Econ Dev Show Podcast - Economic Development - Episodes Tagged with “Business Retention”

178: Reinventing Shop Local Initiatives with Sophia Zheng

Dane Carlson — Mon, 16 Jun 2025 00:15:00 -0500

In this episode of the Econ Dev Show, Dane Carlson interviews Sophia Zheng, Founder and CEO of Bludot Technologies, a startup initially incubated through a unique collaboration with a city’s economic development department.

Sophia explains how Bludot’s innovative platform helps more than 150 communities across the U.S. and Canada retain and expand local businesses through advanced data analytics and digital incentives. She dives into the successful Open Rewards program, a community-wide shop-local initiative, and explores how technologies like AI could further enhance business retention and expansion strategies. Sophia also highlights Bludot’s achievements, including recognition in Govtech 100 and AWS GovtechStart, as well as USDA NIFA grants for supporting rural economic development.

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Ten Actionable Takeaways for Economic Developers

Consider launching digital reward programs to incentivize local spending.
Centralize your local business data for effective business retention strategies.
Leverage consumer data to tailor shop-local campaigns to specific areas or seasons.
Minimize barriers for businesses to participate in city-sponsored programs.
Regularly evaluate and track consumer behaviors to measure the impact of your initiatives.
Use qualitative consumer feedback to validate program effectiveness.
Collaborate with local chambers, business districts, and main streets for increased program reach.
Explore targeted incentives to revitalize specific economic zones.
Integrate technology-driven solutions to streamline business support and retention processes.
Continuously innovate engagement tactics to keep consumers excited and actively shopping locally.

Special Guest: Sophia Zheng.

160: From Cowtown to Boomtown with Robert Sturns

Dane Carlson — Mon, 10 Feb 2025 00:15:00 -0600

In this episode of the Econ Dev Show, Robert Sturns, Director of Economic Development for Fort Worth, discusses how the city is transforming from "Cowtown to Boomtown" while preserving its authentic character.

With over 25 years of experience in municipal government, commercial real estate, and banking operations, Sturns details Fort Worth's success in securing major investments, including recent wins with Bell and Embraer, while balancing business recruitment with community development initiatives like Evans & Rosedale and the Panther Island project.

Sturns also discusses his journey in the profession, including his 20+ year career serving both Fort Worth and Arlington. He offers insights into managing regional relationships, particularly addressing the challenge of establishing Fort Worth's identity distinct from Dallas, while emphasizing the importance of teamwork and partnerships in economic development success.

Actionable Takeaways for Economic Developers

Balance large-scale development with community needs and cultural preservation
Focus on building relationships before transactions in deal-making
Leverage existing cultural assets (like the Stockyards) for economic growth
Develop strategic plans for transformational projects like Panther Island
Create mixed-use developments that honor local heritage while embracing progress
Build strong partnerships with educational institutions for workforce development
Maintain clear communication channels with stakeholders and the community
Use existing success stories (like Bell and Embraer) to attract similar industries
Implement creative financing solutions for major development projects
Balance business retention efforts with new business recruitment strategies

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Special Guest: Robert Sturns.

148: High-Touch Economic Development in Indiana with Brock Herr

Dane Carlson — Mon, 04 Nov 2024 00:15:00 -0600

In this episode of the Econ Dev Show, Dane Carlson talks with Brock Herr, Senior Vice President for Business Development at the Indiana Economic Development Corporation. They discuss the evolution of economic development beyond simple land sales.

He details Indiana's comprehensive approach to business development, including sales enablement, lead generation, site selection, and ongoing business support. Herr emphasizes the importance of high-touch engagement and walking businesses through each step of their journey, highlighting how modern economic development requires a full-experience approach to ensure long-term success.

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Ten Actionable Insights for Economic Developers

Develop a high-touch, full-experience model for business engagement
Focus beyond just selling land - create comprehensive support systems
Build strong introduction networks for new businesses
Maintain detailed knowledge of available sites and inventory
Create strategic approaches for modern site selection needs
Implement business retention and expansion programs
Develop clear online resources while maintaining personal connections
Focus on long-term business success rather than just initial attraction
Create systems to support projects of all sizes, not just large ones
Establish clear communication channels for business support needs

Five Notable Quotes

"Economic development is not an easy game and glad that somebody like you's bringing a little bit of insight to folks that may not have a peek into what we do on a day to day."
"There's more to it than just selling them a piece of land."
"You bring a business into your community, and you want them to succeed."
"Like you'd rather not just be looked at as a sale or a metric."
"Walking them through step by step, introducing them to who they need to be introduced to, opening doors that are closed to them, all those kinds of things."