The Danville Story

Next week, I’m heading down to Danville, VA, where I’m leading an assessment of The Launch Place, a regional angel investment fund.  If you don’t know the Danville story, you should–especially if you work in smaller communities or in places facing major economic shocks.  Danville has been in the midst of a multi-decade effort to rebuild after losing its economic anchors in traditional manufacturing and tobacco.  There are a lot of exciting developments in Danville, and their experience offers many useful lessons.  Here’s my quick take on some of the most important elements of their success to date:

• The Power of Philanthropy:  A strong community foundation, in this case, the Danville Regional Foundation, that invests in and champions a long-term vision.
• Embrace of Placemaking:  Via major investments in revitalizing Danville’s downtown River District.
• Building Talent: Programs at the Institute for Advanced Learning and Research (IALR) and the Danville Community College are pioneering new approaches to talent development.  For example, check out IALR’s advanced manufacturing programs.
• Embracing Entrepreneurs: Thanks to programs like The Launch Place, Danville is thinking big about entrepreneurial opportunities.
• Patience:  Economic revitalization takes time.  Danville is doing well, but local leaders also recognize that they still face a long journey ahead.