Cultivating Rural Entrepreneurship

In our ED strategy work, we are asked often what can rural places do to stimulate and support entrepreneurship. Click here to see what the Center for Rural Entrepreneurship has to say on this matter. The Center is a valuable resource. Take some time to browse its website.

Advice on Developing Leadership

All of us exercise leadership in our work and in our personal life. Here is what Howard Prince at the Ethical Leadership Center at the LBJ School at University of Texas, Austin has to say about leadership:

Many people think leaders are born, not made. They automatically associate leadership with heroic figures like presidents, four-star generals or great humanitarians—but the reality is that virtually every single person has the potential to be a leader. Leadership is simply a learned set of behaviors, and the ability to lead is a skill that almost anyone can develop. People perform leadership actions every day at home, in the community and at work without even recognizing it.

Of course, the trick is to realize your leadership potential and start nurturing your talents. The bottom line is that leadership skills make you more employable and more promotable. More importantly, they equip you to work better and at increasingly higher levels. Read more here.

Metro Area Fragmentation and Competitiveness

Here is one to read. It's a working paper by a Carnegie Mellon researcher on how metropolitan area fragmentation influences area economic competitiveness.

While it is clear the more fragmented MSAs are less competitive, the variation in competitiveness for less fragmented MSAs is more difficult to explain. Large increases in state centralization, and smaller populations help explain the performance of the unified MSAs with low competitiveness. Unifying an MSA or decreasing state centralization does not guarantee improved competitiveness, but continuing with a fragmented metropolitan government in a centralized state does not bode well for any future improvements in economic competitiveness.
Download the paper here.

Perspective on the Industrial Revolution

At times, we need to be reminded that there are long term trends and developments that shape and define who we are in economic terms. Click here to read a wonderful essay by the Minneapolis Fed Bank on the "Industrial Revolution." It helps to explain where we've been, where we are, and where we might be headed.

America's Rural Economy

Looking for some great research on America's rural economies? Check out what the Center for the Study of the Rural Economy at the KC Fed Bank has to say. Click here.

North Carolina's Furniture Industry

The Federal Reserve Bank of Richmond completed an interesting analysis of North Carolina's furniture industry. Download it here.

North Carolina's furniture manufacturing industry has contracted in recent years as imports have gained a greater share of the domestic furniture market. Rapid growth of the furniture industry in China and a surge in exports from that country to the United States in particular have contributed to plant closings and consolidation of operations in the state. North Carolina's furniture manufacturers are adapting to the emergence of global competition and are developing new corporate strategies to better compete.

Blue Sheep

Here is an interesting UK economic resource group that you might want to know about. They have an interesting set of approaches to forecasting. Take a look here.

Society for Economic Anthropology

So, you think economic development is a recent phenomenon? Think again, and click here to find out what the Society of Economic Anthropology is all about.

Example of a National Economic Development Partnership

Those who know me know that I am hot to trot about ED organizations partnering nationally and globally. Download my white paper on the topic from the download page of my company home page at: www.don-iannone.com.

Here is an example of what I have been talking about.

The University of Pittsburgh Medical Center, the world leader in organ transplants and recognized by U.S. News & World Report as a top hospital nationally in 12 specialty areas, is in serious discussions with the University of Nevada School of Medicine about becoming a partner in an academic medical center in Las Vegas.

Leaders at both institutions characterize the discussions as positive and moving forward. Many details must be ironed out before an agreement can be realized for what would be a $250 million center on the city's 61-acre Union Park parcel downtown.

The first piece of the city's academic medical center will be an Alzheimer's center. In addition, the University of Nevada School of Medicine plans to consolidate its teaching from two leased campuses to a permanent facility on eight of the 61 acres.

Las Vegas Mayor Oscar Goodman, who tried to persuade the renowned Cleveland Clinic to open a facility downtown, said officials in Pittsburgh called him after learning of that unsuccessful effort in the summer.

More here.

Joint Economic Development Districts

The Joint Economic Development District (JEDD) is a very sensible economic development tool allowing proximate local governments to trade tax revenues for infrastructure in Ohio. Below is an example of the latest JEDD in Ohio, which has been an under-utilized tool because other tools, like tax abatement, are more lucrative to companies. The JEDD is also a way for communities avoid annexation.

After years of negotiation, Richfield Township and Richfield Village officials are close to finalizing a joint economic development (JEDD) agreement. The proposed 50-year JEDD would provide water and sewer services to the Light Office/Industrial District, which contains a 115-acre area of north-central Richfield Township, adjacent to the Brecksville border. In order for that township property to be developed, water and sewer services are needed, which the township does not have. Without a JEDD, the area would have to be annexed to the village to obtain those services. More here.

Tribes and Western Governors Meet

Representatives of 23 American Indian tribes gathered at a recent summit with the Western governors to discuss Indian gaming and potential changes to the federal law that oversees the industry.

With Congress pondering more oversight, tribal leaders were eager to point out the benefits of gambling, not just to their own people, but also to surrounding communities.

More here.

Book Recommendation: The Forgotten Half of Change : Achieving Greater Creativity through Changes in Perception

This is a good one. Read the review in Fast Company Magazine here.

