Greater Philadelphia’s middle market companies — those with revenues between $10 million and $1 billion — are critical to growing the region’s economy. They currently represent 27 percent of total regional employment, despite accounting for only approximately one percent of companies.
On January 31, at the Chamber’s Growth Matters: Activating Greater Philadelphia’s Middle Market program, we released the findings of our “Mobilizing Greater Philadelphia’s Middle Market” study, which explores the middle market’s impact on the region’s economy and examines the key findings that distinguish the potential for significant job growth middle market companies can create.
The report identifies six key themes that could encourage middle market growth in the region:
1. STEM and front-line talent
2. Sustaining growth in closely held businesses
3. Access to capital needed for growth
4. Business climate
5. Transportation infrastructure
6. Industry hubs and startup pipeline
The study informs the forthcoming work of the Chamber’s Middle Market Action Team (MMAT), which will generate actionable initiatives through MMAT members to increase high growth rates in Greater Philadelphia’s economy and support middle market companies through:
- Education of middle market executives on best practices for accessing capital and planning for transitions of leadership
- Mentorship opportunities between companies and peer institutions in other regions to provide industry-specific input on key strategic decisions
- Marketing the region to potential employees, entrepreneurs, and investors, highlighting its relatively low cost of doing business, strong infrastructure, growing millennial population, proximity to metropolitan areas, and strong presence of life science companies
- Communication of the needs of middle market companies in areas such as infrastructure, industry hub development, and tax policy
- Coordination of resources across middle market companies and supporting organizations to provide services such as outreach to regional universities
See what people had to say at our Growth Matters program, find more using #MidMarketPHL.
— Skelly Holmbeck (@skellyann) January 31, 2017
— LiquidHub (@LiquidHub) January 31, 2017
— Thomas A. Stewart (@thomasastewart) January 31, 2017