There’s an old saying that goes like this: Economic development is a team sport. Like many old sayings, there is a lot of truth to this one. We work with hundreds of economic development professionals each year, including a good mix from state, regional, and local economic development organizations (EDOs). As a result, we understand that each of these entities has an important role to play and that the performance of any one is dependent on the ecosystem (state, regional, local) in which it operates.
One of the implications of this is the differing – yet complementary – roles and expectations of each type of economic development group and, given these differences, the value of working together to present the complete package. The table below, while simplified, points out some of the key differences.
So, what does this all mean? In short, EDOs are going to be the strongest and most competitive if they are part of an ecosystem that is working together. Each has a vested interest in how all the EDOs within their ecosystem are working, not just their own.
If you need help improving the strength of your economic development ecosystem, give the Ady Advantage team a call at 608.663.9218. We have the experience and skills necessary to help you bring meaningful, lasting change to your community.