During any economic recession, questions are asked about efforts to generate new activity in the business and employment sector. The current approach to economic development is transforming from the conventional method of chasing companies to creating a place with amenities, including human talent, where companies will follow. There are 28,000 economic development organizations in the U.S., competing for about 1,100 relocations per year.
Whatever the approach, the desired outcome is the same – economic prosperity. Subscribing to three forms of economic development – conventional, place-based and people-based – a diversified allocation of resources is necessary. Yet, sometimes the biggest asset – our people -is overlooked in the development process.
People-based economic development assists individual workers and businesses based on the virtues of trust, openness, tolerance, patience, collaboration, long-term commitment, lifelong learning, and compassion in a time of need. Ultimately, it’s about servant leadership – the prerequisite of a public official. The following is a snapshot of a several leadership efforts:
Assisting Job Seekers: It’s essential to provide opportunities for job seekers to connect to employers through job fairs. The third, within the last six months, will be held June 17 from 9 a.m. – 12 noon, at the Roanoke Civic Center Exhibit Hall. Individuals can also receive job search assistance through the Roanoke Connect database and weekly job search strategy sessions.
Creative Community Leadership Project: The Creative Connectors have engaged hundreds of people in the economic development process by empowering and trusting citizens to create sustainable projects centered around the “4 Ts” of economic development as pioneered by Richard Florida, the foremost authority in economic development – technology, talent, tolerance and territory assets, which can shape the future of our region.
Establish and Grow Businesses: Through partnerships with the Department of Business Assistance and Virginia Western Community College, multiple seminars, events and programs have been created to promote this often overlooked option.
Conventional economic development efforts are a significant part of the equation, in addition to the promotion of a region’s amenities. One sharp contrast is the people side of economic development, which does not receive the fanfare of an occasional announcement of a home-run employer. It’s based on countless, ordinary interactions with people who are here and need our help. In the short-term, there will be no press conferences, but long-term, it creates a culture of servant leaders within our community.
Let’s invest in our most valuable assets. In the end, it’s all about the people.
Stuart Mease works for the Roanoke City Economic Development Department