Electrifying Growth Episode 26: The Tech Sector Has Arrived in TN, and It’s Ready for Its Close-Up

"Grinding out the unpleasant tasks fosters grit and resilience. It's through these experiences that you realize what you really love and are willing to pursue with unwavering dedication." - Stuart McWhorter

On our latest episode of Electrifying Growth, I sat down with Stuart McWhorter, former entrepreneur, operator, and investor; current Commissioner of the Tennessee Department of Economic and Community Development (TNECD), to learn valuable lessons from his prolific career and the roadmap of Tennessee's booming economic landscape. Here's what you can expect to gain by tuning in:

1. People-first community:

TNEDC teams up with local governments to host incentive programs for companies expanding or relocating to Tennessee. During these conversations, McWhorter commonly asks CEOs and senior teams, "What was the difference maker in [choosing] to commit to our state and invest your dollars and hire Tennesseeans for your company?" Every time, he says, it's about the people. "This is a place they want to raise a family. A place where they want their kids to go to school and make lifelong friends. That speaks to Tennessee as a state."

2. Diverse Industries:

Tennessee's economic strength stems from its established industries, such as automotive manufacturing and healthcare, and burgeoning sectors such as advanced manufacturing (electric vehicles, battery technology), and ceramics and tile (clay from the Western Tenessee regions). "We believe in nurturing various industries here in Tennessee because we see the importance of having a diverse economy. It supports our small businesses, equips them with growth opportunities, and connects them with their local customer bases," he explains.

3. Community Momentum:

Our discussion also highlights Tennessee as an increasingly appealing move for businesses, showcasing the state's favorable business environment, lower cost of living, and access to a skilled workforce.

Additionally, Nashville International Airport's international expansion further bolsters Tennessee's logistical advantages, making it a prime choice for business relocation and growth.

Key Takeaways

• Investment goes beyond finance. True growth equity partners understand the value of nurturing leaders, fostering teamwork, and building a supportive culture that aligns with the company’s mission and long-term goals.
• As shared by McWhorter, Tennessee’s growth is driven by a cooperative approach among cities and regions. A great partner will infuse capital and facilitate strategic collaborations that propel the business forward.
• Having a partner who acts as a mentor through the ups and downs of the business lifecycle can provide invaluable perspectives. As McWhorter recalls his varied career experiences, he emphasizes learning from mentors and finding synergy in diverse viewpoints.

To all entrepreneurs and business leaders committed to making a meaningful impact: aligning with an investment partner who appreciates the human elements of dedication, leadership, and community can pave the path to sustained success.