Wilmington Industrial Development is taking an important step in shaping its future: the economic development organization is changing its name. Effective immediately, the organization announced Friday, WID will be known as Wilmington Business Development.

The idea of a name change has been under consideration for several years, said Scott Satterfield, the organization’s CEO. “Industrial development hasn’t been a term of art in the business world since the 1970s,” he said in a release. “We’ve known for some time that we needed a name that is a more accurate depiction of 21st century economics and the manner in which today’s companies compete, grow and succeed.”

The Internet as a major source of information was also a factor in the name decision, said Wilmington Business Development board chairman Bill King, in the release.

“Today many site searches begin on the Internet, placing a premium on the ability of a community and its economic development program to rank prominently in Internet keyword searches,” he explains. “That’s why it is so important that our organization’s name resonate in the lexicon of modern business,” he was quoted as saying.

Wilmington Industrial Development was formed in 1956. It is a private, non-profit organization that promotes economic diversification, small business development and the creation of sustainable jobs in New Hanover and Pender counties. While the group has formal ties with county and municipal governments in its service area, it relies on private-sector participation, leadership and funding to drive its mission.  

According to the organization’s release, it has recruited large local employers like Verizon, L L Building Products and Corning, and it has worked to facilitate expansions at GE Nuclear and Fortron.

Members include a wide variety of businesses in the two counties as well as educational institutions, such as Cape Fear Community College and UNC Wilmington, and health care providers, including New Hanover Regional Medical Center.