Businesses here are not just growing, they're thriving
Vermont Center for Emerging Technologies Vermont gets pegged for a lot of things: great mountains, bucolic pastures, stunning foliage… and for a lacking economy that struggles to retain talent, forcing people to find jobs elsewhere. A report issued today by the Vermont Center for Emerging Technologies (VCET) tells a different story.
The first three are uncontested. However, with regards to the economy (Is it growing? Is it slipping? Are people coming or going?) there is so much more to this story that gets left on the editing room floor, and frankly, it’s those details that make Vermont stand out among many states.
We have a unique ecosystem here that creates sustainable businesses. What makes it unique is looking at what we DON’T have:
· We don’t have the large private enterprises here for a big buy-side presence;
· We don’t have VC firms on every block in every town looking to support the next great idea;
· And, let’s face it, we don’t have a reputation for being a hi tech corridor, creating headwind for businesses out there competing against Silicon Valley and Boston companies in the “real world”.
Yet, are making it work. How do we know this? In the latest VCET report, we reported:
· 2,123 startups were assisted through VCET in 2019 alone. Did you know there were so many entrepreneurs in our state?
· These companies generated $189M in sales, up 80% !
· They are running $158M in payroll, up 35%
· And generated $225M in capital, up $112M in 4 years.
These are real dollars being generated within Vermont and getting put back into Vermont’s economy. And because of the strong sales, there isn’t a need for other capital. This is sustainability.