Hidden assets for economic and community development
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“Hidden” Assets for Economic and Community Development. August 13 , 2014 – LaPorte , IN. Mary Foell Purdue Extension LaPorte County Scott Hutcheson, Ph.D. Purdue Extension Purdue Center for Regional Development. Goals for Today.

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“Hidden” Assets for Economic and Community Development

August 13, 2014 – LaPorte, IN

Mary Foell

Purdue Extension LaPorte County

Scott Hutcheson, Ph.D.

Purdue Extension

Purdue Center for Regional Development


Goals for Today

  • 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 LaPorteCounty


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

  • 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 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

  • 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

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


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


IT Firms vs. Workers

33Firms


IT Firms vs. Workers

373Workers


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

Industry Clusters can be nurtured and supported

  • Articulated

  • Activated

  • Accelerated

  • Accessing


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

Total of 14 clusters with LQs 1.10 or higher

Number of Establishments (data for 2012)


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

  • 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

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


Our Capacity for Innovation

LaPorte


Our Capacity for Innovation


Our Capacity for Innovation


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

  • 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?

  • 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

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 in Our Community


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

  • 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.


Lots of Ways to Create Stories…


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 Stories: What’s the Buzz


Our Stories: What’s the Buzz


Our Stories: What’s the Buzz


Our Stories: What’s the Buzz


Our Stories: What’s the Buzz


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 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

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


Public Spaces

115.6


Public Spaces

108.6


The Real Power Is in…

Combining Assets in New and Innovative Ways – Linking and Leveraging


Small Successes Add Up

No Single Big ANYTHING

Many Modest SOMETHINGS


Contact

Mary Foell

219-324-9407 (office

[email protected]

Scott Hutcheson, Ph.D.

765-479-7704 (mobile)

[email protected]


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

  • Ball State Community Assets - http://asset.cberdata.org/


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