6 Key Priorities Shape the Economic Development Agenda
Regional industry, especially homegrown industry, must be an integral stakeholder in the development of strong and effective regional economic development partnerships. It cannot be said enough. This was emphasized once again in Fourth Economy’s recent engagement with our friends from the Red River Valley in North Dakota and Minnesota.
By far the Valley Prosperity Partnership (VPP) is one of the strongest industry-led efforts we have seen, both in terms of time and money. In addition to industry, it included two of the region’s regional economic development organizations and, oh yeah, two states. For those who have worked in regional efforts like this, you know it is no small task. Continue reading “Fourth Economy Helps Launch North Dakota-Minnesota Regional Action Plan”
They take many names and structures: Collaboratives, Alliances, Councils, Initiatives, Partnerships. Whatever their name, economic development intermediary efforts across the country are effectively uniting diverse organizations, people, skill sets, and geographies around common community and economic development goals.
These modern assemblies are reflective of the fourth economy. They are nimble, take shape quickly, utilize social media and are open to information sharing. They recognize the challenge that in our global and dynamic market economy – no single organization can possibly have all of the resources and knowledge to address a region’s community and economic development objectives. We must work together, find where organizational missions intersect and then contribute a slice of time and resources to achieve a larger goal.