Friday, December 09, 2005
We are moving from an industrial economy to an innovation economy. In the industrial economy, companies created wealth by dominating markets and controlling costs. (Indeed, one of the precepts of industrial business strategies is aggressively build market share to drive down costs: the experience curve).
The innovation economy focuses on brainpower and networks. So, we are seeing a subtle shift in economic development from a focus on companies (which come and go) to a focus on people (who tend to stick around or, if they leave, may return).
Here's another example, in Upstate New York, a group of young people have launched Pipeline 4 Progress. Read more. The trick will be whether this group can build a process -- a new set of conversations that convert ideas into action -- not just hold an event. Visit their web site.
Upstate New York is not alone. In another article last week, the local paper in Lexington, KY outlined the difficulty of keeping brains in the Bluegrass. Read more.
posted by Ed Morrison |
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.
Keeping brains in Upstate New York
