Local economy fueled by innovation
Chairman of the Board
Carlsbad Chamber of Commerce
There are two areas I’d like to highlight this month. The first is women owned businesses and the second is innovation. Each pays a critical role in keeping our business community balanced and moving forward.
These areas impact our economic development and keep our community leading the way. The SBA recognizes October as National Women’s Small Business Month. They honor milestones we hit in our different business sectors. One area that has seen growth is women owned businesses.
Back in 1972, SBA estimated there were 400,000 women owned business in the US. Until 1988 women needed a male relative to cosign for a business loan.
Today there are over 13 million women owned businesses, which represents 42% of all registered US businesses, and over 1.9 trillion dollars of revenue created in this sector. It takes courage, dedication, and community support to accomplish growth at this rate. Congratulations and thank you to all the women who work to make this happen.
Along with women owned businesses, innovation plays a key role in our local economy. Having companies that create new solutions in an evolving business environment keeps Carlsbad on the leading edge of the business world.
The Carlsbad Chamber recently awarded MIQ Partners our 2022 Award for innovator of the year. This company has been in business for 65 years providing intelligence, integrity, and partnership in robotics, manufacturing, and design. They work with local companies to build and solve for the future. For example, their work in vertical farming uses 10% of the water resources required for growth vs traditional farming.
With climate change and drought threatening our quality of life, smart minds and planning today can help the planet and preserve our lifestyle. From idea concept to custom manufacturing machines, they make sure anything is possible. At the Chamber, our purpose is to act as a regional economic catalyst, leadership convener, and community champion. To make an impact though it requires people working together. It takes kindness, respect, and patience from employees and employers.
Learning about the tremendous growth of women in business and hearing stories of local companies innovating world class solutions gives me hope that we are heading in the right direction and accomplishing our purpose.