Those new to the economic development industry and even those who have been involved for many years can be challenged to define exactly what economic development is. Is it job creation? Is it relationship and facilitation? Is it attracting new investment in a community? Is it diversification of industry? Is it increasing income levels? Is it managing rates of growth? Economic Development is all of those things and more.
One of the simplest definitions of economic development is the activities relating to working with the business community to support business development, trade, investment and partnerships. Each economic development organization needs to understand what economic development is for their specific community or region and they need to be able to clearly communicate it to their stakeholders.
There are a few myths or misconceptions about what economic development is. When defining economic development for your community remember to try to keep it simple – it isn’t rocket science and it doesn’t have to be expensive. It shouldn’t just be about high tech but it should be inclusive, collaborative and practical.
Before you can successfully do economic development you must clearly understand what it is you’re suppose to be doing. Taking the time to define economic development for your specific community or region is an important step to create community buy-in and to develop successful and sustainable strategies.
This is meant to be a series of articles designed to assist individuals new to the Economic Development industry. There may also be value to those already in Economic Development looking for additional resources and best practices. For a complete overview of economic development consider the EDCD Consulting “Economic Development 101©” presentation for your community.
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