Pittsburgh Region Life Sciences Benchmarking & Opportunities Analysis
The Pittsburgh Region Life Sciences Benchmarking & Opportunities Analysis report was prepared for the University of Pittsburgh with financial support from the Richard King Mellon Foundation and Hillman Family Foundation.
Fourth Economy Consulting conducted the analysis and report development in partnership with Warner Advisors during the summer of 2016. This report is meant to inform key Pittsburgh regional stakeholders about the assets and opportunities that exist in the life sciences industry sector and highlight areas of future focus. Read more from the Pittsburgh Post-Gazette here. The complete report is available here.
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”
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”
A great American poet once said, “For the times they are a-changing.” That is especially true today in our economy. Underneath the radar of the rhetoric and public spotlight, the changes in the economy are generating a ripple effect for how industries and people use land. Land use is not a topic that is top of mind for most people, but a few local governments are waking up to the reality that a number of forces are beginning to change the need for land, and ultimately its value. Local governments care deeply about land use, or they should, because the value of land translates into the property tax revenues they need to maintain the community. Continue reading “New Economics of Land Use”
I recently had the opportunity to appear on the Workforce Central podcast, where I discussed the current state of the economy, trends that workforce boards should be aware of, and my thoughts about the impact of the upcoming election on the overall U.S. economy. Workforce Central is the official podcast of the National Association of Workforce Boards. The podcast is hosted by Ron Painter, President of the NAWB.
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”
At this point I think we are all familiar with the struggles facing Detroit Public Schools, at least on the surface: mushrooms growing in schools, teacher strikes, financial crisis. However, as detailed by this incredibly thorough and thoughtful report by LOVELAND Technologies, 200 years worth of poor decision-making led Detroit to where it is today. This speaks to the need for a new approach to public accountability in our education system. Recognizing the critical role of public education to economic development, in Nashville, it has been the Chamber that has been stepping up to provide that platform for accountability by conducting annual holistic assessments and concrete recommendations for improvement. Continue reading “What Is Not Being Addressed that Will Kill Your Economic Development Strategy”
Tis the season for annual conferences – that chance each year for trade groups to tout their accomplishments and relevancy. The Fourth Economy team attended our fair share. What we find scary is that while the workshops and keynotes are conveying the seismic changes occurring in our economy, change on the street, in our communities and programs, appear to keep on keeping on as if it were, oh say, 1999. Many of the metrics for growth we heard remain focused on absolute land development, job creation (regardless of type and cost) and more office space. Continue reading “Inspire Yes, But Act As Well”
Fourth Economy Consulting has turned five and has topped over 200 client engagements in that short period. And by engagements, I mean that we have had the great fortune to partner with community leaders all over the country as they work to strengthen their organizations and communities. This experience has provided me with yes you guessed it, five notable trends that I wanted to share with you. Continue reading “Which Trend is Your Community Experiencing?”