There are six key ingredients for Michigan to reinvigorate the local economy.
Firstly, U.S. automotive industry’s business model needs to be re-evaluated to enable them to become more competitive with foreign manufacturers. The Innovators and entrepreneurs in Michigan can encourage and make this possible by doing things like improving the supply chain, speeding up cycle times for innovative R&D, and cost reduction.
Secondly, Additional sectors need to emerge so that the region can be rebuilt and the innovators and entrepreneurs can focus on sectors where the population and dynamics of Detroit lend themselves to transition into that new business with some level of re-training for the workforce.
Thirdly, a diverse blend of service, retail and manufacturing companies must be added to in order to thrive beyond the downsizing of the auto industry with the help of those businesses that continue to support new car manufacturing.
Fourthly, finding skilled workers for new types of business sectors is something Entrepreneurs in Michigan can look at. This could help them as they direct investment towards new areas of technology, like nanotechnology, which has potential across business sectors.
Fifthly, local entrepreneurs must try and develop partnerships with universities like the University of Michigan and Wayne State University to access new ideas and support incubator companies coming out of these institutions that will help grow the economy.
Finally, as it takes time to reinvigorate a local economy, they must set realistic expectations by engaging the policymakers and political leaders to develop policies that are conducive to business growth and development.
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