Celebrating Positive Economic Activity

Economic Development Week 2022 is upon us! The week of May 9-13 is a time to celebrate the efforts of many community members and partners that work to enhance economic prosperity for individuals and businesses alike; and who doesn’t like a celebration? Perhaps you wonder what economic development is anyway; after all, doesn’t the economy take care of itself? So, let us begin by answering the questions of what economic development is and how we celebrate it.

Economics are known generally to be a branch of knowledge concerned with the production, consumption and transfer of wealth. Economic development is therefore a collection of efforts designed and undertaken to better the fiscal, economic and social conditions of a given geography. Economic development may then be seen as an overarching and aspirational practice that is invisible or non-existent to many, yet actually touches every aspect of society and all people who comprise that society.

Economic development basics include: 1. Business Attraction, 2. Business Retention and Expansion, 3. Economic Gardening, 4. Workforce Development; all of which include and envelope every industry imaginable from tourism to materials extraction to video production and everything in between. While some of those terms appear intuitive, here is a brief description those four primary elements.

1. Business Attraction works to invite existing industries from one community to another community. In Flagstaff, Business Attraction efforts work to articulate our community values to business owners and decisions makers so that they may consider bringing their business and related jobs to Flagstaff. An important and difficult task, Business Attraction is a matchmaker on a very high level. When successfully done, a business owner recognizes the alignment of community and industry values, recognizes the tremendous quality of life in Flagstaff, and then decides to bring those jobs and future growth opportunities to our home.
2. Similarly, Business Retention and Expansion efforts practice the same behaviors while focusing on the businesses that are already in our community. Such efforts are those of a resource broker who connects the businesses and business owners to tools or programs that will facilitate business growth. Sometimes, the work involves serving as a trusted partner, while other times, the work is simply about making an introduction. But the work is always about being available to the business owner, no matter what the business is.
3. Economic Gardening is a relatively newer term that is essentially about growing your own businesses and industries from the ground up. This discipline encompasses all things related to starting a business. In Flagstaff, we are blessed with the business incubator and accelerator campus known as the Northern Arizona Center for Entrepreneurship and Technology, or NACET. Moonshot@NACET is the service provider that works with startups and entrepreneurs of all varieties to help them navigate the process of growing a business from an idea to revenue, inspiring the term Economic Gardening.
4. Workforce Development is the collection of efforts focused on the providing the skills to individuals so that they may work in the industry of their choosing and meet the needs of the industry. This undertaking spans early childhood services through all levels of education and leads to certifications, diplomas and other credentialing that may be considered up-skilling.

With those general definitions providing a framework, now, let’s address what celebrating may look like. Each morning from Monday, May 9 through Thursday. May 12, economic development practitioners will invite the public to join them at various locations around the community to talk about each of those four basic concepts. Since locations are still being secured, the complete schedule of events will be posted on City of Flagstaff social media and in local area publications. The community can count on economic development practitioners to be available each morning to provide case studies, discussions of past, current and future efforts, and ways that economic development was impacted by the last two years of shutdowns and fear. On Friday, May 13, economic development practitioners will convene for a happy hour to wrap up the week.

We know that early mornings can be tough, so these events will occur at coffee shops and attendees will be eligible to win a gift certificate from each business. Interpret this as “free coffee” for a lucky person.

These events are usually small in the number of attendees and big on dialogue, so please feel free to join our informal gatherings. Consider what economic development is to you. Bring your questions, your enthusiasm and your ideas. We would love to see you. A full schedule of events including locations, times and days will be available via City of Flagstaff social media and area publications. Celebrate Economic Development Week 2022 with us from May 9 through May 13!  FBN

By John Saltonstall