2008.10.27
Starting up in a stalled economy
I spoke with Jim Flowers, director of Virginia Tech KnowledgeWorks this morning, about how the businesses his organization works with are faring amidst the current economic turmoil. His answer: So far so good.
KnowledgeWorks, located in the Virginia Tech Corporate Research Center, is a "growth enhancement program" that offers incubation space and other services to startup companies. Flowers said the more well-known companies they work with, such as ClickandPledge and Torque Technologies, are making steady progress. The companies in earlier stages of development are coming along just fine, too, he said.
The way Flowers sees it, innovate technology and new services fare better during tough times than retail, restaurants and other services that people typically cut back on when tightening their belts.
"I think that we're relatively economy proof," he said. "Not that we'll see no affect."
That may come further down the road as people extend their timelines for starting up new businesses, waiting for more a more favorable environment to make the leap into entrepreneurship, Flowers said.
"Of course, the last thing they're going to do right now is quit a good job."






