What is Business Retention and Expansion?
November 11, 2021
The growth and expansion of existing business is the cornerstone of every local economy. While you often see fanfare surrounding new company announcements, supporting and maintaining existing companies and their investment in the community is even more critical. Thus, a successful regional growth strategy depends not only on a community’s ability to attract new industry and investment but also on retaining existing quality businesses and their employees. In economic development, roughly 85 percent of job growth comes from the existing industry.
To best aid Rogers County’s manufacturing sector, CIEDA has a dedicated business retention and expansion program focusing on developing and building relationships with industry partners. This direct engagement allows CIEDA to quickly connect companies with the solutions and resources needed to succeed in northeast Oklahoma.
Despite the challenging economic business climate, in 2021, Claremore witnessed a growth in new quality jobs, many of which were a direct result of existing company expansion. For example, NXTNANO is a local technology company specializing in the mass production of nanofibers for extensive end-use applications, including apparel, filtration, and face masks. During the COVID-19 pandemic, when many of our industries faced unprecedented challenges, NXTNANO utilized its expertise in nanofiber technology to enter a new market, providing materials for face masks and helping meet skyrocketing demand. In less than a week, the team produced half a million face masks worth of nanofiber material.
As a result, the company has witnessed steady growth and launched new product lines and entered new markets. NXTNANO recently expanded its operations into a second industrial facility which will house three new product lines by the end of the year. This Claremore company serves as a true pioneer in its field with an unmatched production capability in material width, speed, volume, & fiber versatility. We are proud to serve as home to this innovative industry leader and appreciate their continued partnership.
As we look to 2022, our team at the Claremore Industrial and Economic Development Authority (CIEDA) remains committed to serving as a support and resource to our local businesses, expanding to new industry sectors. Our services are always free and have no cost to companies. CIEDA’s goal is to ensure companies, and the individuals they employ, find success in Northeast Oklahoma. If there is anything myself or our team can ever do to assist your business, please do not hesitate to reach out. We are here and ready to help!
Executive Director, CIEDA