TAILIEUCHUNG - A Practitioner’s Guide: To Economic Development Tools for Regional Competitiveness in a Knowledge-Based Economy

The dilemma every regional leadership team must resolve is how to select those investments projects most likely to spur growth in areas that will produce the desired outcomes for the region in the long-term. This is no small feat, since the leadership team must weigh the likely returns with associated risks, as well as questions of equity (“Are we investing to benefit the entire region or just a part of it?”). The Guidelines for Regional Investment Decisions help a region prioritize investments through guided, focused discussions within the leadership team. The Regional Investment Portfolio Tool represents the most advanced tool. | A Practitioner s Guide To Economic Development Tools for Regional Competitiveness in a Knowledge-Based Economy This project was supported by a grant from the . Economic Development Administration Research conducted by Center for Regional Development Purdue University Indiana Business Research Center Kelley School of Business Indiana University Center for Regional Competitiveness Rural Policy Research Institute Truman School of Public Affairs University of Missouri Strategic Development Group Inc. Economic Modeling Specialists Inc. Practitioner1 s Guide Table of Contents Table of benefits to Why focus on regions and Innovation .5 using the Industry Cluster Innovation Occupation Guidelines for Regional Investment for further 1 Practitioner1 s Guide Introduction All of our economies community regional state and national are undergoing fundamental changes. That means that the job of the economic development practitioner is also shifting dramatically. To understand how to develop prosperity within their economies economic development practitioners need new tools new frameworks and new practices. In every dimension economic development has become more complex and challenging. We are moving from a relatively simple game of checkers to a sophisticated game of chess. These challenges create exciting new opportunities. Entrepreneurs and high-growth companies are finding new ways to leverage the resources of our colleges and universities. New regional energy systems are emerging around renewable energy sources. Old-line manufacturers are coming together to explore new opportunities in emerging markets in health-care equipment fresh water technologies renewable energy advanced materials and advanced transportation. New agribusiness systems are emerging around regional foods and organic farming. State and local policymakers are shifting their focus to entrepreneurs .

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