EntreWorks Consulting works with communities, organizations, and civic leaders to design, implement, and promote innovative economic development strategies, policies, and programs.
What do we mean by innovative economic development strategies? For years, economic development has been based on the concept of if you build it, they will come.
By advertising low labor costs and cheap physical space, communities could attract new business to their region. While this model succeeded for years, changing economic forces have made these strategies less effective today. We believe that the old concepts must be replaced by the idea of growing your own economy. With the right policies and programs in place, communities can engage all members of the community and nurture home-grown businesses that are the real guarantors of economic prosperity and community health.
There is no single template that communities or organizations can simply graft onto their region in a rote fashion. Growing your own economy means designing a unique strategy that builds on your region’s own unique growth opportunities. Nonetheless, effective strategies do share some similarities as they seek to:
- Promote the start-up and growth of new entrepreneurial ventures.
- Foster innovation among all sectors, including business, government, and education.
- Empower local residents to build their own careers via new business or civic ventures.
- Engage all parts of the community to develop an inclusive and equitable approach to community building.
- Build “talent magnets,” i.e., regions that attract skilled and creative employees and employers.
- Create institutions that are open to new community leadership.
- Foster an ethos of giving back among business and community leaders.
If your community or organization is committed to building a healthy and diverse local economy, you should consider these new strategies and techniques. EntreWorks can help design, implement and promote these tools in your region. We have helped support similar projects in dozens of states and local communities in both the U.S. and overseas, and we can bring these important lessons and techniques to your region. If you’re ready to try something new, we can help.