Economic Development Asset Map is Changing

It is evident to me from my work with a variety of EDO's across the country that the economic development asset map is changing. What does that mean? It means that the assets or resources required to support economic development are changing in a dramatic way.

People and knowledge have moved into the number one position as key assets needed to compete for technology and knowledge-based businesses and jobs. Many areas have completed useful asset maps characterizing the availability and quality of these assets. Many others have not.

As the economy continues to shift more in the direction of "intangible assets," communities, regions and states need to think harder and smarter about how they plan and organize themselves to compete in the "intangible opportunity market." For example, Richard Florida's work on the creative economy has captured a lot of attention in economic development circles, but how do you go beyond the "buzz" to do something concrete about the issue of creative capital? We can help you identify and assess the value of your creative assets as economic growth engines.

Assets attract opportunities to communities. Everybody is chasing the same industries and industry clusters as opportunities. Is there any place on the planet that does not want to be a biotech or life science center? The real issue is whether your area directly possesses, or can gain access to, the assets needed to attract and develop these opportunities. How do you put in all together? We think one answer is "asset marketing." How does your current marketing strategy deal with your "asset advantages?"

Asset-building requires investment. Does your area have in place an "asset enhancement investment strategy?" This may turn out to be much more valuable to you than just another strategic plan. Maybe that is a better approach to downtown revitalization than many other things that we are doing.

Lately, we have been working a good bit with environmental assets. Is your area using its environmental assets effectively to grow its economy? Do you have a strategy to accomplish this in a sustainable way? You don't need an "asset depletion" strategy. You need a strategy that make wise use of your ecological assets. Remember when Cleveland's Cuyahoga River caught fire in the early 1970's? We weren't making wise use of our water resources back then. Today, Cleveland has come a long way in using the Cuyahoga River and Lake Erie directly and indirectly as environmental assets that support economic development.

We would be interested in hearing from you about how your area economic development asset map. Call Don Iannone at: 440.449.0753, or send us an email at this address (click here).