Submitted by acohill on Mon, 04/10/2006 - 12:50
The state of Kentucky is beginning to get the hang of a 21st century Knowledge Economy economic development strategy. From this article[link no longer available] (hat tip to EDPro), here is Kris Kimel, president of the Kentucky Science & Technology Corp:
"We are not going to recruit ourselves to prosperity in this state," Kimel said. "That's a piece of it ... but by and large, because of the shift in this knowledge economy, our economy's going to be driven in the future ... by how good a job we do at creating the kinds of knowledge and entrepreneurs that can grow those companies."
Notice Kimel's emphasis on knowledge creation and entrepreneurs as part of an overall economic development effort. That is where many of the new jobs are coming from, not from traditional industrial recruitment. The article goes on to note that the state can no longer recruit primarily based on lower cost (e.g. lower wages, lower cost of utilities, lower cost of land). Why not? Well, if you want low cost for your factory, you will take it to Asia, not to Kentucky, or any other state in the U.S., for that matter.
It is a whole new ballgame in economic development, and an effective regional ED strategy should be developed using a clean sheet of paper and expert advice. One of the biggest problems I see? It's the boards that guide ED groups; too often, the board is comfortable with a Manufacturing Economy approach that produces lackluster results. Who is on your local ED board? Are entrepreneurs and Knowledge Economy businesspeople well represented, or does the board make up look pretty much like it did in 1983--the last year that industrial recruitment was effective as a primary strategy?
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