Business Editor: Time to figure out how to move forward

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By Arundi Venkayya Cox Updated 12:34 PM Sunday, June 7, 2009

It’s been a pretty discouraging time for business in the region. During the past 11/2 weeks, Procter & Gamble Co. announced it was moving its Iams headquarters to Mason, General Motors filed for bankruptcy, and NCR announced that it is moving its world headquarters to Georgia.

It’s tempting to dwell, point fingers and blame.

But this is a critical time for our region.

It’s time to step back, take stock and figure out how to move forward.

“The suggestion I’ve got for Dayton is, try to get through the seven stages of grief in 24 hours or less, and then focus on entrepreneurship,” Edward Hill, professor of economic development at Cleveland State University, said earlier this week following the NCR announcement.

Hill is right.

The Dayton region is going through a period of mourning for the loss of these legacy companies. These are companies that have shaped our identity as a community and have for years been part of how we defined ourselves.

What may be harder for us to remember and focus on during these times is that the departure of these companies gives our region an opportunity to reinvent itself.

It’s a reinvention that already has started.

For example, look at the collaborative work being done throughout the community related to unmanned aerial vehicles. At the end of May, the Third Frontier Commission awarded a $3 million grant to the University of Dayton to establish a technology center to develop sensors and controls that will go inside the unmanned aerial vehicles. UD will collaborate with the Air Force Research Laboratory at Wright-Patterson Air Force Base and eight private-sector companies including Defense Research Associates, L-3 Communications Nova Engineering and UltraCell Corp.

This award is just the latest development in work to encourage the burgeoning unmanned aerial vehicle industry in the region.

So, what does moving forward mean?

• Stop placing blame.

• Focus on the strengths of our small- and medium-sized businesses.

• Capitalize on our existing infrastructure and available building space.

This certainly won’t be easy and it will be hard work, without question.

But, if we all start working together and capitalize on our new strengths, we will be able to rebuild our region.

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