THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Sunday, May 14, 1995 TAG: 9505160486
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY TARA TROWER, STAFF WRITER
DATELINE: NORFOLK LENGTH: Medium: 76 lines
Hampton Roads economic development folks are honing their sales pitch in preparation for this week's conference at the Waterside Convention Center.
Officials expect between 1,100 and 1,200 people to descend on the downtown center for Inc. magazine's Inc. 500 Conference Thursday-Saturday. Capturing the annual conference is not only a economic coup - with conventioneers expected to spend almost $1 million in the area - but also a major opportunity to showcase Hampton Roads as a viable business location.
``Often CEOs relocate to an area that they first came to on vacation,'' said Susan Kanter Bak, acting director for the Norfolk Convention and Visitors Bureau. ``By showing the area's strong environment, we will be able to promote the region as a site where businesses can thrive.''
Executives from across the country will sample the sights in Hampton Roads as part of a three-day convention honoring the nation's 500 fastest-growing, privately owned companies, which range from retailers to manufacturers. Inc., the business magazine sponsoring the event, targets owners of small- to mid-sized growing companies and has a circulation of 650,000.
Participants will tour NASA Langley Research Center, Norfolk International Terminals and the Port of Hampton Roads. In addition, conventioneers can choose to visit Williamsburg, go saltwater fishing or stroll through any of several area museums. And, although the sessions are mostly geared to address general business issues, four sessions will deal directly with business opportunities in Virginia.
``The main thing is that the people at Inc. required a commitment at both the state and the local levels,'' said Ann Baldwin, director of Forward Hampton Roads, the economic development arm of Hampton Roads Chamber of Commerce. ``The cooperation between the state and the five-city area has been incredible.''
The governor and Forward Hampton Roads are hosting the convention, along with the cities of Chesapeake, Norfolk, Portsmouth, Suffolk and Virginia Beach.
In recent years, the conference has been held in cities such as Columbus and Pittsburgh. The new convention center and link between the Waterside Marriott and the Omni Waterside hotels were instrumental to allowing Norfolk to land this convention, Baldwin said.
``Virginia had what we were looking for,'' said Ellen Lackey, conference planner for Inc. magazine. The area's facilities, accessibility and a variety of recreational activities for the conventioneers are among its drawing points, she said.
Although the conference is not the largest to come to Norfolk, it is the most prestigious, Bak said.
Even after the conference, planners expect the economic returns to continue. In the past 10 years, the Inc. 500 companies, chosen based on sales growth over five years, have created 20 million jobs while generating 52 percent of the country's imports. Former Inc. 500 companies include Sharper Image, Domino's Pizza and Microsoft.
``These businesses have been recognized for their commitment to growth,'' Bak said. ``They are the group most likely to be interested in expanding, and we plan to show them that Virginia is where they can do it.'' ILLUSTRATION: Graphic
INC. 500 FACTS
Virginia has the third highest number of Inc. 500 companies - the
500 fastest-growing private companies - in the United States.
The average Inc. 500 company employs 94 people.
Together, the Inc. 500 companies produce more than $7 billion in
yearly revenues.
In the past 10 years, the Inc. 500 companies have created 20
million jobs while generating 52 percent of the country's exports.
The average Inc. 500 company owner is 42 years old and uses high
technology in his or her business.
Former Inc. companies include Sharper Image (1982), Domino's
Pizza (1983), Microsoft (1984) and Discovery Toys (1986).
by CNB