China-Japan Relations

China and Japan are increasingly inter-linked commercially. But their age-old political animus is reviving too.

If you want to think that Asia's two greatest powers are edging closer to one another, you can find plenty of supporting evidence. Last year, China overtook America to become Japan's biggest trading partner. Japan has been China's biggest trading partner in three of the past four years. Trade rows, common in the 1990s as Japanese producers grew afraid of Chinese competition, have virtually disappeared. The two economies are increasingly integrated, with cheap Chinese goods delighting Japanese shoppers and sophisticated Japanese equipment humming away in Chinese factories.

Moreover, China and Japan are taking part in the effort to launch an East Asian Community, bringing together South-East Asia with themselves and South Korea. They share an interest in preventing the dollar from declining rapidly and in keeping the exchange rate between the yuan and the yen fairly stable, and are therefore the two biggest buyers of American Treasury bonds. They also take part in broader regional co-operation between central banks and finance ministries under the so-called Chiang Mai agreement.

More here.

Global Auto Industry Limping

Even in China, where 2005 auto sales could see a 15% increase, S&P's global survey finds little worth celebratiing. Here to read the article.

Economy Closes Out 2004 With Good Growth

Click here to read the story.

Why ED is Important to Virginia

Click here to hear the reasons. This is a good idea that every state should adopt just so people are clear on what ED contributes.

Georgia Tech Economic Impact Tools

Many of you have heard about the LOCI economic impact model. To read more about it, just click here.

Georgia Economic Development Code of Ethics

More and more states are adopting codes of ethic to guide practice in the ED field. Here is what Georgia abides by:

-Adhere to a standard of professional conduct that reflects our commitment to excellence, advances the interests of the citizenry we serve, and enhances the reputation of economic development professionals.

-Make agreements and commitments in a fair, honest, and straightforward manner, acting in good faith to avoid actual and apparent conflicts of interest, and refusing to accept inducements designed to improperly influence our decisions or the decisions of those we serve.

-Respect the ownership and confidentiality of information received during the course of our duties, realizing that proprietary information may be disclosed only with the express permission of the owner of the information, and should never be used for personal gain.

-Accept individual responsibility to advance GEDA and the economic development profession by improving our skills and supporting efforts to improve the skills of others involved in economic development.

-Cooperate in exchanging information and ideas reflecting the best practices, procedures, trends, and policies related to economic development, and in supporting the mission, programs, and bylaws of the GEDA.

-Act in good faith to assure that specific economic development projects, practices, and procedures will be carried out with due consideration for human and natural resources, with results that will be economically and environmentally sustainable for the entire state of Georgia.

More here.

Georgia Electronic Design Center

What is GEDC? The Georgia Electronic Design Center (GEDC) supports world-class research, active and solution-oriented industry collaboration, intellectual property generation and revenue generating commercialization efforts. GEDC attracts funding support from federal laboratories and industry partners.

GEDC's research is broadly focused on fostering technology at the intersection of today's communications applications: wireless/RF, wired/copper and fiber channels. The activities of GEDC provide the State of Georgia the opportunity to grow and expand its technology leadership in the design of broadband (high-speed) communications systems, devices and integrated circuits. The Center is specifically focused on innovative research on mixed-signal systems which are at the boundary between telecommunications, microelectronics, and analog/RF. More here.

Halifax's Clusters

Three major ones: 1) energy; 2) IT; and 3) life sciences. Interesting story. Click here to read about Halifax's industry clusters. The area is very concerned about smart growth.

Toronto's Clusters

Toronto is Canada's financial center, and this proximity to sources of capital has helped every industry. The area's technology and entertainment sectors continually rise to the forefront as digital convergence shapes the way people work and live. Technology-based industries, and new technological applications for traditional industries, are a perfect fit for Toronto's intelligent, creative workforce. Click here to read about Toronto's industry clusters.

More on Cultural Industries

Cultural industries are based on individuals with creative arts skills....in alliance with managers and technologists....making marketable products....whose economic value lies in their cultural (or ‘intellectual’) properties.

Defined by the UK’s Department of Culture, Media and Sport as "…those activities which have their origin in individual creativity, skill and talent and which have a potential for wealth and job creation through the generation and exploitation of intellectual property", the Creative Industries include:

Advertising
Architecture
Crafts and designer furniture
Fashion clothing
Film, video and other audiovisual production
Graphic design
Educational and leisure software
Live and recorded music
Performing arts and entertainments
Television, radio and internet broadcasting
Visual arts and antiques
Writing and publishing

Online Incentive Calculator

This is something that every economic development location should create: an online business incentives calculator that quickly estimates the maximum and minimum investment that local and state government should make in a business deal. The folks in Northwest Florida deserve a pat on the back for this one! Here to learn more.

Regional Competitiveness Index Example

Lots of people ask me for examples of research tools used to track the economic competitiveness of regions. I found one at the University of Texas-Austin's Bureau of Business Research that is worth looking at. Go here to access it.

Employment Cost Index

What is it? The Employment Cost Index (ECI) is a quarterly measure of changes in total labor costs and their wage-and-salary and benefits components. Where can you get data on the ECI? You can find it at the Bureau of Labor Statistics (BLS) here.