Economic Development Week #EDW2021

Community

We kicked off Economic Development week with a great clubhouse conversation on community building. We discussed the differences between economic development and community building as well as the connections between the two.

Some key points included that there is a massive intersection between the two and that an interdisciplinary approach might be the best way to look at the bigger picture holistically when developing the community and the economy.

We also had a bit of a challenge to the question of "when is the best time to start community building". The answer was if you were asking that question it was already too late! We decided yesterday or now is the best time.

Is your Intelligence Artificial?

As part of economic development week, we had Steven Jast of ROI and Gazelle join us to talk about technology tools for the economic development profession.

Perhaps one of the most robust tools for the profession is Gazelle. I will not do it justice here but I will do my best to explain it.

Gazelle is a highly sophisticated piece of software using artificial intelligence to process massive amounts of data. Insights from the data help to understand and profile companies that have certain issues and challenges. Companies may want to take advantage of the solutions brought to them by other communities, like the ones that brought the insights to the company because they used Gazelle and AI.

Here's an example. If a company is growing and the community it is located in has a talent shortage that is an example of what the tool can identify. If another community has that talent supply, Gazelle has just helped one company potentially solve a problem it can not overcome in its current location. As a community, now there is a reason to contact that company and have discussions about their needs and plans and the possibility of considering a move to a new community.

It's obviously not that simple but I think you get the point. It beats going to tradeshow blindly without having this knowledge, insight, and information.

It will be fascinating to watch the world and profession unfold as technology advances and creates more, other and different tools and opportunities for the profession.

Sticky Situation

Want to have a successful downtown? Make it sticky! We're not talking about those tasty sticky cinnamon buns with the white icing, they are soooo delicious though, aren't they.

We are talking about creating reasons to visit and or experience your downtown, reasons to stay, and reasons to come back. Basically, how can you make the experience stick within the minds and hearts of your target audience?

Definitely, you need to start with awareness and need to answer the question about what is happening downtown and why would I want to be there? Beautification is part of the process for sure and animating your downtown. What kind of activities, events, and entertainment have you organized and curated to make the experience interesting, entertaining, and exciting for much of the year.

Do these three things and you are well on your way to making your Mainstreet a successful destination.

Site Selection

We had a great conversation about site selection and two guest speakers that really added value to the conversation.

David Leezer and Eric Miller talked about some fundamentals. Which included awareness, relationship building, research, and trust.

First and foremost one needs to make site selectors aware of your community and aware of its geography including its location to major urban centers.

Secondly, form relationships that are long-term based. Build regular ongoing communication and figure out how to serve the site selectors' needs. Don't overdo it though, find a balance of items to touch base. When it comes to needs, do your research, site selectors' websites are very informative and will likely tell you just about everything you need to know about their searches? Do the research and come prepared when developing your relationships.

Last but not least, be honest and build trust. Don't tell them information about your community if it's not true. This will come back to bite you. You'll ruin that relationship and likely many others as well. It's a small industry and site selectors talk to each other. Lie to one and you might as well be lying to many. In other words, be professional

Putting the "I" in IEDC

As we wrapped up 5 days of clubhouse calls to celebrate Economic Development Week 2021, we welcomed Jeff Finkle, President, and CEO of IEDC, the International Economic Development Council. Our discussion was on putting the "I" or International in IEDC. Panel and Board members were from across North America; Canada, The U.S., and Mexico. A good discussion was had regarding IEDC's role in the world of International Economy Development, from bringing professionals together, to professional development and sharing best practices.

We look forward to seeing our colleagues at their annual conference this fall in Nashville.

About The Author: Dan Taylor is a strategic advisor and guide to those in the economic development and tourism profession, as well as to small business.

He helps bring focus to their work, cuts through the clutter to save time and increase performance to take their work to the next level and create maximum impact and results for their communities and businesses.

He specializes in rural, small, and medium-sized towns, counties, regions, and businesses in North America and across the globe.

He is also the Economic Development Catalyst for the Town of Innisfil and can be contacted at [email protected].

Reach out to experience a consultation to assess your situation and see if we feel there is a fit.

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