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Ten Actionable Takeaways for Economic Developers

1. Build international presence -- Overseas offices provide credibility, relationships, and cultural expertise.
2. Don't assume awareness -- Many companies don't know your state; make introductions early.
3. Highlight livability -- Migration, lifestyle, and culture are key decision factors alongside tax and cost advantages.
4. Invest in product readiness -- Sites, utilities, and workforce pipelines must be shovel-ready to compete globally.
5. Leverage co-op marketing -- Communities can pool resources to reach new markets and trade shows.
6. Learn from losses -- Map supply chains and know how your region fits into global networks.
7. Embrace cultural differences -- Business norms vary widely; flexibility builds trust.
8. Prioritize mentorship -- Developing young professionals requires exposure and guidance from experienced leaders.
9. Communicate in native languages -- Speaking a client's language strengthens partnerships and reduces friction.
10. Stay resilient and adaptable -- Every project looks different; success comes from meeting companies where they are.

Special Guest: Anders Victor.

Sponsored By:

• Sitehunt: If your property data is scattered or out of date, you're losing projects. Sitehunt gives economic developers an AI-powered property database and instant RFI responses. Schedule a demo today!

Links:

• Anders Victor, CEcD | LinkedIn
• Economic Development Partnership of North Carolina | EDPNC

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Ten Actionable Takeaways for Economic Developers

1. Take fresh looks at existing assets - they might be more valuable than you think
2. Focus on building complete ecosystems including housing, childcare, and healthcare
3. Leverage your location's unique advantages in infrastructure and connectivity
4. Develop strong workforce pipelines through youth apprenticeships
5. Create strategic plans that align all community assets
6. Build relationships with both large and small businesses
7. Focus on quick turnaround times for business requests
8. Highlight quality of life advantages for workforce attraction
9. Develop strong public-private partnerships
10. Invest in sustainable infrastructure like green energy for long-term growth

Special Guest: Dr. Ronda Sauget.

Sponsored By:

• Sitehunt: If your property data is scattered or out of date, you're losing projects. Sitehunt gives economic developers an AI-powered property database and instant RFI responses. Schedule a demo today!

Links:

• Dr Ronda Sauget, MBA | LinkedIn
• Coles Together
• Greater Value in Site Selection in Tertiary Markets | Trade and Industry Development
• Coles Together (@colestogether) • Instagram
• Coles Together | Facebook

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Actionable Takeaways for Economic Developers

1. Focus on sustainable tourism initiatives rather than just chasing big industrial projects
2. Ensure four key elements are in place: government support, infrastructure, community support, and proper planning
3. Use events and festivals as consistent economic drivers rather than relying solely on large, unstable employers
4. Implement thorough post-event evaluation processes to continuously improve
5. Build strong volunteer networks and management systems for community events
6. Create infrastructure that serves multiple purposes (like transportation routes that benefit both tourism and industry)
7. Recognize the role of arts communities in revitalizing declining areas
8. Document processes and maintain organized records for event planning continuity
9. Consider tourism as a reliable employer for entry-level and service industry workers
10. Foster collaboration between government, business, and community stakeholders for successful tourism initiatives

Special Guest: Lynn Fuhler.

Links:

• Lynn Fuhler | LinkedIn
• Secrets to Successful Events: How to Organize, Promote and Manage Exceptional Events and Festivals
• Secrets to Successful Events Resource Guide: 42+ Easy-To-Use Forms and Tools to Save You Time and Money
• Websites Designed to Drive Visitors | Build Relationships | Grow Customers
• Lynn Fuhler, Flying Compass | Tourism Marketing + Event Consultant Serving the Travel, Outdoor + Leisure Industries
• Lynn Fuhler - Event and Festival Management Author, Speaker
• Author Nonprofit Boards + Management Leadership and Festival + Event Management Expert, Speaker, Coach
• Topic on Vimeo
• Grants on Vimeo

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Actionable Economic Development Insights

1. Capitalize on every opportunity: Be proactive in networking by answering all phone calls, attending relevant meetings, and consistently distributing business cards. This approach can lead to unexpected partnerships and opportunities.
2. Seek out multiple funding partners: Don't rely on a single source of funding. Combine resources from various entities such as county, city, and economic development commissions to create stronger, more competitive grant applications.
3. Aim for higher matching contributions: While federal EDA grants typically require a 20% match, providing a higher match (e.g., 35%) can make your application stand out and increase chances of approval.
4. Focus on regionalism and partnerships: Collaborate with multiple partners on singular projects. This approach not only strengthens applications but also fosters a spirit of regional cooperation.
5. Be patient with the grant process: Understand that federal funding is designed for long-term community development, not immediate needs. Plan accordingly and manage expectations.
6. Maintain consistent communication: Keep regular contact with funding agencies throughout the grant application and review process. This helps build relationships and keeps your project on their radar.
7. Look for innovative solutions: Draw inspiration from historical necessity-driven innovations to solve current challenges in rural communities. Think creatively about how to address modern problems.
8. Leverage STEM education initiatives: Use these programs as a foundation to build an ecosystem of innovators in the region. This can help create a skilled workforce and attract high-tech industries.
9. Be a good steward of resources: Continuously look for ways to maximize the impact of available funds and talents. This includes finding creative ways to stretch budgets and leverage existing assets.
10. Create an ecosystem for innovation: Focus on developing an environment that encourages people to try new ideas and approaches, even if they might fail. This can foster a culture of entrepreneurship and innovation.
11. Diversify economic base: Work towards having a variety of industries in the region, from agricultural to manufacturing. This creates a more resilient local economy that can weather sector-specific downturns.
12. Leverage local strengths: Identify and utilize existing resources and industries (like major corporations or military bases) as anchors for further economic development. These can serve as the foundation for supply chains or complementary businesses.
13. Plan for sustainability: Think beyond the initial grant cycle. Develop strategies to maintain momentum and progress after the initial funding ends, ensuring long-term impact.
14. Focus on infrastructure improvements: Prioritize essential upgrades like wastewater systems, transportation networks, and broadband internet. These are often critical for attracting and retaining businesses.
15. Be aware of funding limitations: Understand the competitive nature of grant funding and plan accordingly. Have backup plans and alternative funding sources in case primary grant applications are unsuccessful.
16. Build long-term relationships: Instead of applying for grants year after year, focus on developing ongoing partnerships with funding agencies. This can lead to more consistent support and better alignment with agency goals.
17. Consider industrial park development: Where appropriate, explore opportunities to create or expand industrial parks. These can serve as hubs for business attraction and expansion efforts.
18. Embrace a long-term perspective: Recognize that significant economic development often takes years or even decades to fully manifest. Set realistic timelines and celebrate incremental progress along the way.

Special Guest: Beka Shiver.

Sponsored By:

• Sitehunt: If your property data is scattered or out of date, you're losing projects. Sitehunt gives economic developers an AI-powered property database and instant RFI responses. Schedule a demo today!

Links:

• Beka Shiver | LinkedIn
• Southwest Georgia Regional Commission
• Georgia Artificial Intelligence in Manufacturing