It’s what drives the greatest economy on earth. It spurs new innovations and discoveries. It impacts and improves our lives everyday—and creates new jobs and opportunities. It’s the entrepreneurial spirit and the entrepreneurs who thrive on it.
While the cover of this issue highlights a select group of unique entrepreneurs in the corridor, this issue of 10/12 is full of those who embody the entrepreneurial spirit. It’s amazing and inspirational. I love it!
As you turn the pages, you will discover those who have made their mark in the new world of the Internet as well as the age-old profession of advertising. Some entrepreneurs have capitalized on our natural resources and promote the experience that is Grand Isle—or sell the best gumbo that can be created from the catch of the Gulf. We look at those who risk it in real estate, others who are exploring the opportunities in the digital age—and a fashion designer from Breaux Bridge who is going for it on the national stage.
These entrepreneurs and others like them throughout Louisiana are the key to our future success and growth. They are the risk-takers we count on. Just look at the previous issue of 10/12 and the “Men of Fortune.” Jim Bernhard of The Shaw Group, Manuel Perez de la Mesa of the Pool Corp, and Terence Hall of Superior Energy Services all started out as an entrepreneur with a dream—and the drive to make it happen. Now, each is the CEO of a Fortune 1,000 firm, which together have created thousands of jobs in our state and much opportunity.
We must foster this spirit and encourage these entrepreneurs. We are fortunate to have resources and institutions to incubate such activity. The Louisiana Business Incubation Association [lbia.org] has 18 members in the corridor to assist start-ups. LSU’s Stephenson Entrepreneurship Institute program recently was ranked as one of the Top 50 nationally-recognized comprehensive programs by EntrePoint, an online entrepreneurship ranking website. Previously, the program was recognized by Forbes.com and Entrepreneurship magazine. LSU’s incubator has been ranked as the No. 1 incubator in the nation.
Recently, The A.B. Freeman School of Business at Tulane University was ranked as one of the top five graduate schools in the nation for entrepreneurship, according to a new ranking by Entrepreneur magazine and The Princeton Review. The Idea Village is another resource in New Orleans.
God bless the entrepreneurs.
• Louisiana was one of five states where real median household incomes went up in 2008, according to a report from the U.S. Census Bureau. The median income was $43,733 in 2008, compared with $42,135 in 2007. The other states to see an increase in median household incomes were Kansas, New York, New Jersey and Texas. Nationally, median household income fell by 1.2%.
• Louisiana ranks 44th in the Forbes magazine list of “The Best States for Business,” up from 49th the last two years. “Louisiana is making a comeback from the damage inflicted during hurricanes Katrina and Rita in 2005,” the magazine says. “Louisiana launched a workforce development reform plan last year that borrows heavily from labor programs in Texas and Georgia, both among our top 10.” This is the highest ranking for Louisiana in the Forbes survey, which was launched in 2006.
• Lake Charles is the nation’s strongest construction market right now. According to BusinessWeek magazine, the city saw the highest increase in building permits issued during the first six months of this year of any community in the country. Permits were up nearly 123% from the first half of 2008. The magazine notes the Lake Charles economy still is rebuilding from Hurricane Rita in 2005 and Hurricane Ike last year. Also bolstering construction were the new nuclear power facility now under construction.
• Economic activity in Baton Rouge continued to increase in 2008, while growth of the U.S. gross domestic product slowed down. The value of all goods and services produced in metro Baton Rouge was $27.7 billion in 2008, a 1.1% increase over the year before, according to figures from the U.S. Bureau of Economic Analysis. The Capital Region was the only metro area in Louisiana to see its GDP growth accelerate from 2007 to 2008.
