesses also include computer design and graphics, software development (Microsoft), sophisticated business consulting, seed and venture capital, marketing and sales outsourcing, computer-enabled shopping (Amazon, Peapod) and almost every other company that provides “thoughtware” rather than hardware to other businesses and to the public.
Working with Northwestern University, the City of Evanston, and other members of its board, Inventure is seeking to identify and learn what these new economy companies need to stay and expand in Evanston; or, move into Evanston from somewhere else because of its nurturing environment. Inventure feels that if it can retain these companies’ natural growth it can build a new economic base to replace the large, corporate headquarters companies that moved out of Evanston during the 1980’s and 1990’s.
For more information on knowledge-based economic development and Inventure’s approach to help build a knowledge community click here.