Spark Growth Defines:
Business Development is about growth and strategic growth at that. In today’s world, development is a blend of already identified goals and objectives for growth combined with identifying new opportunities, understanding the current position, and then mapping a plan to get from today to tomorrow. During this time monitoring and feedback provide opportunities for course adjustments, keeping the business on track in a rapidly changing marketplace.
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 – both domestic and international (soft landings).
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 is a way of focusing on providing a more localized economic impact.
Innovation Districts are unique developments that provide better places to live, work and play. 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