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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

“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
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
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: of AssetsOccupational 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 of Assets

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


The talent of our people
The Talent of Our People of Assets

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
IT Firms vs. Workers of Assets

33Firms


It firms vs workers1
IT Firms vs. Workers of Assets

373Workers


Occupational clusters questions to consider
Occupational Clusters: of AssetsQuestions 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 of Assets

Industry Clusters can be nurtured and supported

  • Articulated

  • Activated

  • Accelerated

  • Accessing


Industry clusters ideas in action
Industry Clusters: Ideas in Action of Assets

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 of Assets

Total of 14 clusters with LQs 1.10 or higher

Number of Establishments (data for 2012)


Industry clusters questions to consider
Industry Clusters: of AssetsQuestions 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 of Assets

  • 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 of Assets

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


Our capacity for innovation1
Our Capacity for Innovation of Assets

LaPorte




Innovation index questions to consider
Innovation Index: of AssetsQuestions 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: of AssetsSecond-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 of AssetsBusinesses 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 of Assets

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: of AssetsQuestions 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 of Assets

  • 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 of Assets

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 of Assets

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 Value

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
Public Spaces Value

115.6


Public spaces1
Public Spaces Value

108.6


The real power is in
The Real Power Is in… Value

Combining Assets in New and Innovative Ways – Linking and Leveraging


Small successes add up
Small Successes Add Up Value

No Single Big ANYTHING

Many Modest SOMETHINGS


Contact
Contact Value

Mary Foell

219-324-9407 (office

[email protected]

Scott Hutcheson, Ph.D.

765-479-7704 (mobile)

[email protected]


More information
More Information Value

  • 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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