In the world of economic development – attracting external investment to the region as well as expanding existing industry, economically speaking – it is important for communities to know where they currently stand, as well as where they want to be. It takes a strong marketing strategy to promote and sell your region for investment. Trade shows, site visits, leveraging regional and state programs for attraction, maximizing incentives and a well-designed business environment for development are all essential.
There is great value to “getting to know” your existing industry and its operation base. There is a reason why corporate giants and small business operations established themselves in your community. Was it the high level of skilled workers? Perhaps a fantastic K-12 and college system? Perhaps your local government’s excellent business environment makes it very conducive to do business in your region? All these are well respected and are superb reasons for industry decisions.
An excellent example of such is how a community college played a major role in a cluster development and business relocation of various companies in central Arizona. An industry cluster is a group of firms and related economic actors and institutions that are located near one another and that draw productive advantage from their mutual proximity and connections. Basically, it is “like industry” that exists in proximity to one another to maximize productivity.
For this one company, the number one reason they chose the area to relocate their operations was their community college program that was designed specifically for training and educating their actual and future workforce. The benefit of having that education program interlinked with an existing company workforce needs was clearly and quickly acknowledged. Having this one company succeed over time allowed for strategic market outreach to that specific industry cluster. And, as clusters are located near one another, they draw productive advantage from their mutual proximity and connections. Subsequently, that is what occurred: An establishment of five companies next to one another, each employing and growing to this day. This is a clear example of how the education sector played a major role in the company relocating to Arizona and establishing a true industry cluster in the area, employing many people and adding to the economic vitality of the region.
Education and business have and always will need a strong link between one another, including consistent and open lines of communication, strategic industry based support programs and industry taking the lead on laying out current and future needs when it comes to their own growth outlook. The community college system in your community is a major asset that needs to be capitalized on by integrating it into the fabric of the decision making process in economic development. They are the training element to a community and the qualified labor pool feeder to existing and future industry. QCBN
Mike R. Paredes, M.Ed., is the executive director of the Prescott Valley Economic Development Foundation.