REBECCA COOK
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'Detroit's scrappy vibe is tech savvy'
Detroit might be one of the last cities you'd figure was getting a rebirth -- but the wheels are turning in the Motor City for a transformation, thanks in part to a growing concentration of tech startups and incubators, especially on a street called Woodward that one person has dubbed "Webward Avenue," according to this story in Inc.
And the story says, a stretch of Webward "is poised to become Detroit's own Silicon Valley," and all that's going on there "just might become the movement that is key to transforming Detroit back into a great American city."
The story points to Dan Gilbert of Quicken Loans as one person leading the downtown revitalization charge. He has been buying up abandoned or underused buildings to turn into office space, seeding ventures and moving thousands of employees into the area, the story says. But it also points to other businesses that, it says, have been "laying the groundwork for the movement since the first dot-com boom."
And while the Motor City once mostly drew those connected to the auto industry, "Detroit's scrappy vibe is tech-savvy," and attracting others willing to take a risk on the city.
The story notes that Detroit is still in the early stages of revival as a tech and startup hub. It needs a few "breakout success stories" and to continue to attract more talent. But there's a feeling, the story notes, that Detroit is once again a city on the move.
Most Canadian women would start their own business: study
Nearly three-quarters -- 71 per cent -- of Canadian women would start their own business, if given the opportunity, according to a new study from Bank of Montreal. And 83 per cent said that access to role models or mentors would be a key ingredient to their success as business owners.
But one-quarter recognize that balancing work and life as a 'mompreneur' would be a challenge, the survey of 1,523 Canadians conducted by Leger Marketing found.
The study, in advance of International Women's Day on March 8, also found that 86 per cent of women believe the ability to share knowledge is important when starting a new business.
The study also found that "traditional gender preferences" still apply to industry choices. For instance, one in three women would start a business in food and hospitality or the arts and entertainment sectors; just 5 per cent said they would want to go into business in information technology or a skilled trade.
Still, more women may be thinking outside the traditional box. According to a study by the National Women's Business Council, the percentage of trademarks granted to women has more than doubled over the last several years, as reported here by Inc. Wire. And that, said the NWBC's chairwoman, indicates growing entrepreneurial activity among women.
As well, a majority of the patents were in fields beyond the pink ghettoes, such as chemistry and semiconductor device manufacturing, the story reported.
As a quick snapshot, the BMO study quotes Statistics Canada figures that there are about 910,000 self-employed women in Canada, about a third of the national total. Nearly half -- 46 per cent -- of businesses have some level of female ownership, including 16 per cent majority-owned by women.
U.S. small business hiring edges up
Hiring at U.S. small businesses inched up in February, with the number of firms laying off workers falling to the lowest level since 2007, according to this report from Reuters that appeared in the Huffington Post. However, companies have scaled back their hiring plans, according to a survey done by the National Federation of Independent Business, the story reported.
U.S. small business owners unprepared for retirement
Millions of U.S. small business owners are concerned about, but unprepared for, their retirement, according to a new study.
The study by The American College found that 66 per cent of women and 70 per cent of men said they had developed an estimate of their retirement needs, but 77 per cent of women and 74 per cent of men have no written plan for their retirement. As well, just 37 per cent of women and 38 per cent of men think their retirement planning needs are complex, suggesting, the study said, "a potentially dangerous tendency to oversimply an increasingly complicated financial planning situation."
And while just over half of small business owners said they were concerned about maximizing the value of their business to help fund their retirement, only 10 per cent of women and 20 per cent of men had a written plan to transition their business upon retirement, according to the survey of 1,255 respondents, 835 of them women and 420 of them men.
Small businesses the 'backbone' of European growth
The head of the European Investment Bank called small and medium-sized businesses the "backbone" of growth in Europe, according to this CNN report.
And EIB president Werner Hoyer said the EU's financing institution, the EIB, will this year put its focus on small and medium-sized enterprises.
"SMEs are the backbone of growth, innovation and employment in Europe," CNN quoted him as saying. He also said the bank doled out €13-billion SMEs last year and plans to do the same this year.
The EIB's shareholders are the 27 member states of the EU. It invests in businesses and projects on the continent and elsewhere in the world.
EVENTS AND KEY DATES
Small business summit in the Big Apple
If you want to head to the Big Apple, the seventh annual Small Business Summit will take place in New York on March 6. The event offers a chance to network, attend seminars and shop around for products and services to help small businesses succeed. For more information, click here.
Next 36 search hits Montreal
The Next 36, an educational program that annually nurtures 36 of Canada's most promising studentsto become corporate dynamos, takes it search to Concordia University in Montreal on March 14. The event is open to undergraduate students from any university. For more information, click here.
EDITOR'S PICKS FROM REPORT ON SMALL BUSINESS
Selling out to an employee: an insider experience
The McLaren brothers recently sold their majority ownership in Vancouver's Allied Shipbuilders Ltd. to the company's vice-president of operations. Here's how and why, and what can be learned from their experience
FROM THE ROSB ARCHIVES
Siblings take over ice-sculpting firm
Julian Bayley was aware that he waited too long to start the succession-planning process for his family business. But better late than never. Several years ago, Mr. Bayley and his wife Ann began to hand the reigns over to three of their five children, while still making allowances for the two others who were not actively involved in the company.
Their succession solution was as unique as the business itself: Iceculture Inc. exports decorative ice sculptures and interiors across North America and around the world. And despite the potential pitfalls of having three siblings run a company founded by their parents, it seemed to be working, as recounted in a story in October, 2010. For an update on the company, also see this story from last September.
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