Amazing! The Portland Press Herald, our local newspaper, actually had an editorial this week that said that innovation and entrepreneurship was the key to economic growth in Maine! Now this isn’t a radical statement at all. What’s amazing is to hear this nuanced statement from the media! The PPH was writing about a local company, Howe and Howe, this is being bought by a large conglomerate, Textron. Howe and Howe is a defense contractor that has developed several innovative projects, like a remote controlled tank, based on government-funded R&D. The company is 13 years old, and has grown organically to 50 employees, a success story by any standards.
Two things surprised me about the editorial. One, the paper didn’t call this a small business. Rather, they did distinguish between Main Street businesses and an innovation-based business like Howe and Howe. Second, they didn’t cry about this exit taking money out of Maine. Many local companies get acquired by large companies from “away;” (there aren’t very many large companies that aren’t from “away.”) And, when local entrepreneurs have their success validated and monetized, they and their workers have the opportunity to reinvest in the local economy, whether the company stays local or not. In most cases, the companies do stay local because the quality of Maine workers and the cost of doing business here are both very competitive.
All of this points to the great value of local success stories. They inspire local entrepreneurs, and also put a place on the map in the broader context. So congrats to Howe and Howe and the many other Maine entrepreneurs who have had exits this year.