Mayor Sharon Weston Broome’s administration has begun working on a new economic development initiative that seeks to position Baton Rouge as an attractive target for investment by major companies in two sectors growing rapidly as a result of the pandemic: tech and health care/pharma.
The initiative is an outbound marketing effort, designed to put Baton Rouge on the radar of some 40 tech and health care executives and make them aware of some little-known selling points about the Capital Region, namely: Baton Rouge has more R&D dollars per capita, generated by LSU and Southern, than do peer cities; it ranks third among peer cities in the number of college graduates with degrees in STEM fields; and it has one of the lowest cost of business among peer cities.
Peer cities include: Birmingham and Huntsville in Alabama; Greenville and Columbia in South Carolina; and Chattanooga and Knoxville in Tennessee.
Data to support the assertions came from consulting firm McKinsey and Co., which provided a high-level market analysis for the city-parish free of charge, after doing some health care work for the Baton Rouge Area Chamber earlier this year, says Veneeth Iyengar, Broome’s assistant chief administrative officer.
“We used the data as the basis for the mayor’s letter, which she sent directly to top executives, and 90 percent have responded and given us good feedback,” he says. “We are now having conversations with a number of these companies about investing in a delivery center or a new model work.”
With the pandemic forcing changes to the workplace, companies don’t need to necessarily open a new facility in a city like Baton Rouge. Perhaps they could have a virtual workplace and hire 50 people all working from home in Baton Rouge.
The administration is also trying to interest companies in exploring partnerships with LSU and Southern, which could provide a pipeline of talent.
It’s too soon to say whether anything will come of the conversations but Iyengar is optimistic.
“We’re making a strong argument using the data,” Iyengar says. “Right now we’re trying to get our name out and build a relationship with key decision-makers. We’re still in the outbound marketing, socialization phase, getting Baton Rouge on their radar. Fortunately, we are doing that and it’s been successful in building that connectivity.”
