ECONOMIC DEVELOPMENT ECOSYSTEMS
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. An economic ecosystem thrives when participants develop patterns of behavior which streamline the flow of ideas, talent, and capital throughout the system.
A collaborative economic development ecosystem accomplishes the following organizational objectives: Overcoming resource scarcity, Coping with complexity, expanding your stakeholder base, increasing your marketing reach, building trust, and networking. Following an economic development ecosystem consulting process will strengthen your direct economic development activities and support your competitive foundations. Direct activities include marketing, recruiting, business retention and expansion. Competitive foundations benefit from reinforced talent, innovation, entrepreneurship, placemaking, and infrastructure.