New Role for Communities in Local Economic Development

1
New Role for Communities in Local Economic
Development

• Professor Edward J. Blakely
• University of Sydney
• Planning Research Centre

2
New Economic Resource
3
New Economic Development Theory
4
Shifting Industries

• Low cost
  Knowledge
• Quantity
  Quality
• Stability
  Speed
• Capital equipment
  Flexibility
• Control
  Networks

5
Innovation is a Social Process

• Interactivedoesnt occur in a straight line.
• Group creativitynot dependent on a few.
• Tacit knowledgedepends on know-how.
• Networksideas flow more freely.
• Competition/collaborationboth are needed.

6
New Assets for New Economy

• Hallmarks of a New Economy
• Creativity Centered-not product centered
• Design based over development based
• Human Capacity over power and energy
• Place and critical vs incidental
• Place creates the economy vs economy designed to
  fit the economy
• Agglomeration of clusters vs clusters as base

7
Innovation is Place Based

• Most innovative work occurs in face-to-face
  exchange within teams.
• Geographic clustering is a powerful mechanism for
  sharing personal knowledge.
• The creative heart and soul of the economy will
  continue to be tied to place.
• Location is still important.

8
The Innovation Process

• Its not the ingredients but the recipe.
• What matters most is the ability of entrepreneurs
  to connect regional assets and leverage them
  through the innovation process to achieve
  competitive results.

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Framework for the Innovation Process
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Innovative Regions

• Build fundamental assets.
• Connect entrepreneurs to assets.
• Promote a culture of innovation.
• Make quality of life an innovation asset.

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Regional Leadership Makes the Difference in
Innovative Regions

• Talent
• Technology
• Capital
• Supportive Infrastructure
• Transportation
• Housing
• Advanced telecommunications

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Cornerstones of Regional Innovation
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Community Engagement
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The Innovation Economy Values

• Economic Regions
• Distinctive Quality of Life
• Vital Centers
• Choice for Living and Working
• Speed and Adaptability
• The Natural Environment

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Innovation Economy Values Economic Regions

• The shift to a new economy, and the changing
  nature of work, place a premium on regions as
  important places.
• Geography is important to clusters because firms
  and people gain from being in the same place.
• Clusters gain their power through the force of
  face-to-face creative collaboration.

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Innovation Economy Values Distinctive Quality of
Life

• The new economy values quality of life more than
  the old economy, because it values people more
  than the old economy.
• Livability and quality concerns are only becoming
  more important with economic change.

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New Realities

• 1. Technology is a given
• 2. Globalism is here to stay
• 3. Knowledge builds wealth
• 4. Theres no such thing as a smooth ride
• 5. Competition is relentless
• 6. Alliances are the way to get things done
• 7. People are the key to success
• 8. Place matters

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Civic Institutions as an Economic Base
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Population Change by Age Cohort (2001-2006
Census)
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Fully Muti-Opportunity and Multi-generational
Master Plan Communities

• Planned land uses include
•    3 Distinct Residential Neighborhoods   
  18-hole Golf Course and Clubhouse    Restored
  and preserved Temescal Creek, hillsides, open
  space    and habitat throughout    Conference
  and Resort Hotels    Lifestyle Retail Center
     Two Lakes    Lakeside Recreation and
  Entertainment    Lake-adjacent Live/Work Lofts
     Business/Office Facilities, golf and open
  space adjacent    Corporate Office Facilities,
  golf adjacent

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Continuous Learning as the new model
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Arts and Performance Talent
___

• The arts are the corner stone of a viable
  communitythey are the economic attractors of the
  21st Century
• Carnegie Hall
• San-Francisco-Opera-House
• Disney-Performance-Center-LA

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New Institutional Frameworks Use New Approaches

• Asset backed Financing
• Risk spreading over multiple projects and
  organisations
• New Leadership Structures to carry out longer
  term projects

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Regional Institutional Infrastrcuture
Regional Resource Building
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NGOs, other Non Profits as Social and Community
Capital Development Institutions