Posts Tagged ‘Economic Development’
2012 was a great year for Yfactor! Some of our highlights included:
- We launched our new analytics tool, Prospect ID, which can turn blind web traffic into identified investment leads
- We helped dozens of communities across North America to launch economic development, municipal, tourism, and immigration attraction projects including websites, social media, apps, branding, marketing strategies and design
- We’ve built relationships with 26 new clients representing communities across the United States and Canada, completing over 100 projects
2013 is shaping up to be an even bigger year than last and we are looking forward to sharing more great articles, as well as stories about Yfactor, our staff and some of our client successes.
Economic gardening helps to foster an entrepreneurial culture in communities and create jobs. There is a great deal of evidence to support this, such as research that found that companies participating in Florida’s economic gardening pilot program each created an average of 5.2 new jobs within the first 18 months.
What has not been documented so well, but is becoming apparent, is that economic gardening strengthens the capabilities of economic development organizations and helps them build stronger ties with their business communities.
In economic development, knowledge is power. The more knowledge you have of your economic region, its companies, issues, strengths, weaknesses and prospects, the more power you have to help that region prosper.
This concept has been behind the growth and success of economic gardening for more than two decades. Economic gardening employs data-based strategies, techniques and tools to help existing companies within a community to grow. It focuses on building three main elements for companies and communities: information, infrastructure and connections.
Talent attraction strategies are quickly becoming more innovative as communities fight to attract great people all across North America.
A growing number of economic development organizations are creating workforce strategies based on identifying the gaps between the talent that is available and the talent that will be needed – and they are coming up short.
Have you seen the new economic development trend on the web? Communities are designing and publishing portals solely to attract one thing – not startups or branch plants or property purchases, but talent.
The Talent Attraction Portal
These specialized talent attraction portals are often spearheaded by business groups, but economic development departments are also taking active and prominent roles in them. As well they should, because there’s a need to maintain a connection between such portals and the community’s economic development strategy.
In February of this year, the Bloomington Technology Partnership in Indiana announced the launch of a social media and talent attraction portal designed to promote Bloomington’s emerging technology community and assist employers to fill open jobs. The portal, bloomingtontech.com, was created by the Bloomington Technology Partnership with the assistance of local consulting and web design firms.