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Support Small Business, May 1, 2008

We're all concerned, Democrats and Republicans alike, about the direction our economy is heading but it's easy to become confused about all of the proposed solutions. Will any of them really help in the near-term and will they be solid answers to our long-term economic concerns?

What I'd like to concentrate on here is our direct support for business and the creation of jobs. A current Republican proposal focuses on enticing large companies to MInnesota that can create 500 new jobs. Nothing wrong with that; it's important for Minnesota to stay competitive in that race.

But, historically, small business is where the real job creation happens. Thousands of small businesses are distributed throughout our state and helping them create 10, 15, 20 jobs or more each would result in a more sustainable, vibrant improvement for economy.

Small businesses are also generally where new ideas are born. And new businesses based on new ideas begin with a few employees and, with appropriate support and encouragement, can grow into major employers. So, tax incentives to support this job growth can be a strong investment in our future.

The University of Minnesota is a small business incubation center. Currently a large investment is being made in a Medical Biosciences complex and in biotechnology in general. The research that results from these programs — not to mention the highly trained individuals who graduate from them — are a fantastic resource for new businesses and new jobs. Support for the University, properly applied, can result in economic growth.

New green technologies are emerging and Minnesota is in a strong position to lead the nation in the creation of new green industry jobs. This is not a pipedream conjured up by naive so-called "tree-huggers." We already have substantial wind resources, which need further development. We are leaders in agricultural research and innovation. Businesses and academic scientists in our state are working with new types of algae that can be developed into economical, sustainable bio fuels. We also have a strong history of recycling and creating new products from those reclaimed materials.

We also need to be aware of the types of jobs we're creating. We often get caught up in the promise of hundreds of new jobs, only to discover that the average pay is low, often minimum wage level, and that sometimes the jobs aren't even permanent. Often, the better-paying, higher level jobs come from small businesses and new ventures.

Our long-term economic health will be better if we support businesses and job creation that has the greatest long-term potential. And that begins with small business and new ideas. We need that kind of vision to revitalize and rebuild the strong economy for which our state has always been justifiably famous.