DARLA MOORE
SPEECH TO THE NORTH AUGUSTA CHAMBER OF COMMERCE

JANUARY 27, 2005

Thank you for such a kind introduction. I certainly appreciate your invitation to speak this evening. If you haven't guessed yet, the Palmetto Institute is on a mission, and I believe it is the leadership role of organizations such as yours in communities across the state which will play a critical role in helping us accomplish our mission. But, before I discuss the Institute's mission and how you can help, I must confess that your fine organization is not the first I have addressed in their region. A few months ago I had the pleasure of speaking to the Beech Island Agriculture Club. Boy, what an experience. I felt like I had gone back in time. I was amazed not only at the longevity of the club (since 1846) but also the rich, human history they had so meticulously documented in their minutes. If anyone wants to take a look at South Carolina at its purest level, I recommend reviewing the Beech Island Agriculture Club Minutes.

Usually, one of the first questions I am asked is why did we created the Palmetto Institute. To answer, I need to give you a little personal background….(to be filled in by Darla).

I share my experiences with you to explain why Richard and I made our initial contribution to the USC Business School. It represented much more than simply a gift to USC. It was an investment in the many bright, capable young people in our state. We wanted them to be able to find good careers with competitive salaries and excellent growth potential without having to leave South Carolina. More bluntly, I wanted them to have opportunities not afforded me when I graduated from USC.

Unfortunately, my research for a speech I was invited to give to the South Carolina Senate pointed to a state lacking in nearly every element of the critical economic foundations. Elements necessary in the new global, knowledge-based economy such as solid workforce skills, access to capital, and research and development support were woefully lacking. This realization ultimately led to the creation of the Palmetto Institute, an independent, non-partisan research foundation with the simple, straightforward mission of increasing the wealth of all South Carolinians.

As a result of the work of the Institute, two major studies have been completed on the economic competitiveness of South Carolina. The first study, by Global Insights (DRI-WEFA), provided a baseline comparison of the economic competitiveness of South Carolina versus other states as well as the nation. This report confirmed what was apparent to us with hard, current data. South Carolina could not vigorously compete in the new knowledge-based economy with the alarming condition of its economic foundations and the dearth of diversity in its existing industrial base. But, the study also pointed to some steps South Carolina could take to become more competitive. As a result, the Palmetto Institute teamed up with the South Carolina Chamber of Commerce, the Department of Commerce, the Palmetto Business Forum, and the Palmetto Foundation for Economic Development in South Carolina to seek the assistance of the Monitor Group and Professor Michael Porter, the Bishop William Lawrence University Professor at Harvard University and a leading authority on competitive strategy, in developing a long-term strategic economic development plan for South Carolina.