Economic Ecosystems
Intro
We had such a great call on economic ecosystems on Clubhouse. These calls are full of such great and smart people. I'm so excited about each and every call and use this forum to share.
What is an economic ecosystem, what makes up an ecosystem? First, you need a base of an industry, it could be tourism, advanced manufacturing, software and technology, etc... Your community needs talent - a skilled labour force, training, post-secondary institutions the ability to attract talent which would include quality of place, land, spaces, buildings, offices, you get the picture, the list is somewhat infinite and would also include mass transit, highways, railway corridors, internet connectivity, and I'm sure more.
Hemp
Jimi Coplen, from Haskel, Texas shared that she is looking at building a Hemp economy, industry, or ecosystem from scratch.
As you can imagine, the key is to get interested industry stakeholders together to talk about what is possible. Key folks would include growers and farmers, landowners, agricultural institutions, post secondaries involved in skills training and research, equipment manufactures, builders. building designers, supply chain experts, hemp industry experts, product developers, distribution experts, and more.
All this to say, starting an ecosystem from scratch is no easy task but starts with what's possible and who might you need to get together to begin a productive discussion.
Nuclear
When I worked in Peterborough, Ontario we had an advanced manufacturing ecosystem with sub-clusters. One of them was in the nuclear power supply chain.
Once we identified this cluster, we got key industry stakeholders together, there were about a dozen companies in the supply chain. We engaged them around industry and ecosystem development.
Collectively we came up with a simple and focused plan. The plan centered around some positive public relations as it related to the industry, safety in particular, we highlighted the high skilled, high wage value of the industry jobs and worked with the industry to expand markets locally, regionally, and internationally. This included industry advocacy, industry development, networking buyers and sellers together as well as undertaking (FDI) Foreign Direct Investment.
Our work resulted in highlighting a local ecosystem, uniting the disparate players together under a plan, and working with them to grow the industry and create more high wage, high skilled jobs.
Our work resulted in plant expansions and supporting the industry while it grew.
Tech Island
Techisland.io is my favourite new story.
It's a story of 8 communities coming together to brand, promote and build their technology ecosystem on Vancouver Island.
As business does not recognize borders, this is a great example of collaboration between multiple communities and critical mass to position an island as a tech hub. They have over 100 companies in various tech industries and have a great and promising base from which to build on.
It's a lifestyle island in its own right and close enough to Vancouver as a talent draw and business hub. Tech Island has a lot going for it, including forward-thinking ecosystem builders.
Hats off to them!
Framing Ecosystems
Here's a brain bomb from Sam Flanagan ... wait for it!
When framing ecosystems. We need to ask ourselves....
- What are the components? What is your ecosystem made up of, strengths, weaknesses, gaps, unique attributes, industry, talent, skilled labour, training, research, industrial park clusters of industry and more?
- What is the interconnection between the components? Are they connected? Are they connected well or poorly? What kind of digital, social, and business networks exist to tie the ecosystem together? Are there formal and informal networks to bring them together? What are the ecosystem builders ( economic developers) doing to help connect?
- What's the culture of the ecosystem. Is the culture private, and or propriety. Is it open and sharing? Is there a culture? Is there a desired culture? How can economic developers act as a catalyst to create, build and promote a positive connecting culture?
Let's frame our ecosystems, thoughtfully, methodically and elevate them to serve the higher purpose of serving the industry, our community, and the economy.
5 Steps to Support Economic Ecosystems
Lara Fritts from our Ec Dev Network clubhouse calls shared the 5 Steps to Support Economic Ecosystems. Warning, there may be 6 steps!
1. Create connections within the ecosystem community.
2. Build awareness around the ecosystem and that it exists.
3. Take action as a community. Do positive things to support, build and grow the ecosystem.
4. Leverage your assets. Land, buildings, space, capital, talent, skills training, the industries within the ecosystem.
5 Make sure the ecosystem is sustainable and can support long-term growth.
6. Bring in the naysayers, engage them, involve them, listen to them make them part of the solution.
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 and 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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