A View From Indiana CEOs

By: Gerry Dick - Host, Inside INdiana Business, Grow INdiana Media Ventures

Perspective. Opinion. Outlook. During the best of times we’re all looking for information that can provide an edge in growing our business or organization. During these difficult economic times, an insider’s read on key business issues can take on an added significance. That's why Inside INdiana Business is proud to partner with Ice Miller LLP and the Butler University College of Business on the third edition of "The State of Our Business: A Perspective From Indiana Executives."

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The survey is a snapshot of the opinions of more than 350 Indiana chief executive officers, from every corner of the state, representing a broad cross-section of manufacturing, service and nonprofit organizations. This year’s findings offer insight into the mindset of Hoosier executives, who are clearly focused on survival in this brutally challenging economy.

However, while the recession has taken a toll on countless Hoosier companies and communities, there is a perception among CEOs surveyed that the business environment in Indiana is improving, as it relates to our neighboring states. It is a sentiment that is perhaps bolstered by initiatives aimed at embracing technology-based jobs.

For example, in northern Indiana, the beleaguered RV industry fueled the largest unemployment rate increase in the nation in 2008 in Elkhart County. But in that same county, where the unemployment rate has topped 19%, an ambitious plan to manufacture electric vehicles has been unveiled with the potential to create 1,600 jobs by 2016 and perhaps many. Ivy Tech Community College is also in the process of constructing a new campus in Elkhart County, aimed at retraining workers for jobs in areas like advanced manufacturing, biotechnology and orthopedics.

In Delaware County, another area hit hard by manufacturing losses, the region has attracted not one, but two wind turbine component manufacturers, creating a sense of optimism that the new economy can in fact mean new investment and jobs.

Other initiatives, focused on areas like the life sciences, advanced manufacturing and logistics and health care information technology, continue to gain traction in Indiana, providing more evidence that the state’s public and private sectors and academia are working together to produce results.

Not surprisingly, education continues to be a front-burner issue for Indiana executives, and this year, CEOs actually indicate the state’s K-12 education system is improving over 2008. However, there is clear sentiment that public education in Indiana remains a disadvantage, compared to surrounding states. In particular, executives are concerned about the ability of the state public education system to produce graduates ready for work in a 21st Century economy.

Interestingly, when asked about the strength of Indiana’s educational programs focused on specific areas, agriculture was rated tops, while motorsports improved the most among all areas, including life sciences.

The report suggests an outlook on “big picture” items that has remained fairly consistent over the past three years. However, some views have changed and are a bit surprising in the six key categories of CEO Challenges and Issues, Indiana’s Economic Climate, State’s Role in Economic Development, Human Resources and Diversity, Education and Information Technology.

Indiana continues to face substantial economic challenges. But as I travel the state, there are indications that Hoosiers are positioning themselves to emerge from the recession in better shape than their neighbors. Whether it’s hybrid and electric plug-in vehicle technology, biofuels, wind energy or a continued focus on life sciences, advanced manufacturing, motorsports or agribusiness, Indiana has the potential for success in a knowledge-based economy.

No we don’t have mountains or an ocean, but we do have incredible economic and educational assets, quality of life and cost of living and lots more that make our state a great place to live, work and play. The question is, do we have the willingness to do what’s necessary to make things happen?

Our ability to face serious challenges in areas like education and workforce development and in changing a culture that for too long has been risk-averse and unwilling to embrace innovation will be keys to turning promise into prosperity. It will take a collaborative, statewide effort, not the fragmented, regional approach that has unfortunately long been the standard in Indiana.

Hoosier CEOs---from throughout the state---have spoken for a third year in our survey. The opinions come from big companies and small nonprofits. But together, they create a unified voice on important issues facing our state. We hope you find the results interesting and useful as you make decisions about growing your business or organization. You can count on us to continue to monitor opinions and to follow issues and trends that are important as we all work to Grow INdiana!

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