Wichita misses a few steps in between Tuesday, February 25, 2003 Wichita has hired an fund-raising firm to evaluate the level of public and private support for economic development. The consultants report that Wichita should be investing $1 milllion a year in economic development. And they recommend -- surprise -- a fund raising campaign. There's only one problem. Wichita has no plan. Here's where Witchita got off on the wrong foot. They started by comparing themselves to other cities. They found that Wichita invests less in economic development than Omaha, Topeka, Des Moines, Kansas City and Oklahoma City. (Oklahoma City invested the most.) So, the fund-raising consultants came in and concluded Wichita needs to raise more money. They tested a level of private sector support at $800,000 a year, but recommended $500,000. (With another $500,000 from the public sector the toal is $1 million a year.) Read more. Still, no plan. (But they are calling in site-selection expert Dennis Donovan to get everyone all lathered up about recruiting businesses.) As the architect for the Oklahoma City Plan (Forward Oklahoma City I raised $10 million or $2 million year, and Forward Oklahoma City II raised $12 million), let me pass on a little advice. The first step in raising funds is to start with a solid action plan with initiatives, management plans, budgets and action plans. Build consensus around 5 to 7 initiatives that call for joint public/private investment. Set clear goals and the management structure for each initiative. Define the overall governance structure for the strategy. Then go out and raise the money. Right now, Wichita is heading down the path to failure. They may raise a bunch of money. And, if they do, they'll invest heavily in marketing. (That's what site selectors tell you..."if only people knew about Wichita"...) But they will do little to become competitive in the long run. Wichita is not alone. Knoxville, which is also considering a fund-raising campaign, is walking backward down the same path. posted by Ed Morrison |		This work is licensed under a Creative Commons License. links Some Background on EDPro Weblog The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it. One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information. So, spread the word...Share the knowledge. Tell a friend about EDPro Weblog. If you are using a news reader, here is the link to syndicate this site: Here's the link if you are a bloglines subscriber: Speaking and workshops on Open Source Economic Development As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking. Background on Ed Morrison Download some background information on me here.

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