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 Economic Transformation Requires New Methods of Economic Development Evaluation
by Jim Damicis, Senior Vice President
Previously I introduced the idea of an emerging Creative Molecular Economy that will change the way we look at economic development. From an economic development perspective, transition to the Creative Molecular Economy will see a shifting of focus away from competition among specific geographic areas and towards deep collaboration through open networks. As economic transformation occurs, so too must our approach to economic development. This includes our concepts and methods centered on evaluation, measurement, benchmarking, and return on investment (ROI). Current evaluation methods are becoming increasingly ineffective. As a result, new evaluation methods and measures for economic development are needed. Without these new measures, the economic development community runs the risk of devising strategies and resource allocations based on the wrong data, answering the wrong questions. As industries and places innovate and change, economic developers must follow suit to stay effective.
To read more information about this transition in economic development thinking, please click here. |
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Featured Indicator: Benefits of Social Media and Commonly Used Tools
by Justin Gifford, Operations and Communications Manager
A decade ago, many of us would not have spent much time thinking about what social media was, not to mention what it could potentially do for us. As Facebook and MySpace and other sites appeared and grew in popularity, we have started to realize the wide array of uses for social media. With new websites and products showing up at every turn, the ability for social media tools to cut through the pack and distinguish your business can mean the difference between leading in your field and getting losts among the competition. To learn more about this indicator, please click on the graphic above. |
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Business Incubators: What is a Business Incubator and Should Your Community Have One?
by Rachel Selsky, Senior Economic Development Specialist
Business incubators are defined by the National Business Incubator Association as the following:
"Business incubators nurture the development of entrepreneurial companies, helping them survive and grow during the start-up period, when they are most vulnerable. These programs provide their client companies with business support services and resources tailored to young firms. The most common goals of incubation programs are creating jobs in a community, enhancing a community's entrepreneurial climate, retaining businesses in a community, building or accelerating growth in a local industry, and diversifying local economies"
To learn more about incubators and questions you should consider when thinking about one, click here. |
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Social Media and Our Lives: How Can We Better Use It?
by Justin Gifford, Operations and Communications Manager
The Pew Research Center's Internet & American Life Project recently released a report focused on how social media affects people's personal relationships and their involvement in civic and political activities as well as the level of their trust with other internet users. This report highlighted some things that many of us already know: the majority of Americans on the internet use social media websites, Facebook leads the pack for popularity among all the major social media services, and people are accessing these sites several times a day. What it reveals that people may not be as aware of are things such as: people using social media have more friends and more close friends, they tend to be more trusting of other people, and they tend to get more social support than those who are not using social media. While social media and the internet are certainly not a total replacement for having one-on-one connections with people, this report helps to illuminate some real uses for social media, especially for businesses.
For things to consider with using social media for your business, click here. |
