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”
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?”
Across the country, communities are beginning to understand the economic value of developing trails. Though trail advocates and economic development organizations still often speak different languages, they are beginning to speak a shared language of talent attraction, tourism, and business development.
Different types of trails offer different economic opportunities. Continue reading “Increasing the Economic Impact of Trails”
Comeback City. Best Place to Live. Best to Visit…It’s a good feeling when your hometown receives so much attention. Living in Pittsburgh inspires a sense of pride and as I travel around the country, I am always happy to tell people about the highlights of our region’s transformation. That travel though has also opened my eyes to the fact that we are not doing enough to retain those titles. There are issues in our community, our economy and our civic and social infrastructure that must be addressed if we want to wear the badge of pride into the next decade. Continue reading “Pittsburgh’s Next Opportunity”
Many state governments have devoted a great deal of resources over the past decade to mitigating and responding to climate change through energy and urban planning related efforts. Planners and energy experts are fluent in the language of sustainability, adaptation, resiliency, and mitigation. But ask an economic development official what climate change means to them and it’s possible that they can barely utter the word. Many in the business community have feared that climate change will simply mean more costly equipment upgrades to reduce greenhouse gas emissions. In too many communities, time is still spent debating the veracity of climate science instead of recognizing the impacts already occurring. Economic development officials have a responsibility to help businesses understand the greater implications of climate change – how they can protect themselves from the effects of climate change; how they could develop new products or services in response to climate change; and how they should prepare themselves to recover from climate-related events. Continue reading “Preparing your Local Economy for Climate Change”
In the words of Steve Wozniak, “If you’re that rare engineer who’s an inventor and also an artist, I’m going to give you some advice that might be hard to take. That advice is: Work alone. You’re going to be best able to design revolutionary products and features if you’re working on your own. Not on a committee. Not on a team.”
Micropreneurs are a unique breed of business owner who independently work in a niche market, are willing to accept the risk of starting and managing the type of business that remains small, strive for a balanced lifestyle and have the chance to do the work they want to do. Similar to the old-world model of the neighborhood butcher, cobbler and blacksmith, micropreneurs offer products that make a difference and provide amazing value to niche markets. Modern versions of micropreneurs include programmers/developers, writers, solo consultants and online boutique owners (think Etsy). These distinct business owners strive for little to no expansion, are happy to work alone with no employees and are willing to forego outside funding. One discernible advantage that modern micropreneurs have is access to the Internet which allows them to launch and offer their products or services to a world-wide audience.
After hundreds of hours speaking with the leaders of America’s transformed cities, analyzing data until our eyes crossed and summarizing all of our findings in an action oriented report, I am ready to provide you with the cliff notes. To summarize, we found that there are nine key themes to consider if you are looking to transform your community.
Fourth Economy has been immersed this year in conversations about higher education’s role in economic development. Over the summer we worked with a major research university to identify ways for improving their business engagement practices. This effort involved hosting a roundtable discussion with university-based economic development practitioners from around the country.
In October, Fourth Economy team members managed the 2014 University Economic Development Association (UEDA) Summit in Santa Fe, New Mexico, which brought together more than 230 economic development representatives from higher education, economic development organizations, consulting firms, federal agencies, and many other groups (you can view the agenda and presentations here). Conference participants shared and discussed best practices, including initial thought leadership from UEDA’s Body of Knowledge Committee, developed in conjunction with representatives from the Association of Public and Land-grant Universities (APLU). Continue reading “Too Cool for School? Think Again.”