The global recession, while presenting many challenges, also paved the way for alternative economies to compete on a global scale. In the tech sector this has allowed cities previously associated with other industries to emerge as leading contenders in the field.
One example of this is Nashville, Tennessee, known worldwide as the capital of country music. Today, however, the city has become a pioneer in the field of technology – in fact, internet giant Google picked Nashville as the site of one of its seven regional American tech hubs last autumn.
Furthermore, countless new tech start-ups have chosen to base themselves in Nashville, rather than heading to more well-known locations such as Silicon Valley, and in turn are helping to drive the city’s commercial real estate market and national profile.
Part of the appeal of the city is the fact that Nashville leaders are now actively trying to encourage technology start-ups by offering tax incentives similar to those seen within Enterprise Zones here in the UK. Additionally, the Nashville Area Chamber of Commerce has invested heavily in promotional campaigns geared towards young entrepreneurs, thus aiding in creating a vibrant SME scene within the city limits.
Nashville native and founder of film and animation company Fivestone Studios, Traylor Woodall, says; “In New York, Nashville is cool now. What’s been neat is to see that we are successfully starting to recruit people here, and they’re choosing us instead of going to a big animation shop in Los Angeles, or New York, or even Atlanta.”
Unfortunately, while Mr Woodall may have found great success in his recruitment drives, others have had a very different experience. With a population of fewer than a million, Nashville appears to be experiencing difficulties in sourcing and retaining local talent, in a conundrum echoing the current engineering shortage in the UK.
According to the Nashville Chamber of Commerce, at any given time the local technology sector has up to 1,000 unfilled jobs – largely due to the fact that so many local technology graduates choose to relocate to larger cities. However, those who do stay tend to find that the financial advantages of living in a more affordable area compensates for the lower salaries on offer when compared to those generally found in Silicon Valley.
President and CEO of the Nashville Area Chamber of Commerce, Ralph Schulz, says; “If you live in Nashville, you’re going to enjoy more disposable income. You’re going to have a 27 per cent advantage, on average.
“You can’t really overstate the pleasure of being in the presence of creative people that are taking risks” he adds. “It kind of bleeds off on you.”
Previous Post
Business Costs still a Major Concern for SMEs
