Monday, July 14, 2003
The folks in Oregon are starting to notice what is going on in Albany, NY.
This article also points to the weaknesses of business journalism. The author uses the "build it, they will come" Field of Dreams metaphor. But he fails to explore in any depth the complex, coordinated nature of Albany's investment strategy.
Let's be clear. Economic development is about big bets and large risks. Economic development pushes out the boundaries of a market. Out on the edge, market signals are weak. Economic development forms partnerships to make investments that may not be privately profitable, but they are publicly valuable.
The trick is getting the balance right. Some of these investments, like stadiums and schools, should be publicly led and privately supported. Others -- notably venture capital and work skills initiatives -- work better if they are privately led and publicly supported.
Doing it right is a complex, subtle job.
For some time, I have admired the work of Angelou Economics, and I agree with Angelos Angelou: "Money talks, and Albany was doing the right thing at the right time."
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.
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.
Albany, as seen from the Left Coast
