Creation of an entrepreneurial environment, Angelos Angelou figures, is more important these days than recruitment of new companies to build offices and manufacturing facilities.
And with that thought in mind, the big economic development study that Angelou's company is undertaking for the Economic Development Authority ofWestern Nevada will look at some unlikely indicators.
Entertainment options for 20-somethings.
Shopping and restaurants for the demographic that's likely to start new companies.
Downtown housing options.
That's all a far cry from the old days of economic development, when communities wooed new companies with fact books stuffed with data about power lines, tax rates and freight costs.
EDAWN is paying AngelouEconomics of Austin, Texas, about $240,000 to help develop a plan to strengthen the region's economy while protecting its quality of life.
A key piece of that,Angelou said a few days ago, is development of homegrown companies.
"We feel that entrepreneurship is going to be 50 percent or more of economic development in the future," he said.
Homegrown companies create primary jobs the jobs that bring fresh dollars into a region's economy and help provide a stable economic base.
"Entrepreneurs tend to be very loyal to their communities,"Angelou said."They start their businesses where they went to school, where they were born.
They are likely to be citizens rather than mere residents of the community."
The nurturing of entrepreneurs is important, too, the economic development expert said, because they create dozens or hundreds of companies some successful, some not.
That provides diversity for a region's economy.
Homegrown entrepreneurs, he added, need to begin establishing their roots when they're young.
That means that AngelouEconomics researchers will be looking closely at the region's schools elementary through college to get a sense whether they encourage students and faculty members to pursue business opportunities.
Among the indicators: Business plan competitions for students.
Policies that allow faculty members to take ownership stakes in companies created from their research.
The researchers also will be taking a look at factors such as the availability of angel investment groups that provide start-up capital and the availability of business incubators that allow young companies to get started in a low-cost environment.
"You may be the only city of your size that doesn't have an incubator,"Angelou said.
While the firm's researchers will be determining if organizations of young professionals have been created to provide support for folks who start businesses, age alone won't define the search for an entrepreneurial climate in northern Nevada.
"Let's not leave entrepreneurship to the young people," said Angelou, noting the influx of middle-aged retirees many of them with plenty of capital to northern Nevada may provide an economic asset.
"Are they truly retired?" he asks."How can they become involved?" And that includes groups such as SCORE the Service Corps of Retired Executives that allow seasoned businesspeople to mentor younger business owners.
Part of the AngelouEconomic's analysis will include a look at the effectiveness of those groups.
Even though the economy of northern Nevada has grown dramatically in recent years,Angelou said no one should expect that his company will simply applaud past efforts.
"We want to turn this community upside down," he said."There has to be a dose of reality, and we have to confront it head on."
The company's analysis and recommendations are expected to be complete by late May.
