Keys to Economic Success

By Patty Plugge

Executive Director, BCEDC

In a previous column, I discussed the first two in a list of ten keys for local economic development success. This comes from an article written by Don Macke, Director of Entrepreneurial Communities for the Center for Rural Entrepreneurship.   For over 35 years, the team at the Center for Rural Entrepreneurship has been seeking answers to the question – what brings about local economic development success? Using the insight that is based on their field work across North America, these ten keys were uncovered. As we strive to improve the quality of life in Burt County, keep in mind these best practices.

The first two keys were #1 – Local Responsibility and #2 – Smart Game Plan.

Key #3 – Robust Investment

We all know that businesses that do not reinvest in themselves are likely to erode their competitive advantage, lose market share and eventually fail.  Well, the same is true for communities.  As every farmer knows, you cannot reap what you do not plant. The same is true with economic development; there must be a robust investment in a smart development game plan sustained annually over time.

Key #4 – Entrepreneurial Development Systems – One lesson learned while studying economic development across the nation is that systems generate outcomes when compared to unarticulated programmatic efforts. The prime opportunity for development is through entrepreneurial development systems.  Building it is hard work, but the payoff is huge.

Key #5 – Sustained Effort

Economic development never ends. Communities that succeed sustain their efforts at a robust level year in and year out over decades. Even communities that have succeeded for a generation can falter if they do not adjust and continue to invest.  The key is renewal of community leadership.  Building a game that invests in economic development leadership and ensures continued transition is the foundation for sustained effort.

Key #6 – Growth Entrepreneurs

Each community must find its own solution set. Every community is different and has unique opportunities for development. But what is increasingly clear to us, based on our field work, is that a prime focus on “growth oriented entrepreneurs” is key for today’s changed environment.

Key #7 – Immigrants and New Residents

Communities that welcome, embrace and support immigrants and new residents do better economically and socially over time.

Key # 8 – Real Regional Collaboration

One of America’s greatest economic development challenges is the lack of workable and meaningful vehicles for regional collaboration. Successful communities will likely foster regional development collaborations through locally supported regional development organizations.

Key #9 – Civic and Social Entrepreneurs

It is important to recognize that there are three kinds of entrepreneurs that will enable development success and sustained prosperity – business, civic and social entrepreneurs.  Civic (government) and social (nonprofits) will lead in creating the strategies, quality of life amenities and business climates necessary for business entrepreneurs to succeed.  Investing in all three kinds of entrepreneurs enable a more comprehensive game plan that can yield desired trend-changing results.