What Matters Most in Economic Development? by Andrew Larsen

 Yes, everything matters in Economic Development, but what matters most?

When I wrote this post (Everything matters in Economic Development | LinkedIn) in 2019, I had three years of experience at VEDP and truly developed a passion for economic development. Little did I know three years after writing that post, I would be a part of the local team in Henrico and would have to take my own advice. 

While the world has changed significantly over the last three years, and our roles as economic developers are constantly shifting, one thing still rings true: everything matters in economic development.

In my first 6+ months in Henrico, I have only cracked the surface of what it takes to do local economic development, but I can tell you one thing: there is so much more to it than what you think, and I love it. 

“Everything matters in economic development” hits a lot closer to home now that I have had a glimpse of it from the local side. I could not be more excited about Henrico's future and being able to be a small part of it.

So yes, everything matters in economic development; but what matters most? There may not be one answer to this question, but I think relationships matter most. 

Because relationships are built on trust over time. They take patience, intentionality, honesty, understanding, and perseverance. They are challenging to develop. They don't happen after one conversation or in a vacuum, nor are they one-dimensional. They are differentiators that make communities shine.

I have realized this over the years and continue to see firsthand the importance of relationships in economic development and how their existence, or lack thereof, can make or break a growing economy. 

It's no secret that relationships matter, and I know it goes without saying. Still, in this world of instant gratification, lack of patience, and an "on to the next thing" mentality, relationships are harder to build but more important than ever for economic developers.

 

"Of course it's hard. It's supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great." - A League of Their Own

 

Building relationships is hard, but that’s what makes it great.

Relationships span many different people, organizations, and partners-- they all matter. Existing businesses of all sizes (industrial, commercial, services, retail, etc.), Board of Supervisors, City Councils, County/City staff, County/City economic development teams, property owners, brokers, developers, citizens, consultants, higher education, workforce development partners, banks, financing partners, state and regional economic development partners, state legislature and government, utility providers, prospective companies, industry, and professional associations, to name a few (I am sure I missed some). These organizations are critical for economic development organizations and local governments to have relationships with as they seek to grow their economies.

Most of these relationships grow in our day-to-day work as economic developers and business professionals. They develop over coffee, lunch, dinner, check-in meetings, education sessions, planning meetings, strategy meetings, project work, roundtables, feedback requests, conferences, seminars, marketing trips, training classes, holiday gatherings, emails, phone calls, Zoom/Teams meetings, and much more. 

The groundwork we lay in building these relationships pays dividends when economic development opportunities arise and require us to row in the same direction of a common goal/vision to grow our economies and increase the quality of life for the citizens we serve.

When we say “Live Your Best,” what we mean is this community of individuals is what truly makes it the best place to have a business, and for us, raise our families.

 

 

How can you focus more on building relationships or set whatever roadblocks aside to allow a connection to flourish? Building relationships is tough, and it sometimes requires you to let your guard down, be humble, go outside of your comfort zone, take a risk, make amends, sacrifice your time, listen to others, etc. 

Let's be honest; when you build relationships, you are really building a team. And that is how things get done. I know I have work to continue building relationships, and I hope you will join me in making this a focus in 2023.

The story goes, "Two stonecutters were asked what they were doing. The first said, "I'm cutting this stone into blocks." The second replied, "I'm on a team building a cathedral." 

Let's build the best cathedral in 2023 and beyond.

Popular posts from this blog

Henrico EDA's Small Business Resources

Image
As we celebrate Small Business Appreciation Month, we must recognize the hard work and dedication that small business owners put into their businesses. These entrepreneurs often wear many hats, from managing finances to marketing their products or services. Our economy and communities thrive on small businesses, which is why the Henrico Economic Development Authority provides programs to support them throughout their journey.   Through our new Small Business Boost program, in partnership with Henrico Citizen, small businesses can increase their advertising exposure and reach new customers. To see if your business qualifies and to learn more, visit: https://www.henricocitizen.com/henrico-small-business-boost-application-form/   Our partnership with the Central Virginia African American Chamber of Commerce's Black Business Accelerator Program helps black-owned businesses in our community grow and create job opportunities for everyone. Discover more and apply: ...
Read more

What’s Next: The Future of Economic Development in Henrico

Anthony J. Romanello - Interest rates are rising. Inflation won’t loosen its grip. Supply chains still vex. And COVID-19 is the houseguest that takes a seat even after you announce its leave o’clock. So, what’s next for those of us who work to grow the economies of our localities? Here’s the good news for Henrico: We have a plan. We have a road map. We are taking the reins and creating our big picture by focusing on the fine details. And our economy – supported by three pillars – is not dimmed by our present, but rather brightened by our possible. Pillar One: People  Pillar Two: Place  Pillar Three: Opportunity People By collaborating with our private sector partners, we continue to advance Small, Women-Owned and Minority (SWaM) and Environmental, Sustainability, and Governance (ESG) goals. We do this not only because it is the right thing to do but also because it is just good business sense. In addition, with every business expansion, relocation, and grand opening, we are mi...
Read more

Three Innovative Economic Development Projects to Watch in Henrico

Image
  As we celebrate International Economic Development Week, it's essential to recognize how innovative development projects can impact our communities. Projects like GreenCity , the visionary eco-district, the reimagining of Innsbrook into a mixed-use, walkable community, and Virginia Center Commons neighborhood with a state-of-the-art Sports and Events Center, retail and affordable housing have the potential to enhance the quality of life for our region greatly. GreenCity is a groundbreaking project showcasing the latest innovations in sustainable design and technology. With its emphasis on renewable energy, green spaces, and cutting-edge infrastructure, GreenCity promises to be a model for environmentally responsible development. Similarly, reimagining Innsbrook into a mixed-use, walkable community is a bold step toward creating a more livable and vibrant region. By building varied housing options, retail and dining establishments, and public spaces, Innsbrook will remain ...
Read more