For those in the broader economic development community (e.g., chambers of commerce, economic development councils, universities, startup incubators, venture capitalists, angel investors, and so forth) - I have good news.  There’s a new, game-changing way of looking at economic development, which to many, is quite contrarian.

Let me explain.

Economic development consists of three major components:

1. Attracting new businesses to a given community.
2. Incubate new startup businesses, hoping they’ll take off, infusing the community with jobs and economic impact.
3. Assisting existing businesses, hoping too, that they’ll produce jobs and add to a community’s growth.

The problem is: Most, if not ALL, of the attention and resources go toward #1 and #2.  Sure, a modicum of attention is given to #3 - but if we’re really going to change the game for how economic development gets done, THAT is where we need to focus our efforts. Why?

Keep these facts in mind:

• Only 3% of businesses in any given U.S. county account for the majority of economic growth (revenue and jobs.) These businesses are what we refer to as “high-impact” firms.
• It takes, on average, 23 years for a given business to become a high-impact firm
• High-impact firms typically double their growth over a 4 year period of time
• Once there, 75% of high-impact firms fail to remain high-impact

There’s a HUGE opportunity here!  What if we were able to change the equation, and increase the number of high-impact firms in a community from 3% to say, 4%?  Or be able to accelerate the time it takes to become high-impact from 23 years, down to say, 15 or even 10 years?  Or how about helping more high-impact firms to STAY high-impact - LONGER?

Even more importantly, what about the “other 97%” of businesses that are not considered to be high-impact? What if there was a way to help more of them become more balanced, more predictable, more consistent - resulting in more growth and jobs?

Finally, a complete program that helps all of these groups improve community-based economic development is available. It’s called: Six Disciplines.

Want to bring this kind of program to YOUR community? Want to know more?  I encourage and look forward to your dialog!