Thursday, June 9, 2016

Building A Prosperous Local Economy
“A Blueprint for Economic Growth…”


Last month, while researching what other rural communities are doing to strengthen their economies, I came across an impressive and engaging strategy document (Sahuarita, AZ:  A Blueprint for Economic Growth and Prosperity http://sahuaritaaz.gov/DocumentCenter/View/1250); researched and prepared for the Town of Sahuarita, AZ, by a Phoenix based economic development consulting firm.

The document provides a comprehensive picture of where they are now and where they intend to grow in the future.  Of particular interest was the section on cultivating an entrepreneurial ecosystem (pp. 54-57).  It mentions background information about the vital role of entrepreneurship in creating high-paying work at the local, regional and national level.  In addition, it briefly describes a successful entrepreneurial ecosystem model (developed by Babson College, home of one of the top entrepreneurial programs in the nation) and how Sahuarita is implementing it to build their entrepreneurial ecosystem.  Key elements of the model include how finance, business, policy, markets, human capital, infrastructure, and culture combine to foster a thriving local economy (for more detail see pp. 56-57 of strategy document cited above).  It concludes by listing the initiatives that are presently underway for Sahuarita to build and support their ecosystem.

Like all communities, Sahuarita’s circumstances are unique and reflect their specific challenges and opportunities, however, the general considerations for economic growth and prosperity in this strategy document can be adapted to our Silver Creek Community and White Mountain Region.  The following quote from the document gives emphasis to the role of entrepreneurship in the economy, and I would add, our local economy:

“In the U.S., entrepreneurship has been one of the most vital components of the nation’s free enterprise system and is the primary catalyst for America’s economic and social prosperity. As the most dynamic underpinning of economic activity in the U.S., businesses are continuously entering, exiting, expanding or contracting. This dynamism has and continues to be a critically important engine of productivity growth and sustained economic prosperity for all economies, and most particularly, for the U.S. New and young enterprises play what the world’s leading authority on entrepreneurship – The Kauffman Foundation - calls an “outsized” role in this economic dynamism and job creation
process.”

Next Post

High-Growth Startups:  How they can build our local economy, now and in the years to come.


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The Silver Creek Economy blog is sponsored by Partnering Technologies, an Arizona-based Learning & Development Company.  Their focus is helping rural communities across America and throughout the world build and maintain prosperous, thriving local economies through the systematic application of innovation principles and methodologies.  Its founder is Jim Sanderson. Contact him at madison85937@yahoo.

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