Technologic Tuesday: Broadband and Economic Development
The Pinpoint family of companies has been hard at work over the last several years working on projects that either expand broadband access or increase broadband speeds in many of the communities we serve. The main push for these services in the past was customer demand for faster and more reliable Internet in the home. However, the last couple of years there has been a big push from communities to get either fiber or wireless broadband service as an economic development catalyst. Although there is still some debate on how much broadband access affects economic growth, OECD data has shown a fairly strong correlation between broadband penetration and the growth of GDP.
Here are the top 5 ways broadband can have an effect on economic development.
5. Create new markets for existing businesses
The Internet has been a great tool for small to medium size business reach outside of their community to reach new customers. These businesses can use numerous tools such as social media sites, blogs, review sites and their own websites to reach out to people all over the world. The key to sustaining these tools is by maintaining faster and more reliable broadband connections.
4. Education and training portal
Education and training of the local workforce is paramount to successful economic development. More than ever, businesses need a work force that has a wide range of skills and proficiencies. Broadband can bring training to your community’s workforce with lower costs and easier access. Continuing education, webinars and even college degrees can all be taken online from the comfort of home and on a schedule that is flexible to the workforce.
3. Connected Collaborations
Ask any researcher or business leader and they will tell you the best ideas come not from a single individual, but from a small group. The productivity and innovation of the group is further increased with a more diverse group is formed. Broadband can bring together people with diverse backgrounds and cultures from anywhere in the world to form these groups. Real time video and document sharing make it possible for these groups to work as if they were right in the same room.
2. Attract Next Generation Businesses
If you look at many of the start-ups over the last couple of years, you will see products and services that have broadband access as a core piece of their business plan. Although it is still important to have a good tax climate, educated workforce, and strong community, connectivity is now at the top of that list. The 21st century is moving more and more towards the digital and broadband infrastructure will set up a community for years to come.
1. Unlock Innovation
Entrepreneurs are the backbone of strong economic growth. In order for new businesses to develop, we need hard working risk takers who excel at innovation. Broadband access allows for this needed innovation by changing conversations from “if I had the capability” to “what can I do now that I have the capability”. Don’t let slow, unreliable broadband connections get in the way of the entrepreneurial spirit.
Did we leave anything off of the list? Tell us in the comments below!
