Accelerating Growth in
Indiana’s Mid-Market Companies
Executive Overview

Economic development strategies in Indiana and elsewhere primarily focus on attraction (large business/facility investments) and entrepreneurship (start-up, technology-driven small businesses). Left out of the mix are mid-market companies – existing firms that already have a successful model and often are experiencing some type of growth.

As one business leader put it, "What would be the impact on Indiana if my company could double its employment over the next five years?

Accelerating Growth, the Indiana Economic Development Corporation’s recently released strategic plan, stresses the importance of "growth from within" to balance business attraction efforts. The goal is to help mid-market companies enhance their growth and become even more successful corporate and community citizens.

Definition: Mid-market companies are typically defined by either size (number of employees) or annual revenue. A new corporate database (NETS) will be analyzed to profile Indiana’s mid-market companies (by size, location, type of ownership, growth rate, etc.) and refine the definition for further study.

Methods: In addition to the statistical snapshot using the NETS database, the project will include:

• Focus groups with identified mid-market growth companies to better understand their business environment and seek their input on growth strategies
• Extensive review of national/international literature on mid-market companies and current economic development practices utilized to assist these companies
• Using earlier research to produce an in-depth statistical analysis of "mid-market companies on the move"
• Site visits and peer interviews of mid-market CEOs/executives by Indiana Chamber business community volunteers

Outcomes: Keeping at the forefront the goals of accelerating the growth of Indiana’s mid-market companies and helping those organizations expand their strategic leadership capabilities, the study will:

• Produce a guide to Indiana Mid-Market and Growth Companies for use by business and political leaders
• Deliver recommendations for public and private sector initiatives to further enhance growth
• Bring smaller groups of mid-market CEOs/executives together for business-to-business learning opportunities
• Pilot regional projects in north central and southwest Indiana that will include additional interviews, local action groups and implementation of mid-market growth strategies

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