Community is Currency: The Intersection of Community and Economic Development

Economic development has traditionally been viewed through a purely financial lens: GDP growth, job creation, and investment attraction. While these metrics are essential, they often overlook a crucial factor: community.

It's time to redefine economic development as a symbiotic relationship between community well-being and economic prosperity. Strong communities are the bedrock of thriving economies. Conversely, robust economies empower communities to flourish.

The Power of Community-Focused Entrepreneurship

One powerful strategy to bridge this gap is through community-focused entrepreneurial programs. By nurturing local talent and supporting small businesses, we create jobs, stimulate the economy, and strengthen the community fabric. These programs can provide access to capital, mentorship, and training, empowering individuals to turn their ideas into thriving enterprises.

During the concept phase of IGNITE M.O.B. , the founders knew they wanted to offer education, capital, and mentorship to Black and Latinx owned small businesses, in Memphis, TN. I suggested we add social entrepreneurship to increase the effectiveness of the organization and to help these businesses support themselves and their communities. "Do well by doing good."

Business Improvement Districts: Catalysts for Change

Business Improvement Districts (BIDs) are another vital tool for community and economic development. By pooling resources from local businesses, BIDs can fund essential services, improve infrastructure, and enhance the overall appeal of a neighborhood. This, in turn, attracts new businesses, residents, and visitors, creating a virtuous cycle of growth and development.

SNAP (SOUTH NASHVILLE ACTION PEOPLE), INC. was focused on a multi-touch approach to keeping the historically tight community engaged and informed. In addition to creating community-first systems and processes for real estate developers coming into the community, I also worked with SNAP to engage area businesses and begin to form a BID.

Beyond the Bottom Line

It's essential to measure the impact of our economic development efforts not just by financial metrics but also by their contribution to community well-being. This includes factors such as quality of life, access to education and healthcare, and environmental sustainability.

By prioritizing community development alongside economic growth, we can create more equitable, resilient, and prosperous communities. Let's invest in our people, strengthen our neighborhoods, and build a brighter future for all.

I'm dedicated to forging this critical intersection between community and economic development. In my work with municipalities, I help them conceptualize and implement innovative strategies, such as Business Improvement Districts, community-led focus groups for real estate development, and inclusive engagement with multicultural communities, to drive local growth. I also have a strong commitment to supporting diverse entrepreneurs and fostering social entrepreneurship, as exemplified by our work with Vanderbilt University students at the Wond'ry , in Nashville, where I increased diverse engagement in social entrepreneurship programs, in the center.

How can I help your organization or community create similar intentional intersectionality?

What are your thoughts on the intersection of community and economic development?

Share your experiences and insights in the comments below.

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