What is an Economic Development Ecosystem?

An ecosystem in nature consists of a community of interacting organisms within a physical location. Similarly, an economic development ecosystem consists of a well-thought-out network of interconnected organizations and institutions, within a defined area, that collaborate to enhance the economic well-being of a community.

Biomimicry is the process of taking ideas from nature and applying them to human problems. Velcro, sonar, tape, and submarines are examples we are all familiar with. A newer application is office buildings that mimic termite dens. A 90% reduction in energy use is achieved by mimicking the ventilation structure used by termites when building dens.

All above examples of biomimicry are at the micro-level. When applying this methodology for business at the macro-level, we begin to observe and mimic an entire ecosystem.

Nature’s Advantage

Rarely, if ever, do humans solve problems better than nature. The main difference of course, nature does not care about stakeholders, it simply balances. Economic ecosystems do the same, but additional factors are in play.

A fully functional economic ecosystem must consider the well-being of the entire community, contemplating desired impacts and economic outcomes.

So, what model do we use to incorporate stakeholders into the development of a strong, balanced ecosystem?

Economic Development Integrated Ecosystem