Spark Growth Defines:
Economic Development fosters the creation of wealth by connecting together people, ideas and capital to create value in the marketplace. There are a variety of ways to measure this value including number of startup businesses, increased jobs, return on investment through attracting business expansions, and a variety of other metrics.
There are many different activities that may accomplish Economic Development objectives. Fostering entrepreneurial activity such as startups and business incubation are powerful ways to make economic growth happen at the local level. Another way is to attract business expansions from other places – domestic and international. The process of bringing expanding businesses to the local market is called Soft Landings, as defined by the International Business Innovation Association (InBIA). Please take a look at our Soft Landings Business Expansion Services, which are fashioned after the InBIA global model.
Although economic development activity is typically tied to a particular geographic area such as a metropolitan region, that geography may be further defined by the Scope of Work that an entity may choose to work within. On a smaller scale than the entire metro area, Innovation Districts development often focuses on providing a more localized economic impact. There may be multiple Innovation Districts within a given metro area, and each Innovation District in turn focuses on economic development activity in a place-specific way by creating community-authentic solutions. See our Innovation Districts Development Services for more information on how creating these live-work-play spaces can have a positive impact on your region.
Components: symbiotic, open, agile systems attract capital and talent. Result is increased jobs, wages and GDP. Multi-layered, primordial soup, climate for growth, Access to resources, bottom up and top down, entrepreneur pipeline, main street gardening, cultivating vs. recruiting, expansion vs.relocation