Money is of course the fuel but entrepreneurs are the fire. Communities need to embrace their entrepreneurs. They are the ones hiring and creating new jobs. It’s great to have a new manufacturing plant move in but most likely, they left somewhere else and they can leave you when the economics dictate.
But it’s a long term play. It may be two or three or four years before startups reach 25 employees. So, have a lot of them.
And failure? So what? If a company forms, raises $2 million, hires 25 people, pays them great salaries for 5 years and does’t make it, why is that not a good thing? They payed taxes, bought cars and refrigerators, office supplies and paid office rent.
Then again, they may grow to be worth $billions.
Home grown companies tend to be sticky. After all, they chose your community to get started. They must like it there. Make sure they don’t leave.