Novi Given 4 Stars for Positive Entrepreneurial Climate

The City of Novi has been recognized as a four-star community by iLabs at the University of Michigan-Dearborn’s Center for Innovation Research.

“We are excited to receive this honor by iLabs. It lets us know we are instituting best practices to attract and retain businesses and that businesses are growing in the city”, said Lauren Royston, economic development director, in a news release.

This is the fourth consecutive year Novi has been honored. Researchers conduct the annual eCities study to identify and recognize cities for their work in fostering entrepreneurial growth and economic development.

Novi has participated in the eCities program since 2007. Four-star communities combined for over $1 billion in construction in 2012, increased assets by $94 million and more than 80 percent share services across municipalities. 

The eCities research surveyed 102 communities from 37 counties in Michigan that are home to 36 percent of Michigan residents and 40 percent of its college graduates. These communities count nearly one-third of the state’s entrepreneurs with over $3.2 billion in self-employed income as residents. These communities also had more than $1.8 billion in 2012 commercial construction and account for more than 48 percent of Michigan’s commercial property. The communities were honored on Thursday at UM-Dearborn. 

“This annual project makes the university part of the local leader’s toolkit for economic development. We are tackling a statewide concern and analyzing the parts that local leaders can directly impact,” said Tim Davis, director of iLabs, in the release. “Participating communities can identify best practices and methods they can implement to aid in job growth, economic diversification and development of entrepreneurs.” 

The annual eCities research project, which began in 2007, uses data supplied by the participants, as well as other public records to assemble a six-factor, 32-item index of entrepreneurial activity, looking at such factors as clustering, incentives, growth, policies, community and education. The study focuses on entrepreneurship because of its importance to expansion and diversification of Michigan’s regional economies and the impact small businesses have on job creation. To date, 182 communities across Michigan have participated in the study. 

Source: news release