Will big events in state attract businesses?
As music boomed from an adjacent pavilion and cheers occasionally wafted up from the 17th fairway, Arizona Gov. Katie Hobbs and other dignitaries extolled the state’s business virtues inside a VIP tent at the WM Phoenix Open.
Even during the Feb. 8 practice round at the massive golf tournament, it was hard for out-of-state visitors not to feel some buzz about Arizona’s expanding economy with its massive new semiconductor-factory investments, steady inflow of residents and businesses and 2.7% jobless rate for metro Phoenix.
Never mind that the region also has the second-highest urban inflation rate in the nation, businesses are struggling to fill job openings, housing is less affordable and water is as scarce as ever. Events like the ones Hobbs attended, a technology summit sponsored by innovation-promotion group InvisionAZ, were designed to encourage investment in the state, especially from venture capitalists willing and able to fund nascent Arizona businesses in emerging industries from solar power to artificial intelligence.
“The rest of the country gets to see why we all want to live in Arizona,” said Robert Robbins, president of the University of Arizona and a participant at the InvisionAZ tech summit.
Showcasing Arizona
That the Super Bowl, happening at State Farm Stadium in Glendale on Feb. 12, coincides with the WM Phoenix Open gives economic-development and other officials more chances to pitch Arizona to decision-makers with money and clout.
“Hosting the Super Bowl and Waste Management Phoenix Open provides tremendous opportunities to showcase Arizona on a global stage, and we intend to maximize them to their fullest potential,” said Patrick Ptak, a spokesman for the Arizona Commerce Authority, in an email. The state agency has worked with the Governor’s Office, Super Bowl Host Committee, community partners and industry leaders.
“Similar initiatives in the past have produced substantial results, leading to more jobs and economic opportunities for Arizonans,” Ptak added.
For the 2015 Super Bowl, also held in Glendale, the Arizona Commerce Authority hosted more than 60 companies that resulted in what Ptak called “20 project wins” for the state and more than 18,000 new and anticipated jobs.
Ptak said this week’s events also represent an opportunity for local small businesses to grow, including those run by women and people of color, with the Arizona Commerce Authority teaming with National Football League groups to
help more diverse small businesses land roles as Super Bowl vendors.
Making deals happen
Hobbs, who called the InvisionAZ tech summit a “great excuse” for her to get out to the WM Phoenix Open, told venture capitalist investors, entrepreneurs, business leaders and others at the conference that her office is a “willing partner” to “open doors and make deals happen,” especially in advanced technology fields.
Hobbs said she is focused on three areas — encouraging more diverse leadership in Arizona’s business community, fostering innovation in semiconductors and other industries, and seeking more capital from venture capitalists, microlenders and others.
“Excluded communities don’t have access to these types of funds,” she said.
Robbins touted Arizona as a more inclusive place for budding entrepreneurs compared with many other states, making it easier for newcomers to make connections and join the business community. He described Texas as relatively closed.
“Arizona is a place that gives everyone an equal opportunity and a chance,” Robbins said.
Jack Selby, managing director at Thiel Capital and a director of InvisionAz, amplified on that theme, asserting that anyone with a groundbreaking, disruptive idea can go far within Arizona’s business community.
The Phoenix area has the potential to emerge as a unique technology giant, he added, thanks to the state’s pro-business regulatory environment, cooperative partnerships and an innovative, entrepreneurial spirit.