The state of Michigan needs to come up with innovative ideas in order to revive its local economy. Entrepreneurs in Michigan can help in this process by improving supply chain management, R & D and cost reduction.
They can build sustainable dynamism by bringing new and emerging business sectors together. This will require workforce which will create employment opportunities. They would be well trained and guided for the duties they need to perform giving. This will give them exposure to new sectors and areas which they thought never existed.
The region has been known as one industry town that is the auto industry. Constant innovation and developments in the auto sector can help in the long run. The car makers around the world have adapted latest technologies and are manufacturing cars and vehicles that are convenient and safe. Even Detroit can improve its R&D division for the auto industry.
Every region is full of talented and skilled people; there is a need to find such people. Schools and colleges are full of budding aspirations. Students and teachers are constantly learning and can come up with innovative business ideas which if executed well can do wonders to the economy. Engineering, environmentalists and others can give ideas about technology and using natural resources for energy generation etc. The sectors which have growth potential can be analyzed well and then be worked upon with expert guidance.
Partnerships with universities can help the state pick up fresh ideas for economic development. University of Michigan and Wayne State University have already joined the race.
The process of reinvigorating a local economy is slow and happens at its own pace. The expectations need to be realistic and the approach focused.