Future Trends in Economic Development: What Do They Mean for Kingsborough & Brooklyn? Erik R. Pages EntreWorks Consulting February 10, 2009

Our Topics Today Economic Development Then & Now The Obama Transition What Does It Mean for Kingsborough and Brooklyn Future Roles for CEWD

Economic Development Then & Now

The Obama Transition

What Does It Mean for Kingsborough and Brooklyn

Future Roles for CEWD

The Economic Development Pitch: THEN Strong Work Ethic Low Cost Good Location Strong Business Leadership

Strong Work Ethic

Low Cost

Good Location

Strong Business Leadership

The Economic Development Pitch: NOW Talented Workforce/Entrepreneurs Quality of Life Good Location Strong Civic Leadership

Talented Workforce/Entrepreneurs

Quality of Life

Good Location

Strong Civic Leadership

What Does This Mean? Trends in Economic Development Regionalism Private Sector Leadership Greater Focus on Workforce Collaboration across Sectors Focus on Innovation, Entrepreneurship and Creativity

Regionalism

Private Sector Leadership

Greater Focus on Workforce

Collaboration across Sectors

Focus on Innovation, Entrepreneurship and Creativity

Scale and Scope to Compete in Global Markets Branding Reduce Fragmentation More Ideas Can Equal Better Ideas Improve Services and Reduce Costs EXAMPLES: Northeast Ohio’s Team NEO (www.teamneo.org) Why Regionalism?

Scale and Scope to Compete in Global Markets

Branding

Reduce Fragmentation

More Ideas Can Equal Better Ideas

Improve Services and Reduce Costs

EXAMPLES: Northeast Ohio’s Team NEO (www.teamneo.org)

Private Sector Leadership More responsive to market forces Better Early Warning Systems More Flexible Better Access to Resources Both Money & Talent EXAMPLES: Delaware’s First State Innovation (www.firststateinnovation.org)

More responsive to market forces

Better Early Warning Systems

More Flexible

Better Access to Resources

Both Money & Talent

EXAMPLES: Delaware’s First State Innovation (www.firststateinnovation.org)

Workforce Regions Need a Talented and Agile Workforce Talent: Skills aligned with local clusters Agile: Workers can adapt to multiple sectors and career paths Project-Oriented Work More Prevalent “ The Gig Economy,” “Free Agent Nation”

Regions Need a Talented and Agile Workforce

Talent: Skills aligned with local clusters

Agile: Workers can adapt to multiple sectors and career paths

Project-Oriented Work More Prevalent

“ The Gig Economy,” “Free Agent Nation”

The End of Stovepipes? Broadening of Traditional Economic Development Mission No longer just job creation Emergence of New Issues E.G., Affordable Housing, Attractive Amenities EXAMPLES: Kokomo Indiana’s Workforce Development Strategies, Inc. (www.wdsi.org) Collaboration Across Sectors

The End of Stovepipes?

Broadening of Traditional Economic Development Mission

No longer just job creation

Emergence of New Issues

E.G., Affordable Housing, Attractive Amenities

EXAMPLES: Kokomo Indiana’s Workforce Development Strategies, Inc. (www.wdsi.org)

Innovation/Creativity/ Entrepreneurship Talent Development and Attraction as Key Missions Entrepreneurs as Key Wealth Creators Openness and Diversity as Key Local Assets EXAMPLES: Racine, WI’s CATI (www.thecati.com), Springfield Technical Community College (www.stcc.edu)

Talent Development and Attraction as Key Missions

Entrepreneurs as Key Wealth Creators

Openness and Diversity as Key Local Assets

EXAMPLES: Racine, WI’s CATI (www.thecati.com), Springfield Technical Community College (www.stcc.edu)

Obama and the New ED Paradigm Approach to Communities: Will be Holistic (e.g. Promise Zones) Will be Regional (e.g. Cluster Strategies) Will Promote Innovation or “Stim-Novation” Green Jobs Smart Infrastructure Will embrace talent development Up to $100 billion in stimulus for education/workforce related investments

Approach to Communities:

Will be Holistic (e.g. Promise Zones)

Will be Regional (e.g. Cluster Strategies)

Will Promote Innovation or “Stim-Novation”

Green Jobs

Smart Infrastructure

Will embrace talent development

Up to $100 billion in stimulus for education/workforce related investments

What Does It Mean for CEWD? Need Closer Engagement with Private Sector Leaders Break Barriers between Education, Business, and Economic Development Primary Mission for CEWD Engage New Players CDCs, Neighborhood Assns, Other NGOs

Need Closer Engagement with Private Sector Leaders

Break Barriers between Education, Business, and Economic Development

Primary Mission for CEWD

Engage New Players

CDCs, Neighborhood Assns, Other NGOs

Is Brooklyn Ready? Existing Assets Strong Base of Entrepreneurs More than 41,000 small businesses More than 180,000 self-employed Diverse, globally-oriented citizenry Strength in Key Clusters Hospitality/Food Arts/Culture Health Care

Strong Base of Entrepreneurs

More than 41,000 small businesses

More than 180,000 self-employed

Diverse, globally-oriented citizenry

Strength in Key Clusters

Hospitality/Food

Arts/Culture

Health Care

Future Roles for CEWD Build on Kingsborough’s current cluster strengths Hospitality and Tourism Entrepreneurship Training (e.g. IVE) Target New Sectors, such as “Green Jobs” Provide Business Support Services in local neighborhoods Build a Center for the Local Economy

Build on Kingsborough’s current cluster strengths

Hospitality and Tourism

Entrepreneurship Training (e.g. IVE)

Target New Sectors, such as “Green Jobs”

Provide Business Support Services in local neighborhoods

Build a Center for the Local Economy

Thanks!! For More Information: Erik R. Pages EntreWorks Consulting 703-237-2506 [email_address] www.entreworks.net