W I R E D Logansport Cass County Board

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A presentation on WIRED the Board of Logansport Cass County Economic Development Foundation.

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W I R E D Logansport Cass County Board

  1. 1. Economic Development in Today’s World Logansport-Cass County Economic Development Foundation November 16, 2007 Ed Morrison IndianaWIRED Purdue Center for Regional Development
  2. 2. Economic Development in an Nutshell Good Money: Increase the volume of 1 income into the region with competitive traded businesses Rest of the Neutral Money: Increase the velocity World 2 of money circulating in the region with local businesses to create more jobs 1 3 Bad Money: Reduce income leaks Sales by reducing outside purchases, workers who move out, and students who drop out Traded Another Businesses region 2 Purchases and paychecks Brain Drain and Purchases Local Businesses 3 Your eco Drop Outs nomy Dependency Source: Ed Morrison, David Morganthaler
  3. 3. A downward cycle of economic development accelerates with a deteriorating civic environment Business base Deteriorating Civic gets weaker Entrepreneurial Environment activity declines Businesses shrink or leave, start-ups do Higher taxes not arise Well-paid jobs decline Tax base erodes Skilled labor supply shrinks Skilled people move out Civic amenities and infrastructure deteriorate Brain drain as Quality of life young people deteriorates drop out and move out Place develops a bad reputation Source: Ed Morrison
  4. 4. A prosperous cycle of economic development accelerates with civic collaboration Build innovation Collaborative and entrepreneur Civic Environment networks Entrepreneurial activity increases New firms emerge, established firms grow Well-paid jobs increase Lower taxes Tax base grows Skilled labor supply grows Skilled people move in Civic amenities and infrastructure improves Quality of life Build brainpower improves with 21st century work skills Build a quality, connected place Source: Ed Morrison
  5. 5. Our grandfather’s economy created a lot of wealth 5
  6. 6. The S-Curve caught up to our grandfather’s economy
  7. 7. What happened in my home town
  8. 8. Collapsing costs are undercutting our 1st Curve economies
  9. 9. The Internet exploded
  10. 10. Now we must shift to a path for creating prosperity Every few hundred years in Western history, there occurs a sharp transformation. Peter Drucker, The New Realities (1989)
  11. 11. A 2d Curve economy is emerging with wealth created by networks...
  12. 12. 2d Curve strategies are based on “linking and leveraging”
  13. 13. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  14. 14. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  15. 15. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  16. 16. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  17. 17. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  18. 18. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  19. 19. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  20. 20. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  21. 21. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  22. 22. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  23. 23. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  24. 24. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  25. 25. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  26. 26. First Curve Ideas Second Curve Ideas Hierarchies Networks Command and control Link and leverage Acquire More Align More Strategic Planning Strategic Doing Experience Curve Metcalfe Curve Mass Production Mass Customization Transactions Relationships
  27. 27. What’s the power of a network? What’s the value of one fax machine? What’s the value of ten fax machines?
  28. 28. 2d Curve strategies involve linking and leveraging assets in five “asset networks”: 1.Brainpower 2.Innovation 3.Quality places 4.Branding 5.Civic Collaboration
  29. 29. 2d Curve Strategies are inter-connected and collaborative
  30. 30. Second Curve strategies have a simple proposition... Regions will prosper on the Second Innovative Businesses Curve with balanced strategies that... 1. Build world class brainpower Healthy Entrepreneur Brainpower and and World Class Skills Innovation Networks 2. Translate brainpower into wealth Healthy, through innovation and Creative Civic People Collaboration Dynamic Clusters entrepreneurship networks Infrastructure for Quality, Connected Insightful Stories and Effective 3. Create quality, connected places Places Branding where “hot spots” can develop 4. Create a buzz with a brand Healthy, Creative Places 5. Continuously strengthen habits of civic collaboration
  31. 31. This approach integrates different perspectives...
