Economic development is the process of improving the economic well-being and quality of life of a community or region. Economic development can involve various aspects, such as creating jobs, increasing incomes, enhancing skills, improving infrastructure, fostering innovation, and promoting social and environmental sustainability.
However, economic development is not an easy or straightforward task. It requires a lot of planning, coordination, collaboration, and resources from various stakeholders, such as governments, businesses, communities, and investors. This is where an economic development corporation (EDC) comes in.
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An EDC is an organization that aims to promote economic growth and development in a specific geographic area, such as a city, a state, or a region. EDCs are usually non-profit entities that work in partnership with various stakeholders to create and implement strategies and programs that can enhance the economic potential and competitiveness of the area.
EDCs can have different missions and functions depending on the needs and goals of the area they serve. Some of the common activities and services that EDCs provide are:
- Business attraction and retention: EDCs can help attract and retain businesses in the area by providing information, assistance, incentives, and resources that can facilitate their location, expansion, or relocation decisions. EDCs can also help market the area as a desirable destination for business investment and development.
- Business development and support: EDCs can help support existing and emerging businesses in the area by providing access to capital, training, mentoring, networking, and other opportunities that can help them grow and succeed. EDCs can also help foster innovation and entrepreneurship by supporting start-ups, incubators, accelerators, and other initiatives that can create new products, services, or markets.
- Workforce development and education: EDCs can help develop and enhance the skills and talents of the workforce in the area by providing education, training, certification, and placement programs that can match the needs and demands of the employers and the industries. EDCs can also help promote lifelong learning and career advancement opportunities for the workers.
- Infrastructure development and improvement: EDCs can help improve the physical and digital infrastructure of the area by supporting projects that can enhance transportation, communication, energy, water, waste management, and other systems that are essential for economic activity and quality of life. EDCs can also help leverage public-private partnerships to finance and manage these projects.
- Community development and engagement: EDCs can help improve the social and environmental aspects of the area by supporting projects that can enhance housing, health care, education, culture, recreation, safety, and other services that are important for community well-being. EDCs can also help engage and empower the residents and stakeholders of the area to participate in the economic development process and benefit from its outcomes.
How to start or join an economic development corporation
To start or join an economic development corporation, you need to follow some basic steps:
- Identify your area of interest: You need to decide which geographic area you want to serve with your economic development corporation. You should consider factors such as population size, demographics, economic profile, challenges, opportunities, goals, and vision.
- Research existing organizations: You need to find out if there are any existing economic development organizations in your area of interest that you can join or collaborate with. You should consider factors such as mission, vision, values, structure, governance, membership, programs, services, partners, funding sources, and performance.
- Assess your resources: You need to determine what resources you have or need to start or join an economic development corporation. You should consider factors such as human capital (staff, volunteers), financial capital (funding sources), physical capital (office space, equipment), social capital (networks, relationships), intellectual capital (knowledge, expertise), and political capital (influence, support).
- Develop your strategy: You need to develop a clear and realistic strategy for your economic development corporation that outlines your goals, objectives, actions, indicators, and timelines. You should also define your value proposition, target market, competitive advantage, and sustainability plan.
- Establish your structure: You need to establish a legal and organizational structure for your economic development corporation that defines your roles, responsibilities, accountabilities, and authorities. You should also create your bylaws, policies, procedures, and systems that govern your operations and activities.
- Build your team: You need to build a diverse and qualified team for your economic development corporation that includes your board of directors, staff, volunteers, advisors, and consultants. You should also recruit and retain your members, partners, stakeholders, and beneficiaries who share your vision and mission.
- Launch your programs: You need to launch and implement your programs and services for your economic development corporation that address the needs and opportunities of your area of interest. You should also monitor and evaluate your outcomes and impacts and report and communicate your results and achievements.
What are some successful economic development corporations?
Some successful economic development corporations are:
- New York City Economic Development Corporation (NYCEDC): NYCEDC is the official economic development organization of New York City. It aims to create jobs, revitalize neighborhoods, and support businesses and industries in the city. Some of its projects include the Brooklyn Navy Yard, Hudson Yards, and the Cornell Tech campus1.
- Singapore Economic Development Board (EDB): EDB is the lead government agency for planning and executing strategies to enhance Singapore’s position as a global business center. It focuses on attracting and retaining investments, developing key industries, and fostering innovation and entrepreneurship in the country. Some of its initiatives include the Smart Nation program, the Research, Innovation and Enterprise 2020 plan, and the Global Innovation Alliance2.
- Invest India: Invest India is the national investment promotion and facilitation agency of India. It provides sector-specific and state-specific information, hand-holding support, and aftercare services to domestic and foreign investors. It also supports various government schemes and policies, such as Make in India, Startup India, and Digital India3.
- Invest in Canada: Invest in Canada is the federal agency responsible for promoting and attracting foreign direct investment to Canada. It offers tailored services, such as market intelligence, site selection, and connections to partners and stakeholders. It also showcases Canada’s strengths and opportunities in various sectors, such as clean technology, agri-food, and aerospace4.
- Dubai FDI: Dubai FDI is the investment development agency of Dubai. It assists investors in establishing and expanding their businesses in Dubai and the region. It also supports Dubai’s economic diversification strategy and vision to become a leading global city. Some of its sectors of interest include health care, education, renewable energy, and logistics.
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