Heartland Forward, a think tank based in Bentonville, Ark., has given the City of Oxford high marks for the way it and the University of Mississippi work together to spur economic growth. Oxford ranked 12th among “micropolitan” areas (10-50,000 people) in the report. And Oxford was the top-ranked micropolitan area in the “heartland”—meaning the southern and midwestern United States.
“This is the first quantifiable proof that our brand of economic development is actually the best way to grow a local economy,” said Jon Maynard, president and CEO of the Oxford-Lafayette County Economic Development Foundation, in the University of Mississippi’s news story. “This study is evidence that Oxford and the University of Mississippi are ahead of the pack when it comes to the future of economic development.”
Heartland Forward is a nonpartisan “institute for economic renewal.” The study, called “Young Firms and Regional Economic Growth,” looked at cities and regions to determine their share of “young firms,” meaning those that are less than five years old, and the share of employees at those firms with a bachelor’s degree or higher. Communities with a high share of both saw notably faster employment growth between 2010 and 2017.
“Oxford, Mississippi, the highest-ranked Heartland micropolitan, comes in 12th,” the report said. “Oxford demonstrates the right ingredient combination—plans, and the ability to execute—and is a role model for other Heartland micropolitans to improve their economic performance and job creation.”
The study also notes the significant role that the University of Mississippi plays in the region’s growth, by both incubating entrepreneurial efforts and by training the talent that goes into those “young firms” with their university degrees.
“The key to long-term economic success lies in developing environments that are conducive for entrepreneurs to start and scale up their firms,” according to the report’s executive summary.
In the University of Mississippi news story, several university resources are discussed, including Insight Park, the Office of Technology Commercialization, and the McLean Institute for Public Service’s CEED initiative, all of which Innovate Mississippi wrote about for the 2020 edition of Innovation Report. People involved in those programs come together with leaders from Oxford-Lafayette County as part of what Maynard calls the “Delta Force.”
Our congratulations go out to these critical partners in Mississippi’s entrepreneurial ecosystem! Read the news at the University of Mississippi here, and the original study here.
[Photo courtesy University of Mississippi]
