Sunday, April 8, 2007

Value Creation: Economic Development Leaders' New Job

For some time, I have believed that the model of economic development must shift to one that speaks more directly to the issue of value creation relative to local and state economies. Performance metrics have become more important to nearly all ED organizations. ED managers and executives, and board leaders to a degree, are giving greater attention to using performance measurement and monitoring as tools to improve organizational results and area economic outcomes.

Jobs are great. High-paying jobs are even better. Wealth creation is vital. Broad-based prosperity-building has become more important. Tech transfer is important. Technology commercialization is more important. All of you know how this conversation about intended outcomes of the economic development is unfolding.

I propose that one of the future jobs of economic development leaders should be local economic value creation. I think the issue is value creation, and approaching the discussion in these terms will help leaders understand their role in the value creation process.

To bring this issue into sharper focus, please click here to download a presentation I gave to the Connecticut Legislature on this topic five years ago. I would welcome your thoughts on this issue. It is vitally important to the future of economic development.

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