New Tools for Regional Development: Open Source Economic Development & Strategic Doing
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This document summarizes a presentation about economic development strategies for the "second curve" economy. It discusses how wealth was previously built through vertical business models but is now built through networks leveraging five asset types: talent, entrepreneurship, quality places, branding, and civic leadership. Successful communities in this new economy align and leverage these diverse assets through an open-source approach involving civic collaboration and strategic doing - focusing initiatives on measurable strategic outcomes through aligning resources. The presentation provides examples of these strategies and concludes that success requires many modest collaborative strategies rather than single large strategies.
New Tools for Regional Development: Open Source Economic Development & Strategic Doing
- 1. New Tools for Regional Development: Open Source Economic Development & Strategic Doing PCRD Conference: Regional Innovation During Boom & Bust South Bend, Indiana June 26, 2009 Scott Hutcheson Purdue Center for Regional Development Purdue Extension
- 2. Our Grandfather’s Economy First Curve – Wealth driven by vertical business models Wealth was built at a rate the world had never before experienced
- 3. The S Curve Caught Up with Our Grandfather’s Economy Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.
- 4. The First and Second Curves Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.
- 5. Movies in the 1st & 2nd Curves MGM 56 Companies
- 6. Telecommunications in the 2nd Curve
- 7. From Hierarchies to Networks
- 8. Economic Development in the 2nd Curve Our job is to manage the transition between our grandfather’s economy and our grandchildren’s economy Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.
- 9. An “Open-Source” Approach 2nd Curve economic development strategies involve linking and leveraging assets in five “asset networks:” – Talent & Brainpower – Entrepreneurship & Innovation – Quality Connected Places – Branding & Storytelling – Regional Civic Leadership Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.
- 10. Integration of Perspectives Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.
- 11. Success in the 2nd Curve In the 2nd Curve, prosperous communities will be the ones with strategies that… • Build world-class brainpower • Translate brainpower into wealth through innovation and entrepreneurship networks • Create quality, connected places where “hot spots” can develop • Create a buzz with a new set of stories • Continuously strengthen habits of civic collaboration
- 12. Talent & Brainpower during the Recession Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.
- 13. Align, Link, and Leveraging Talent & Brainpower Assets Workforce Development Economic Development Universities Community College Industry Social Services SBDC
- 14. Innovation & Entrepreneurship Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.
- 15. A Culture of Innovation • An innovative business is one that launches new products or services each year (15% of businesses are typically innovators) • Innovative businesses usually have high growth trajectory • When 50% of business are innovators you have an innovation culture
- 16. Innovation Isn’t Always High Tech • A BBQ restaurant starts bottling and selling sauce • A dry cleaners develops a new “green” process and licenses the new process • A beauty shop develops a new way to train stylists and goes nationwide http://www.acenetworks.org/upload_files/file/Regional%20Flavor%20June.pdf
- 17. Quality Connected Places Infrastructure that allows people and ideas to move freely and cluster easily – Vibrant public spaces and third places – Accessible broadband – Multi-mode transportation – Innovation hubs
- 18. Branding & Storytelling Tell Positive Stories & Create a Brand with a Buzz (internally & externally)
- 19. Linking & Leveraging Assets Requires Civic Collaboration • No single person, organization, or institution has all the answers • No one is in charge • Mass participation AND strong leadership is needed
- 20. Civic Network Continuum Trust Co‐ Creation Co‐ Execution Turf Sharing Resources Sharing Information Mutual Awareness Acknowledging Exploring Cooperating Collaborating Innovating TIME You have to walk before you run Adapted from Collaboration Continuum from ACT for Youth
- 21. We need to move our thinking from events and “programs” to processes…. Communities are moving toward civic process that focus on Strategic Doing
- 22. Strategic Doing Helps Build Networks
- 23. Strategic Doing 1. What could we be doing together? – Exploring our assets to find new opportunities 2. What should we do together? – Focusing on one opportunity at a time and defining, as clearly as possible, the “strategic outcomes” we want. 3. What will we do together? – Launching new initiatives by aligning our resources with “link and leverage” strategies. 4. What are we learning together? – Learning what works by executing and measuring what happens
- 24. Civic Networks… • Spot opportunities quickly • Mobilize assets strategically • Use resources effectively • Learn efficiently
- 25. What Does Success Look Like? No Single Big Strategy Many Modest Strategies
- 26. Contact Scott Hutcheson Assistant Program Leader, Economic & Community Development Purdue University Purdue Extension & Purdue Center for Regional Development Burton D. Morgan Center for Entrepreneurship 1207 W. State Street, Room 227 765-494-7273 (office) 765-494-3200 (fax) 765-479-7704 (mobile) hutcheson@purdue.edu http://pcrd.typepad.com/ecd (blog) http://www.twitter.com/jshutch64 (Twitter)