by Martin County BoCC
“The three most important words in investing are ‘margin of safety.’”—Warren Buffett
Why risk driving a 9,800-pound truck over a bridge whose max capacity is 10,000 pounds when just a short distance down the road lies a route whose bridge can accommodate up to 15,000 pounds? So goes a loose summation of how one of the world’s most famous investors illustrates how best to invest in success.
Either intentionally or fortuitously, Martin County Commissioners embodied this Buffett rule in their unanimously approval of the recent recommendations made to turbocharge the already thriving Martin County Innovation Hub into an even greater economic engine.
The Innovation Hub is a section of Martin County that overlaps parts of the City of Stuart, Witham Airport and the Golden Gate and Port Salerno community redevelopment areas and is home to a dynamic assortment of businesses and entrepreneurs. It also hosts robust activity from Hubs of Excellence industries such as aviation and marine as well as the place from which a high concentration of locally created patents originates in our community.
Kevin Crowder, CEO and founder of BusinessFlare which helped the county identify and designate the hub when completing Martin County’s 2021 Economic Development Plan, provided a profile of the enterprises that congregate in such regions.
“They’re not our traditional businesses that serve local consumers,” said Kevin Crowder, CEO and founder of BusinessFlare. “They are companies that sell products and services in the U.S. and around the world. They’re looking for a place to innovate, create, do what they do and focus on that.”
To lead the effort to underscore the Innovation Hub’s output and potential and advise on ways to further encourage its continued ingenuity and productivity, BusinessFlare was joined by county and city staff, the Economic Council of Martin County, Treasure Coast Regional Planning Council, Chamber partners and the Business Development Board.
Crowder recommended ways to enhance and address the hub’s infrastructure, identity and brand, aesthetics, and regulations. Examples included:
- Uniform stormwater master plan
- Overall master plan
- Redundancy in connectivity
- Creation of “Complete Streets” to accommodate multimodal pedestrian activity and e-bikes
- Regulations to govern drone-delivery and the forthcoming personal air-transport crafts
The addition of “third places,” such as parks, breweries, gyms and other mini destinations that create a sense of place and engage entrepreneurs, will further attract energy and investment to the Innovation Hub and solidify its new role as the heart of the county’s startup scene, said Crowder.
Martin County’s Innovation Hub is the bridge—keeping with the Buffett analogy—with both the activity and capacity to support the continued flourishing of Martin County’s economy. Kudus to County Commissioners and County Administration for recognizing and designating the area, gathering expertise on its next steps and now formalizing the significance of its future with directed improvements and a game plan.
“You understand,” said Commissioner Sarah Heard, “that each community has distinct needs and characteristics and that it’s not going to take a cookie-cutter approach because that isn’t going to help us. Port Salerno is not Golden Gate. Golden Gate is not Rio. You’ve made some correct conclusions about what needs to be improved in Port Salerno, which is my district. Port Salerno is poised for greatness if we do things right.”
We agree. Port Salerno and so much more across Martin County.
