The Basic Course - Kenny McDonald

Transcript

1. The Basic Course Economic Development Overview July 2020
2. Welcome! • 25 years of economic development experience as a local & regional economic development practitioner • Georgia, New Mexico, North & South Carolina, and Ohio • 7 years as a private location advisor working across the globe to locate facilities and evaluate countries and communities • Started as an economic development intern • Current CEO of Columbus 2020/One Columbus (10 years) • Current Chairman of the International Economic Development Council (IEDC) • Passionate about the power and purpose of our profession
3. What’s at Stake? • The sustainability of your community (neighborhood, city, county, region, state, and country) • The livelihood of your friends and neighbors and their families • The support of the most vulnerable populations • The opportunity to unleash historic growth and prosperity
4. The Practice & Profession of Economic Development THE “PRACTICE” OF ECONOMIC DEVELOPMENT. WHY DO THEY CALL IT A “PRACTICE?” IS THERE A DIFFERENCE BETWEEN AND ECONOMIC DEVELOPMENT PRACTITIONER AND AN ECONOMIC DEVELOPMENT ALLY?
5. Who does economic development? • Nations • States and provinces • Local government departments • Public Private partnerships and non-governmental organizations • Chambers of Commerce • Neighborhood organizations • Workforce organizations • Universities and colleges • Tourism officials • Public finance professionals
6. Why go to all the trouble? Community Sustainability • Without new money circulating in our communities we they perish. • Consistent tax revenue is required to fund basic services, create safety nets, and to pursue even larger opportunities. • Full-time jobs with benefits offer individual and generational changes that transform lives • Investment into communities created opportunities for the retention and attraction of people to live in and pay taxes to the community Business Sustainability • The creation of full-time jobs with benefits drives all other downstream activities • Small businesses are created to serve needs and wants of those with income to spend • The development of the “economic base” is required to generate new money that leads to new business formation, entrepreneurship and innovation. • Business growth enables the community to invest in itself and become better at servicing “business”.
7. How are jobs created? I. Jobs are created by new firms/enterprises as they are formed (ice cream shops, new manufacturers, high-tech/ventures, etc.) II. Jobs can be created by existing firms that are competitive and growing III. Jobs can be created by attracting new investment and businesses to your community.
8. When do we do economic development? • Everyday. • Economic development requires sustained effort, funding and leadership. No exceptions. • Strategies should be based in principle (Retain, attract, and create) and tactics do pursue them should be tactics, should be changed as necessary. • We don’t perform economic development when the crisis strikes, or when the client is on the site, or when hiring begins, or when the legislature is in session. • Make practice harder than the game!
9. What is the economic developer’s job? • To prepare the community for success • To lead and advance the community in service of others • To serve as a liaison between government, business, and academic interests • To align community actors and facilitate forward motion towards resolution (Yes, no, or defer) • To use tools and professional practices to achieve what could not be done otherwise • To represent the very best and the potential of the community • To represent those not at the table
10. Prepared Communities Win! • Mindset • Development of long-term strategies for growth and prosperity • Development of coordinated and aligned tactics/activities • Clear definition of success How does the economic developer prepare the community for success? • Physical • Land-use planning, zoning and due diligence • Development financing • Protect and create physical assets to grow the economic base (business parks, lab space, corridors) • Financially • Fully staffed and resourced organizations • Tools to determine a “good deal” • The know-how to partner with business, government and institutions to leverage money
11. How do you measure success? I. Measure the economy first (comprehensively and comparatively) • Measures of growth, prosperity, and innovation II. Second – Measure your organizational Impact • Measures that align with your mission and show impact / performance • Measures that show what is possible with more resources or different approach III. Third – consider timing • Real-time measures of program impact or economic crisis • Long-term measures that show trajectory • All the time – use measures to create dialogue
12. What’s possible? It’s possible that you will impact others lives very directly • Huge responsibility / Enormous opportunity It’s possible that you will transform your community and have long-lasting impact • Make sure it’s positive It’s possible to have a long and diverse career in economic development • And to constantly learn and grow