Elephants in the Room
Economic Growth Isn’t Economic Development
A fundamental shift is needed to rebalance economic development practice from a teetering obsession with recruitment to a foundation built on regional innovation capacity. Yet because innovation too often is treated as an academic concept instead of a practical economic development tool, it is the most debilitating of the elephants in the room.
We’re willing to bet that a cursory analysis of your local and regional economy will demonstrate the real power of organic growth over the mythical impact of isolated recruitment. Don’t miss our point: You don’t have to choose between attraction or retention/expansion. We know that innovation uniquely serves both goals. Innovation development naturally attracts and benefits firms seeking lasting competitive advantage in the global economy. Recruitment in isolation naturally attracts and benefits firms seeking subsidies.
For community leaders seeking a partner that fully understands that economic progress must be built from the ground up, Thinkspot introduces innovation development as a model that drives prosperity in three ways:
- Doing the heavy lifting necessary to uncover and leverage local assets;
- Building the social capital (trust and consensus) necessary to ensure next year’s outcomes are more than an incremental variation of the past;
- Pursuing long-term goals ahead of short-term headlines.
It’s time to address the elephant in the room. Call, text or e-mail Thinkspot to discover a new approach balanced by innovation development. In the meantime, spend another two minutes to get our take on structural economic development.