B Magazine: Presson: Southeast Missouri: A region of opportunity and innovation

It’s easy to settle into the rhythms of daily life. These routines ground us in many positive ways. But taking a moment to step back reveals an inspiring truth: Southeast Missouri is brimming with innovation and progress, reshaping our region in remarkable ways.

Take healthcare, for instance: our region boasts top-tier providers making a real difference. Southeast Missouri State University consistently impresses with its forward-thinking programs in cybersecurity, business, nursing, mass media and more. Organizations like Codefi and the 1st50K initiative have catalyzed technology-driven startups, helping to diversify the local economy. Meanwhile, the Marquette Tower in downtown Cape Girardeau is home to businesses with national and international reach. And let’s not overlook our rural Southeast Missouri farmers, who are embracing cutting-edge technology to boost their yields and set new standards in agriculture.

Southeast Missouri is undeniably a hub of innovation. We're doing it daily. And the potential is here for more.

But while there’s plenty to celebrate, there are challenges we need to address if we want to foster more startups and attract new businesses to the region.

At the Cape Chamber’s annual Southeast Entrepreneurship and Economic Development Symposium (SEEDS) this past November, Mo Collins of the International Economic Development Council presented some eye-opening data about business startups and exits in Cape Girardeau County from 2015 to 2024. Here’s the breakdown (sourced from YourEconomy.org):

• Startups: 2015: 167; 2016: 168; 2017: 122; 2018: 143; 2019: 226; 2020: 128; 2021: 123; 2022: 100; 2023: 93; 2024: 87.

• Exits: 2015: 168; 2016: 164; 2017: 125; 2018: 219; 2019: 105; 2020: 299; 2021: 88; 2022: 126; 2023: 56; 2024: 31.

The numbers reveal a slowdown in new business formation since 2020. While it’s reasonable to say the pandemic and broader global economic challenges have played a role, these numbers indicate further study and action are needed.

Local leaders are taking this data seriously, working to strengthen our economic development ecosystem and identify barriers to growth. They’re asking the right questions: How can we better support entrepreneurs? What resources are missing? How can we leverage our strategic advantages, such as excellent transportation networks—interstate, river, and rail—to attract businesses? And how do we communicate all of this to the next generation of leaders for talent and business retention and recruitment?

I’m optimistic about where Southeast Missouri is headed. There's passion, ingenuity and focus on this issue. There appears to be better regional collaboration, which will be especially helpful when lobbying lawmakers in Jefferson City. With deliberate effort and collaboration, we can build on our region’s strengths and ensure Southeast Missouri remains a thriving hub for innovation, entrepreneurship and opportunity.

Let's keep the momentum going.

Lucas Presson

Publisher

B Magazine