As we think about the potential debacle that 38 Studios represents, it’s worth putting a quarter into the time machine and revisiting some great moments in EDC history.
This is from a 2009 column I wrote about EDC ( – scroll down to “EDC: What’s the point?”). A report had just come out scolding EDC’s performance, and this was my review of that report.
A correction is in order: the Alpha-Beta deal only cost the state $4.5 million in the end, since the building was resold. You could argue that the investment worked in that case, since Dow Biopharmaceutical used that space, and has expanded since.
The dozen neighbors we displaced through eminent domain on Dow’s behalf might differ, but the real point is that the occasional winner doesn’t prove that a lottery ticket is a good investment. There are investments that will produce a return and investments that might. Which one would you rather bet on?