BBA EconDev 101: Educating Your Stakeholders
Economic development is hard work. It is made no easier by the fact that local policymakers typically have only a cursory understanding of what economic development is.
That can lead to misunderstandings and unreasonable expectations, which can hamstring an economic development organization. In extreme cases, it can lead to resignations and firings.
Our one-day, crash-course seminar is designed to give community leaders a better understanding of how economic development works in the real world.
We will discuss business climate and fundamental principles of industry recruitment, business retention and expansion, and creating a favorable environment for entrepreneurship. We will differentiate the traded-goods sector, industries exposed to international competition (typically manufacturing), from the non-traded sector, comprising all other goods (typically services).
We will discuss how clusters, concentration of related industries in a particular location, come about and how they can provide a community with a competitive advantage for jobs and capital investment. We will speak to business needs regarding workforce, vocational education and training; transportation and utility infrastructure, real estate, quality of life, taxes, energy and an assortment of operating costs that come in any given place.
We will discuss how digital technologies -- artificial intelligence, robotics, automation, 3-D printing -- is creating a new world order and how many traditional assumptions no longer hold true.
There is psychology at work in which information from an outside source is often deemed to be more credible than that originating from within the community itself. Local policymakers may be more receptive to learning about the fundamentals of economic development from BBA than from local economic developers. We are not saying that is right, but it is often the case.
In the end, when community stakeholders have a better understanding of economic development, the professionals can be more efficient and effective, and that benefits everyone.