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“Hidden” Assets for Economic and Community Development. January 16, 2014 – Tell City, IN. Scott Hutcheson, Ph.D. Purdue Extension Purdue Center for Regional Development. Goals for Tonight. Learn about our community’s “hidden” economic and community development assets

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hidden assets for economic and community development

“Hidden” Assets for Economic and Community Development

January 16, 2014 – Tell City, IN

Scott Hutcheson, Ph.D.

Purdue Extension

Purdue Center for Regional Development

goals for tonight
Goals for Tonight
  • Learn about our community’s “hidden” economic and community development assets
  • Understand how other communities are developing asset-based economic growth strategies
  • Consider how you could better leverage your unique assets in PerryCounty
our grandparents built the indiana economy on our assets
Our Grandparents Built the Indiana Economy on Our Assets
  • Rich soils
  • Waterways: Lake Michigan and the Ohio River
  • Crossroads of America

What were our community’s greatest economic assets 100 years ago?

our grandchildren will inherit an economy based on a new set of assets
Our Grandchildren Will Inherit an Economy Based on a New Set of Assets
  • The Talent of Our People
  • Our Most Vibrant Industries
  • Our Capacity for Innovation
  • Our Fastest Growing Companies
  • Our Unique Story
  • Our Special Places
our grandchildren will inherit an economy based on a new set of assets1
Our Grandchildren Will Inherit an Economy Based on a New Set of Assets
  • The Talent of Our People
  • Our Most Vibrant Industries
  • Our Capacity for Innovation
  • Our Fastest Growing Companies
  • Our Unique Story
  • Our Special Places
the talent of our people occupational clusters
The Talent of Our People: Occupational Clusters
  • An “Occupational Cluster” is a group of related occupations
  • The Purdue Center for Regional Development has defined 21 basic Occupational Clusters
  • Many communities have a higher concentration than average of one or more clusters
  • Occupational Clusters can be part of an economic development strategy
occupational cluster ideas in action
Occupational Cluster: Ideas in Action

Bring together Information Technology professionals to foster new ideas for high tech start-ups

the talent of our people
The Talent of Our People

LQ = Location Quotient. The US LQ for each cluster is set at 1.00. Anything above that means there is a greater concentration than the overall US. For example, an LQ of 1.80 means that a cluster had 80% more jobs than the US.

2012 Data

occupational clusters questions to consider
Occupational Clusters: Questions to Consider
  • Did a look at Occupational Clusters give us any new insights?
  • What explanation might there be for our occupational strengths?
  • Do we need to find out more about our Occupational Cluster assets?
vibrant industries industry clusters
Vibrant Industries: Industry Clusters

Industry Clusters can be nurtured and supported

  • Articulated
  • Activated
  • Accelerated
  • Accessing
industry clusters ideas in action
Industry Clusters: Ideas in Action

Appalachian Ohio’s Salsa Cluster

  • 20-plus boutique salsa businesses in the region
  • $700,000 annual sales among new businesses
  • Trains over 200 existing and emerging entrepreneurs annually
  • 350 gallons and 445 lbs of fresh and preserved foods delivered to the region’s food pantries each year
industry clusters our community s most vibrant industries
Industry Clusters: Our Community’s Most Vibrant Industries

Number of Establishments (data for 2012)

industry clusters questions to consider
Industry Clusters: Questions to Consider
  • Did a look at Industry Clusters give us any new insights?
  • What explanation might there be for our industry strengths?
  • Do we need to find out more about our Industry Cluster assets?
our capacity for innovation
Our Capacity for Innovation
  • Capacity for Innovation can provide valuable insights
  • Innovation is defined as the new products, services, processes, and business models that get translated into business growth
  • The Purdue Center for Regional Development has created an Innovation Index
  • The index is a simple way to look at lots of different factors related to innovation.
innovation index ideas in action
Innovation Index: Ideas in Action

