Donald L. Bren on O.C.’s Economy

During 1992, many Orange County residents wrote about their thoughts and feelings in articles for Orange County opinion pages. As we look back on the year, some of those thoughts are recalled in these excerpts.

I just don’t buy the conventional wisdom that Orange County’s long-term economic future is bleak. Or that we are economically doomed and should be packing our belongings into a U-Haul van and heading for any friendly border.

Granted, virtually all of us have felt the harsh bite of this recession.

Why shouldn’t we be discouraged, knowing that recovery is probably 18 months away and that this recession may get even worse before it gets better?

Because beneath the highly visible rubble of this recession rests a less visible, less understood, less appreciated foundation of small entrepreneurial companies that I believe will assure our vigorous, long-term economic health; 90% of them employ fewer than 100 employees.

And they produce a dazzling variety of products and services, making us less and less dependent upon large employers’ pursuing a single product line.

Perhaps most significant, many represent industries widely acknowledged to be on the cutting edge of future economic growth: Electronics and communications; computers and software; biotechnology; medical devices and pharmaceuticals.

If we are to reap the enormous economic dividends of these most promising industries, we must work cooperatively to create a broad infrastructure of education, science, and business to support small and promising start-up ventures.

As the slush of this recession melts, I believe our small business base will be thriving with new, exciting economic growth that will make Orange County an even better place.

Donald L. Bren is chairman of the Irvine Co.