There's so much going on here, it's hard to put your
finger on what exactly makes the Minneapolis/St. Paul area
tick.
For one, the region is home to an array of industries. The
printing and publishing, software, and machining sectors remain at
the forefront, but health care, medical products, financial
services, food processing, and electronics follow close behind,
making for a diversified base. Major corporations, including 3M,
Honeywell and Dayton Hudson, are based here, offering a variety of
subcontracting and technology transfer opportunities to small
businesses. Lifestyle pluses include first-rate recreational
opportunities and a superb school system.
In the past, high property taxes, particularly for the
commercial sector, have been a major hurdle for entrepreneurs.
Recently, however, a property tax reform bill was passed to lessen
the burden, although some say it didn't go far enough.
Remaining challenges include the availability of qualified labor,
open land for industrial development and, to a lesser degree,
adequate financing, though the region is well-known for its
generous venture capital community.
Content Continues Below
As for the months ahead, the creation of an NHL franchise in St.
Paul and the development of an entertainment and retail complex
known as "Block E" makes the future bright for twin
cities entrepreneurs on all fronts.