Innovation. Plenty of disposable income. A diversified economy.
A skilled work force. And a quality of life that makes you say
"Ahhhh . . ."
That's the simplest way to sum up the No. 1 city on Dun
& Bradstreet and Entrepreneur's 1999 list of hot
spots for small businesses. But that doesn't begin to explain
why the West Palm Beach/Boca Raton area--affectionately known as
the "Treasure Coast"--continues Florida's tradition
of populating our list.
Thirty years ago, as was the case with most other areas of
Florida, tourism and agribusiness dominated the Palm Beach County
economy. But that changed with the birth of the personal computer,
created by then-local IBM in Boca Raton. Although long gone from
the area, Big Blue's legacy includes highly skilled workers and
a technological infrastructure that's helped the county develop
a high-tech hub on Blue Lake--prompting the moniker--in-the-making
Silicon Beach.
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Other hot industries include aerospace engineering, with a few
sizable companies such as Sikorsky Aircraft Corp. and B/E Aerospace
Inc. serviced by several smaller firms nearby; business and
financial services; and the medical/pharmaceutical/health-care
sector. And while Miami remains the East Coast's gateway to
Latin America, West Palm Beach/Boca Raton is beginning to attract
its share of international companies that like the more laid-back
lifestyle of this metropolis.
Access to capital is a problem for small nontech businesses in
this area, but the county has several programs that can help in
other ways. One provides employee-training grants to entrepreneurs
who add at least five jobs within a two-year period, and another is
a partnership with NASA where the space agency provides up to 40
free hours of engineering and manufacturing consulting assistance
to small firms.
Officials are confident that while their booming economy is tied
to the country's overall economic high tide, the depth of the
area's industry diversification and the strong entrepreneurial
spirit pervading the county will allow it to sail smoothly around
any obstacles.