Toronto Does It Right

I am very impressed with Toronto's (Canada) strategy for economic development. "Take risks or be at risk." That is one of the major conclusions of its strategy, which was set in motion just about two years ago. Toronto is truly a wonderful "world-class" city. Clearly one to benchmark in my book as we scan the economic development scene globally to find out who's on the leading edge. I'm sure the Toronto folks are eager for the economic skies to clear some so they can put more parts of the new strategy into play.

Download the Toronto report. It's great reading.

"Risk-taking" is a key issue for everyone right now given the high levels of risk and uncertainty that exist in the world. 9/11 and subsequent events, including the Iraqi conflict, have greatly changed our perception of risk. Economic development has been heavily impacted by these events. Business investment levels remain very low as executives look for greater assurances of a favorable return on the capital they invest in new products and services, facilities, equipment, people and other assets. Investors remain wary of the stock market despite its improvements.

Many companies, government agencies and other entities have devised new strategies for assessing risk and coping with those risks from a management perspective. How has economic development responded to this new era of elevated risk? For one, the level of communication has grown to ensure that economic development stakeholders understand what's happening to the economy and the community. Some EDO's have extended their environmental scans to include more national and global factors and issues, which are having a driving effect on local business and economic behavior. Finally, a number of EDO's are working to create new information, financial and other tools to help businesses and workers cope with the lingering economic downturn. The Greater Phoenix Economic Council has done an extraordinary job in responding to these issues. Many others are also on the leading edge in this regard.

I believe the folks in Toronto are correct: Either we gain confidence and skill in taking risks, or we will remain at risk. Understanding in a realistic way the risks that your area faces is in the starting point in any case. We are interested in knowing how geographic areas are dealing with the increased risks they experience. Please share this information with us. Thank you.

Contact Don Iannone at: dtia@ix.netcom.com, or call us at: 440.449.0753.