Economic Development Organizations face a challenge: Jumping the Curve. Some newer organizations — like Shoals Shift — were designed from the start as Open Economic Development organizations. Others are facing a transformation. Some places are performing better than others. Pittsburgh, for example, is making the transformation faster than Cleveland. For more information, check out: http://bit.ly/PurdueASLRegions

1. TRADITIONAL ECONOMIC
DEVELOPMENT
OPEN ECONOMIC
DEVELOPMENT
Historical roots Industry Recruitment: Mississippi
1930’s
Networks: Silicon Valley 1990’s
Investment focus Land development and real estate
transactions
Open networks and quality,
connected places
Investment strategy Outside-In: Attract outside
investment to build the economy:
inside investment will follow
Inside-Out: Link and leverage
existing assets to build the
economy: outside investment will
follow
Target Site selectors Entrepreneurs
Location of Learning International Economic
Development Association
University Economic Development
Association
Strategy Model Linear: Strategic planning Agile: Strategic Doing
Marketing strategy Advertising to energize site
selectors
Storytelling to energize
entrepreneurs
Development target Industrial sites Entrepreneurial ecosystems
Incentive focus Companies Placemaking
Policy focus Streamline regulations, reduce taxes Invest in collaboration and
placemaking
Leverage point Incentive packages Engaged community colleges and
universities
Threshold to compete Available sites Available talent
Relationship to workforce
development
Arm’s length, transactional Core partners, collaborative
Information sharing Presume closed and release
information to the public as needed
Presume open and protect
proprietary information as needed
Civic leadership model Hierarchical command and control Network collaboration
Agile Strategy Lab
School of Engineering Technology
Prosperity
We are here
Open Economic Development
Traditional Economic Development
1930’s 1980’s Today 2030’s
Jump the curve
Economic Development Organizations face a
challenge: Jumping the Curve. Some newer
organizations — like Shoals Shift — were
designed from the start as Open Economic
Development organizations. Others are facing a
transformation. Some places are performing
better than others. Pittsburgh, for example, is
making the transformation faster than
Cleveland. For more information, check out:
http://bit.ly/PurdueASLRegions
1