by Christine Hamilton-Pennell
Growing Local Economies, Inc.
We all have a new job in this economy: economic development. Historically, economic development practices have revolved around recruiting or attracting businesses to a community in the hopes that they would create jobs and bring new wealth into the area. These efforts have become less successful in recent decades for a number of reasons: declines in the manufacturing sector, offshoring of jobs and production facilities, and the growth of new technology and the knowledge economy.
Supporting entrepreneurship is becoming the key focus of economic development efforts at the local, regional, and state levels. There are numerous examples of successful initiatives to energize and support entrepreneurship. This blog exists to highlight some of the best practices in the field. These initiatives are operating through government entities, Small Business Development Centers, community colleges and universities, incubators, and libraries.
These entrepreneurial support initiatives have monikers such as “economic gardening,” “competitive research services,” “market research,” and “entrepreneurial tech transfer.” Whatever they are called, their focus is to provide local entrepreneurs with the strategic information, infrastructure, and connections they need to grow their businesses and improve the local economy.
Christine Hamilton-Pennell
Supporting Entrepreneurship 