  32. 32. IndianaWIRED is designed to build networks across a 14 county region ✓ Talent Innovative Businesses ✓ Entrepreneurship Indiana Healthy Brainpower and World Class Entrepreneur and Innovation ✓ Innovation ✓ Collaboration Skills Networks Healthy, Creative People WIRED Civic Collaboration Dynamic Clusters Infrastructure for Quality, Insightful Stories Connected and Effective Places Branding Healthy, Creative Places
  33. 33. Indiana WIRED
  34. 34. Successful communities will move their thinking from hierarchies to networks
  35. 35. The power of the invisible fence
  36. 36. Successful communities will use civic forums to uncover entrepreneurial opportunities Civic forums provide the venue to define new opportunities and practice new civic behaviors Source: Nead Brand Partners 30
  37. 37. Successful communities will understand the power of networks Knowledge Person; Hub Boundary Spanner Information Broker Knowledge Person Knowledge Person; Hub; Influencer Peripheral Person
  38. 38. They will map their networks Hub Boundary Spanner Peripheral
  39. 39. Social Network Map of the Southwest Regional Leadership Forum University of Evansville March 17, 2006 Presented by the Indiana Humaniteis Council Which region is stronger?
  40. 40. Successful communities will build civility as a strategic asset
  41. 41. Successful communities will map their brainpower
  42. 42. Successful communities will develop their innovation networks
  43. 43. Successful communities will guide the stories that create their brand Consequences of different conversations about economic development Positive Prosperity conversations Index Negative conversations Years Today Source: Ed Morrison
  44. 44. Creating the new stories: Youngstown and Kalamazoo
  45. 45. Successful communities will embrace metrics
  46. 46. Successful communities will leverage the Inernet edpro-weblog.net oedc-connect.net
  47. 47. Successful communities will balance open participation with leadership direction
  48. 48. The civic space is The civic space is fragmented and confusing complex...it appears The Civic Space fragmented if there are no connections or the connections are weak Source: Ed Morrison The partial civic space for economic development in Charleston, SC is highly fragmented Benchmark Environmental Collaborative Groups Marine Sciences Business Investors MUSC COG Chamber Chamber Think Tec World $ Defense Trade Industries Center County Chamber Alliance State Partnership Legislators Digital $ Port County Corridor $ Low Country Graduate Alliance $ County Center Workforce Investment Board Tourism/ CVB Higher Ed County County consortium Low ED ED Country Mfg. Education Foundation County Charleston ED Other Mt. Local and Chamber ED Pleasant N. Activities Base Charleston Closure
  49. 49. Successful communities will take the “Shanghai perspective” in all they do Our View Their View
  50. 50. Successful communities will learn the discipline of Strategic Doing Develop ideas about what we can do together Find Evaluations Insights Execute and Choose measure Learn Focus what we results will do Action Plans Initiatives Launch Identify and align resources to specific initiatives
  51. 51. Strategy Maps help you organize strategic issues Strategic Doing gets you started Develop ideas about what we can do together Find Evaluations Insights Execute and Choose measure Learn Focus what we results will do Action Plans Initiatives Launch Identify and align resources to specific initiatives
  52. 52. Here is a view of the future... A dynamic regional innovation economy will have a range of different communities connected some connected to each other but all connected to a regional forum 46
  53. 53. Here is a view of the future... A dynamic regional innovation economy will have a range of different communities connected some connected to each other but all connected to a regional forum Brainpower 46
  54. 54. Here is a view of the future... A dynamic regional innovation economy will have a range of different communities connected some connected to each other but all connected to a regional forum Brainpower Innovation 46
  55. 55. Here is a view of the future... A dynamic regional innovation economy will have a range of different communities connected some connected to each other but all connected to a regional forum Brainpower Innovation Quality, Connected Places 46
  56. 56. Here is a view of the future... A dynamic regional innovation economy will have a range of different communities connected some connected to each other but all connected to a regional forum Brainpower Innovation Quality, Connected Branding Places 46
  57. 57. Here is a view of the future... A dynamic regional innovation economy will have a range of different communities connected some connected to each other but all connected to a regional forum Brainpower Innovation Collaboration Quality, Connected Branding Places 46
  58. 58. Learn more IndianaWIRED www.indiana-wired.net Purdue Center for Regional Development edmorrison@purdue.edu
  59. 59. Thank you! IndianaWIRED www.indiana-wired.net

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