“Last Thursday’s conference at the Chamber on the Stimulus package was certainly revealing! Baker & Daniels team of nine professionals from their Washington D.C., Indianapolis and Fort Wayne offices provided key insights on the American Recovery and Reinvestment Act. Last Thursday’s conference at the Chamber on the Stimulus package was certainly revealing! Baker & Daniels team of nine professionals from their Washington D.C., Indianapolis and Fort Wayne offices provided key insights on the American Recovery and Reinvestment Act. Being in the queue for direct funding is best;however, the route for businesses in Northeast Indiana will most likely be indirect . So you follow the money trail – the agencies receiving allocations, the specific projects and programs that are funded, the requirements the projects and programs must meet, the companies most qualified to win the business and their suppliers.
Successful Northeast Indiana businesses will be standing by the door when it opens – anticipating rather than reacting to the Stimulus. The main opportunities discussed during the morning presentations were Energy and Environmen t, Advanced Manufacturing, Transportation, Health & Life Sciences, Education, Defense, and Small Businesses. We wrapped up the day by summarizing take-away’s from the lively afternoon round table discussions. For instance, the Stimulus offers numerous incentives for organizations to think (and act) ‘Green’. It was a long day for the B&D team who had held a similar program with the State Chamber in Indianapolis the prior day. Mike Landram opened the morning, John Sampson from the Regional Partnership (and sponsor) joined the forum after lunch and OnCallPSN Advisors moderated the forum and round tables.”
— Rob Drummond, President, OnCallPSN, LLC
I thought Rob summed it up very well in the above quote. However, I wanted to voice my reaction to the entire package. Based on what was presented, here are my thoughts:
- Health Care and Renewable energy are the big winners in the Stimulus bill. There was a lot of discussion about efficiencies in health care as an opportunity and I just wondered if that was going to decrease my bill at all. My 24-year old son just received about $2,000 in bills for 4 stitches above his knees. Now, the circumstances were somewhat unusual and he had taken an ambulance at the request of the hotel he injured himself at but still $2K is $2K. Efficiencies are one thing, but do we really think that is going to provide us with relief in health care expenses?
- On renewable energy sources, there was a lot of discussions about the transformation on the auto industry moving to electric cars, mainly Chrysler and also manufacturers developing resources to supply the wind power industry. Now I realize this the Green thing to do, but I am not sure we can convert that quickly and harvest an industry out of the passage of one bill, no matter how large it is. Manufacturers looking to be a supplier, need to look around and find how competitive an industry this may be and who is already successful in it. This will provide a model that they can see if they can duplicate or become better at. I think most manufacturers will be surprised by the competition that has been working very hard in this industry and will be unwilling to give market share away so readily. The thought process is great, if we are going to supply tax dollars and incentives lets do it in areas that we make the world a better place. I compliment the initiative.
- Following the money, that recommended trail is very much a slippery slope in my opinion. The recommendation that was given was to monitor the companies that won bids and solicit their business. I am sorry, I think that is a failed strategy. I believe that if I was one that won a bid, my ducks were already in a row on how I was going to spend it! What about you? The bottom line is that you better be seeking their business way before they get the money.
- I noticed so much of the stimulus has not been spent yet. But when it is let, there are extremely short deadlines so that the money can be put into the economy quickly. I would encourage you to surround yourself with people that are knowledgeable about completing grants and SBA loans for example. I think the companies that processes the information quickly and correctly will be the most likely to succeed.
Again, like most conferences and events I attend, there was plenty of people there to tell you what to do and few there to do it! I think once the stimulus package figures out how to swap that number around, we might be on to something!