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In the good old days, you could head to 'town' and get everything you needed: milk, gas, tools, clothes, car repairs, and more. Neighbors supported neighbors and it was possible and enjoyable to do business where you lived.
The Minnesota business ecosystem reflects this nostalgic convenience in its rich enterprises, depth of services, variation in industry, and versatile talent. Almost everything you need to 'do business' is available in our backyard. Whether you're providing a service or bringing a product to market, the resources and tools you need to be successful can be found here, in the Land of 10,000 Makes.
This value extends to businesses beyond Minnesota, too. Doing business in Minnesota AND with Minnesotan's is good for business. Here are 4 reasons why:
#1: Proximity
Minnesota's north-central location within the United States is optimal for a number of reasons. First, when compared to doing business overseas, our proximity to the American marketplace offers obvious transportation speed advantages. There is also a lower risk of supply chain interruption; for example, if there is an issue in transport or with product quality, the time it takes to discover and correct can be long (which costs money). Finally, while these benefits may not directly outweigh the cost advantages of partnering with companies overseas, there is intrinsic value in being 'American-Made.'
Global Pandemic Annotation: As we write this in the midst of the coronavirus pandemic, it is worth calling out the ultimate supply chain interruption - changes, modifications, and closing of exportation channels and/or policies. The value of having domestic resources - at the very minimum as a dual-source - is high.
Domestically, there is high value in choosing a partner in Minnesota from a proximity standpoint as well. The infrastructure - the MSP International Airport, the Twin Ports, the Interstate system, etc. - and our Midwest real estate support easy access to both coasts is advantageous for transportation costs and time, which benefits your bottom line.
The last point here is targeted directly at Minnesota businesses; partnering with companies in your backyard puts you in close proximity to where the work gets done. Whether you are brainstorming, designing, auditing, or otherwise collaborating, a walk down the block or short drive up the interstate is friendly to both your schedule and quality of work.
Speaking of friendly...
#2: Minnesota Nice
We didn't get the nickname 'Minnesota Nice' by accident. The people that make up our population are kind, generous, and hardworking - in one word: Nice. And it's nice to do business with them, and for them.
Whether you are working alongside one, for one, or hiring one - you're positioned for a top-notch experience. Minnesotan's are known for taking pride in their work, and going the extra mile to do their work right - all in the name of customer satisfaction.
Nice (not to be confused with soft) people make great partners and enjoyable work cultures, which fosters creativity, productivity, and quality.
Plus, they are talented. While I won't go in to all the detail here, because this topic deserves a blog of it's own, Minnesota education plus on-the-job learning/executing opportunities is vast, which combines to both nurture and attract top-talent to this great state.
Nice and talented - I'm not sure it gets any better.
#3: Minnesota Knows Manufacturing
The proof is in the pudding, as they say (though, for the record, we prefer hotdish and bars):
According to the State of Minnesota, manufacturing accounts for 14% of the states total GDP - the largest share, contributing $52.7 billion to the state's economy. 324,000 employees at 8,200+ manufacturers made this happen. Bob Kill, Enterprise Minnesota President & CEO said:
“Manufacturers form the bedrock of many Minnesota communities. They offer high-wage, high-skill jobs that create economic opportunity and stability for the present and future.”
Minnesota believes in and supports the strength of manufacturers not only because it contributes in large part to its economy, but also because they support the demand for great products locally, nationally and globally. Because there is validation in past success and referrals, it is also worth mentioning that some of the largest companies in the world do their manufacturing in Minnesota, including 3M, General Mills, Cargill, Medtronic and Land O'Lakes. Which leads us too...
#4: Strong & Stable Leaders
Minnesota is home to 17 fortune 500 companies; in addition the aforementioned large companies, brands including Target, Best Buy, UnitedHealth Group and Ecolab are on the list. Minnesota supported and facilitated their success via resources, regulations, home-grown talent, education, and more. And in return, their Minnesota-made success supports this state through talent attraction, innovation, infrastructure, support services, and many other economic enhancements.
Demonstrating the 'Minnesota Nice' principal, many of these large Minnesota enterprises also partner with start-ups, supporting these early-stage products and services with the resources they require. This creates a fierce culture of entrepreneurship, innovation, and inspiration which supports a successful business ecosystem.
Minnesota's abundance of big, strong, and stable organizations prove that if they can do it, so can you; and so can we. And together, as part of this business ecosystem we can bring to life the products and services needed in our world.
The North Star State
Quoting a past Minnesota slogan, "your compass points North for a reason." Minnesotan's have their reasons for living here, businesses have a reason for operating here, and now you have your reasons for doing business here.
Our well rounded business ecosystem supports products from idea invention through production and distribution. Whichever phase you are in, there's a Minnesota organization that can support you.
Follow along for more Land of 10,000 Makes to learn more about Minnesota business:
