City among best for business
Seventh among small places to launch company
BY ALEX LANG The Dominion Post
MOLLOHAN: ‘Diversification is the magic word.’ Page 1-B. Morgantown has received accolade after accolade for its economic status. This week, it added one more. The city was ranked as the seventh best “small place” to launch a small business, according to a report by Fortune Small Business and the Ewing Marion Kauffman Foundation. “It’s another feather in our cap,” said Kenneth Busz, president of the Morgantown Area Chamber of Commerce. It is another award for the town, and Busz said that he hopes they don’t stop. The ranking — released Tuesday — was based on 2007 Census numbers for the Morgantown Statistical Area, which consists of Monongalia and Preston counties. The report listed the educated work force as one of the best reasons to start a business in the area. In Morgantown, 37 percent of the population holds bachelor’s degrees, compared to 33.5 percent, the average for other cities on the Fortune list. The city also outpaced the average for gross domestic product growth. Busz said one of the best aspects for small businesses in Morgantown is the support systems in place to help new businesses get off the ground. One part of that support system is the WVU Business Incubator. General Manager Dusty Gwinn said he was pleased with the ranking. “I thought it was great,” Gwinn said. “We have a lot of untapped resources.” Having the university in the city gives the area numerous resources for potential small businesses, Gwinn said, adding that advantages include an educated work force and the opportunity to partner with WVU researchers. The business incubator helps small entrepreneurs get their companies up and running, Gwinn said, by providing education on various parts of a business such as marketing, finance and software training. The goal is to get the business owners the infor-
mation so they can help themselves, he said. “Our goal is that in 2 to 3 years, they outgrow us,” Gwinn said. A steady number of applicants have joined the incubator, Gwinn said, adding that there has been no drop-off because of the economic recession. One of the biggest challenges small operations have in the area is overcoming the stereotype that it is difficult to start a business in the city, Gwinn said. Some have said high taxes or the municipal system can make it difficult, but Gwinn said he doesn’t see this problem. Busz said he doesn’t see taxes or policy as a stumbling block for starting up a business in the area either. Instead, he cited not enough capital or lack of a good business plan as hurdles new business owners face.