A core principle at Fourth Economy is that economic development works best when it works at the intersection of environmental, social, and economic issues—a concept referred to as sustainable or triple bottom line economic development. A recent article published in Economic Development Quarterly by one of our Fourth Economy Pioneers gives some background into this concept.
Janet Hammer of The Collaboratory, the lead author of this research, notes that while traditional economic development delivers programs, policies, or activities designed to create or retain jobs and wealth, sustainable economic development does so in ways that also contribute to environmental, social, and economic well-being over time. This triple bottom line approach recognizes that economic development both influences and is influenced by a spectrum of factors like quality of life, fiscal health, resource stewardship, and resilience. Continue reading “Pioneering a New Approach to Economic Development”
By Chris Ellis and Sara Blumenstein
At Fourth Economy, we are interested in—and experts in—a new generation of funding mechanisms that are enabling the expansion of interventions with proven results. (See these posts from last year introducing Social Impact Bonds and Three Questions to ask to demonstrate impact.)
The key stakeholders involved in a Pay for Success transaction
The Fourth Economy team strongly believes in the power of partnerships in improving community and economic development outcomes. Through our work, we have managed numerous collaborations and identified four keys that lead to effective partnerships.
Patience, Participation, and Partnership
Effective collaboration can be difficult and often takes time. Therefore, it requires that all stakeholders have patience throughout the process of building partnerships and developing solutions. As partnership groups face challenging times, it is critical that they overcome these difficulties together and remain engaged in the effort. One difficulty that may arise is that as individuals and organizations collaborate to further a common purpose, they are typically guided by their own self-interest. These motivations are not always negative and can often support the success of collaborative groups when they are aligned with the goals of the larger partnership. In addition to acknowledging these self-interests, during initial conversations, these groups should identify outcomes and boundaries to focus their work. The group should allow for some flexibility in these areas as issues can change, but too much flexibility will impede the group’s ability to effect change and could cause stakeholders to leave the group. Continue reading “The Four Keys to Effective Collaborations”
It’s All About the Distance. Or is It?
Sure, power contributes to your ability to hit a home run, but it’s also the mechanics of how you swing that can take the ball farther. Many community and economic development initiatives throw a lot of money (power) at an issue without an understanding of the underlying issues and opportunities. A better approach is to use community input combined with real-time data to better understand the current local mechanics and what forms of investment (money and time) it will take to support change. Continue reading “5 Lessons From the MLB All-Star Game for Economic Opportunity Pursuits”
Guest Blog by Sarah Treuhaft, Director of Equitable Growth Initiatives, PolicyLink
It is another summer in which America’s deep racial fault lines are being painfully exposed. Following the horrific violence in Baton Rouge, Falcon Heights, and Dallas, in a July 8 poll seven in ten Americans said race relations are “generally bad.” A National League of cities analysis of one hundred “state of the city” speeches from 2016 found that mayors increasingly view racism and inequities as major threats to progress in their cities.
Continue reading “Embedding Equity Into Economic Development”
To many Americans, Canada is our friendly neighbor to the north, known for an affable attitude, a passion for pucks and a penchant for strong beer. What is perhaps less known is how critical trade with Canada is to the economy of the United States. Consider:
- Nearly 9 million U.S. jobs depend on trade and investment with Canada
- Canada is the top export destination for 35 states
- Canada is the number one supplier of crude oil, refined petroleum products, natural gas,
and electricity to the U.S. as well as a
leading supplier of uranium
- 400,000 people cross the Canada–U.S. border daily
On Tuesday, the Indiana Economic Development Corporation (IEDC) announced $126 million in state matching funds to support three regions in pursuing their visions for growth. The Regional Cities Initiative was developed based on a study of regions that have experienced transformational growth, performed last year by Fourth Economy, and is being funded by a tax amnesty program. Tuesday’s announcement was the culmination of months of planning on the part of Indiana’s regions, and Fourth Economy was fortunate enough to facilitate and advise on the strategy for two of the winning regions in those efforts – Northeast Indiana (home to Fort Wayne) and Michiana (home to South Bend). Here are a few lessons learned from our work helping multi-county, cross-sector partnerships identify and prioritize quality-of-life investments meant to attract and retain population.
Continue reading “Big Visions Get Big Dollars in Indiana”
Today’s economy elevates the value of higher education institutions to the highest degree of public awareness ever demonstrated. Higher education institutions impact their community in a host of very obvious ways, such as:
- Supporting the development of 21st century talent armed with skills to drive modern business;
- Employing a range of professionals in a sector often recognized as the largest in many small communities;
- and Initiating research and development initiatives supporting the advancement of technology and improved economic performance.
These examples speak to the common ways nearly every institution engages. Yet, what does it mean for a campus to be truly connected to its community? Continue reading “Trends in Town-Gown Collaboration”
As part of our ongoing efforts to engage with the sectors that drive economic development, Fourth Economy joined the Pittsburgh Arts Research Committee (PARC)—an advisory committee to the Greater Pittsburgh Arts Council. The PARC worked with the Heinz Endowments and the Pittsburgh Foundation to review and comment on their study of small and mid-sized arts organizations in and around Pittsburgh, PA. On October 28, the Heinz Endowments and the Pittsburgh Foundation rolled out the final report with a daylong event including panel discussions, breakout sessions and networking called The Unsung Majority. Continue reading “Arts, Culture and the Economy: Fourth Economy Participates in the Unsung Majority Rollout”
Fourth Economy Consulting announces posting of a Request for Information for a current client project. Submitting firms will be included in a one-stop-shop resource directory of best-in-class urban-regional + economic development planning firms. This directory provides client with stocked resource for direct RFP solicitation to leading firms.
Fourth Economy Consulting (FEC) is soliciting company information from urban-regional and economic development planning firms to be used in directory resource for a current client. FEC is presently working with a Midwestern client on the research and developmental stages of a large, multiphase statewide initiative. The client’s ambitious project has requested FEC to perform a preliminary expert study of successful regional economic and quality of life transformations in metro areas throughout the US. Continue reading “Request for Information: Fourth Economy Seeking Information for Current Client’s RFP Directory”