Are you considering investing in the City of Brotherly Love? Philadelphia is a well-known bellwether among East Coast urban zones. The city maintains a progressive approach to legislation, social engineering and economics, so it’s an important indicator of trends to come.
Of course, such status doesn’t mean that Philly is immune to management hiccups and investment challenges. Although some claim that the city is underperforming, others see this as a prime opportunity to invest in its future. Here’s why entrepreneurial asset management leaders like Bruce Bent II are looking forward to helping financiers capitalize on what lies ahead.
Philly’s Unique Positioning
Philadelphia has progressed quite a long way from the era when Ben Franklin roamed its streets amidst his agrarian counterparts. Today, it’s home to a number of highly advanced clusters where futuristic industries thrive. According to 2015 data from the Bureau of Economic Analysis, Philadelphia had the eighth-largest GDP by metropolitan area.
Nonetheless, some observers believe that Philly can do even better for itself. Areas like University City, Center City and the famous Market Street corridor are long-established hubs for niche technological development, especially in fields like life sciences, but other boroughs, like West and South Philadelphia, receive far less attention. With backing from institutions like Drexel and the University of Pennsylvania, however, these areas could attract even more lasting wealth to the metro region.
Guiding Rewarding Innovation
Of course, simply sinking money into the city’s business districts isn’t enough. It’s high time for financiers to broaden their focus at this critical juncture in Philadelphia’s economic development. Companies and investors must seek the assistance of proven asset management specialists and serial entrepreneurs who can offer novel solutions to complement the city’s newfound growth trends.
Bruce Bent II is dedicated to responsible asset management solutions. With more than 60 patents pertaining to FDIC-insured cash management and decades of experience as the president of the Double Rock Corporation, he’s committed to helping all Philadelphians benefit from investment in the city’s niche economic domains. He’s particularly interested in promoting sustainable financial activities that provide benefits for the community as a whole.
Targeting Economic Disparities
Innovation-oriented jobs have the potential to serve more than just entrepreneurs. Endemic poverty rates in places like West Philadelphia might improve with an increased prevalence of tech sector companies.
More than half of the jobs that these fields produce are fillable by people without college degrees. As such, they’re accessible to a wide range of applicants who can drive further economic stimulation.
Founding a More Welcoming Startup Culture
Philadelphia receives less venture capital per resident than cities like Denver do. Also, much of its tech sector growth in the early 2000s came from a single company.
To drive changes that have a more widespread impact on the city, investors must fund collaborative efforts, mentoring and training programs. By helping would-be entrepreneurs gain the skills required for industry participation, investors can establish far stronger portfolios.
Backing Advanced Industries
Those who want to cultivate returns in Philly would do well to support established institutions. As universities and existing life science companies expand, however, it will become even more lucrative to fund the infrastructures that act as the foundations for such growth.
Collaborative efforts between academia and industry are critical to the proliferation of advanced fields. For investors, helping build these connections is a worthwhile pursuit.
Where Is Philly Headed?
Philadelphia’s growing tech sector, housing variety and established service economy make the perfect combination. As more investors support this growing economy, their activities will contribute to Philly’s ability to thrive and their own portfolio growth. To learn more about superior asset management options, just ask Bruce Bent II.