Albuquerque Economic Development hopes a new resource can give businesses perspective on how they size up against their competition and use that information as they consider their next move.
AED unveiled SizeUp on Thursday. SizeUp is a free online tool to give companies the ability to make data-driven decisions on where to relocate or expand. SizeUp is an online database where companies can compare themselves to others in their industry on annual revenue, employee salary, cost-effectiveness, turnover rate and net job change in the area, and more. AED launched the tool with funding from the Albuquerque Forward Fund, a local nonprofit endeavor.
"As economic developers, we have to figure out where our gaps are in helping our current business and future business that want to be here," said Danielle Casey, president of AED. "This one tool in particular is great because it's very turn-key, but it's built on really big data and it's something we can sponsor for the good of the region ... If you're a data geek, you can get lost in that data for days."
Casey said for business owners, tracking down this data can be both timely and costly, and SizeUp could allow local and regional chambers of commerce to further assist businesses in the area. She added that AED is planning a few other technology-related initiatives to be announced in the future.
“I am thrilled at the unveiling of this new resource because it aligns perfectly with the mission and purpose that the Albuquerque Forward Fund was created to serve, which is delivering resources that empower the local business community,” said Leean Kravitz, Albuquerque Forward Fund board chair, in a statement.
Business First previously reported on Casey being named AED's new president in September, succeeding Gary Tonjes, who retired in July. Over the years, AED helped recruit Facebook, Fidelity Investments, HP, Netflix, NBCUniversal and TempurPedic and other companies to the area.
Most recently, AED recruited Seattle-area Lancs Industries to relocate its headquarters to Albuquerque, where the company plans more than 75 employees at 1420 Mission Ave. NE. AED anticipates Lancs will make an economic impact of more than $10 million in its first year in operation.
"As you see with tools like this, helping businesses work on business plans so they can create their concepts and figure out what is a successful strategy that's going to work," Casey said. "Are they paying their people the right amount of money to be able to recruit them? ... There's a lot to it."
