In addition to creating tens of thousands of jobs, largest economic development project in state history will transform Wisconsin’s economy
[Madison, Wis.] – In case you missed it, Foxconn Technology Group’s historic investment – the largest economic development project in state history – continues to generate excitement over how it will transform Wisconsin’s entire economy.
In addition to creating tens of thousands of jobs, Foxconn will bolster entrepreneurship across the state. This economic transformation is the result of Gov. Scott Walker’s bold reforms ensuring Wisconsin is ready for this kind of opportunity.
Read more in the Wisconsin State Journal’s opinion section here, or find excerpts below:
Thinking big on Foxconn will help entrepreneurs, not squeeze them
By Tom Still
Wisconsin State Journal
August 11, 2017
… Young companies create jobs — lots of them. Mature companies can create jobs, too, not only directly but indirectly through supply chains and capital infusions that help emerging companies grow and succeed. Wisconsin needs both.
The chance to lure Foxconn Technology Group to Wisconsin is not just about securing 13,000 direct jobs over time and twice that many indirect jobs, but changing the business landscape in a way that will spur ideas, products and companies yet to be imagined.
“I believe that it will also have a positive impact on entrepreneurship,” veteran venture capitalist John Neis told an Assembly committee when it met this month on the proposed Foxconn deal.
“It will likely be the foundation for a cluster of activity and leadership by our state beyond Foxconn as a supply chain grows around the company, and talent and expertise is attracted and trained,” said Neis, managing director of Venture Investors LLC. “From that, we will see spin-out opportunities as new ideas are developed, becoming a magnet for new investment in the state.” …
“Opportunities of this scale (Foxconn) present themselves with rarity. … It is creating good jobs for our skilled manufacturing workforce, and it is teaching them new skills that strengthen their ability to compete in today’s economy. If we allow this to slip away, we may not see an opportunity of this scale again anytime soon,” Neis said. …
Wisconsin needs Foxconn for what it will add directly to the state economy and for what it will do to spark entrepreneurial activity over time. Those effects won’t show up on a spreadsheet right away, but expect the long-term benefits to reach far beyond the official job estimates and tax revenue costs.