Spark Growth Defines:
Economic Development fosters the creation of wealth by connecting together people, ideas and capital to create value in the marketplace. This value may be measured in startup businesses, increased jobs, return on investment to attract business expansions and a variety of other metrics.
Although economic development activity is typically tied to a geography, that geography is defined by the Scope of Work that an entity may choose to work within, which in turn may contain multiple Innovation Districts. Each Innovation District in turn focuses on economic development activity in a place-specific way.
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