Think of a high ratio of “small firms” as an asset and launch a business growth program

innovation index questions to consider
Innovation Index: Questions to Consider
  • Did a look at Innovation Index give us any new insights?
  • Which of the index factors that showed good capacity did you find most interesting?
  • Do we need to find out more about our innovation assets?
our fastest growing companies second stage firms
Our Fastest Growing Companies: Second-Stage Firms
  • Most economic growth comes from 2nd-Stage firms
    • Privately-held firms
    • 10-99 employees
    • $750K-10 million in annual revenue
    • Dealing with growth issues instead of survival issues
    • Intend and capacity to keep growing
what do second stage businesses need
What Do Second-Stage Businesses Need?
  • Help in re-articulating and realigning with their Core Business Strategy
  • Market Intelligence to answer important questions
  • Leadership & management team development to makes sure people are slotted right
second stage firms ideas in action
Second-Stage Firms: Ideas in Action

Littleton, Colorado

  • Littleton, CO developed and began to execute the strategy in 1989
  • Focused on “wealth” creation not “job” creation
  • Eliminated all incentives and tax breaks for business recruitment
  • Since 1989, more than doubled the number of jobs from 15,000 to 35,000
  • Sales tax revenue tripled from $6.8 million to $19.6 million
second stage firms questions to consider
Second-Stage Firms:Questions to Consider
  • What insights do we gain by considering the role of second-stage companies in our local economy?
  • What do we currently offer our second-stage firms?
    • Companies to Watch
    • Participation in the Indiana Business Growth Network
our unique story
Our Unique Story
  • Every community has a unique story that is being created.
  • We need to pay attention to the story we are telling ourselves and the one those outside our community are hearing about us.
  • We have the power to shape these stories.
new narratives ideas in action
New Narratives: Ideas in Action

L.A.’s Sunset Strip

  • The Sunset Strip in LA was in decline
  • The ownership of the famed “Roxy” nightclub began using Twitter
  • Others followed, a new story emerged, and the neighborhood has been transformed
our special places infrastructure
Our Special Places: Infrastructure

Traditional

Emerging

Public Spaces

Sidewalks

Trails

Bike Lanes

Third Places

Broadband

WiFi

  • Roads & Interstates
  • Rail
  • Water
  • Electricity
  • Water & Sewer
public spaces creating economic social and environmental value
Public Spaces: Creating Economic, Social, and Environmental Value

Public space is all around us, a vital part of everyday urban life: the streets we pass through on the way to school or work, the places where children play, or where we encounter nature and wildlife; the local parks in which we enjoy sports, walk the dog and sit at lunchtime; or simply somewhere quiet to get away for a moment from the bustle of a busy daily life. In other words, public space is our open-air living room, our outdoor leisure centre.

The Value of Public Spaces: How High Quality Parks & Public Spaces Create Economic, Social, & Environmental Value, Bartlett School of Planning, University College London.

public spaces ideas in action
Public Spaces: Ideas in Action

Three Oaks, MI

  • Renovated dilapidated downtown theatre to show classic films – Opened in 1996 with a showing of Citizen Kane.
  • Opened art gallery in the lobby
  • Now a ‘fine arts” theatre
  • Averages over 1,000 customers per week
  • Community now hosts film festivals
the real power is in
The Real Power Is in…

Combining Assets in New and Innovative Ways – Linking and Leveraging

small successes add up
Small Successes Add Up

No Single Big ANYTHING

Many Modest SOMETHINGS

contact
Contact

Scott Hutcheson, Ph.D.

765-479-7704 (mobile)

[email protected]

more information
More Information
  • Occupational Clusters - http://www.statsamerica.org/innovation/data.html
  • Innovation Index - http://www.statsamerica.org/innovation/data.html
  • Second Stage Firms - http://www.youreconomy.org/
  • Economic Gardening - http://www.littletongov.org/bia/economicgardening/
  • Industry Clusters - http://www.statsamerica.org/innovation/data.html
  • ACEnet (Salsa Cluster) - http://www.acenetworks.org/
  • Twitter Search - http://twitter.com/#!/search-advanced
  • Broadband Data - http://www.broadband.gov/
  • National Maple Syrup Festival – http://www.nationalmaplesyrupfestival.com
  • Purdue Guitar Summer Camp - http://metalsound.tech.purdue.edu/default.aspx
  • Ball State Community Assets - http://asset.cberdata.org/
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