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Economic Gardening - How does your community grow?
Economic gardening is designed to "grow your own" jobs
through entrepreneurial activity within the community. The concept
of Economic Gardening (EG) originated with Chris Gibbons in Littleton,
CO who 20 years ago decided that it made more sense to work with
existing, fledgling and new businesses in the town rather than
trying to compete with the 35,000 other ED organizations in the
country to recruit in businesses. It is a strategy that has worked
well in Littleton and the dozens of other communities that have
embraced the idea.
Economic development plans typically include four key tactics-business
recruitment; retention; expansion; and entrepreneurial development.
Traditional approaches to economic development have focused primarily
on the first three development tactics and have relied on tax incentives
and other financial benefits to strengthen local economies. Increasingly,
urban and rural communities, and even states, are starting to shift
their economic development focus to the fourth element- entrepreneurial
development.
A growing body of research suggests that small and local businesses
are important drivers of economic growth in communities. Encouraging
the growth of more small businesses may lead to greater job creation
than trying to lure one or two large corporations. A research study
recently completed by the Federal Reserve Bank of Kansas City found
that between 1990 and 2003, companies employing fewer than 20 employees
accounted for 79.5 percent of the net new jobs in the U.S.
Most communities will probably not abandon the traditional economic
development approach completely, but many are realizing the need
for a more balanced economic development portfolio. As a result,
increasing numbers of economic development professionals are looking
at how their communities can create an environment that supports
entrepreneurs and small business development. Each community needs
an economic development plan that leverages their unique strengths.
Reprinted with Permission.
To see more articles, click on the titles below:
Rural Economic Development Grants Available
USDA Announces Rural Economic Developmental Grants
Federal Grants Provide Money For Energy Efficiency Improvements
Economic Gardening - How Does Your Community Grow?
The Art Of The Deal
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