Economic development is the lifeblood of thriving communities. It is the work that drives community and business growth, creating jobs and enhancing the quality of life for residents. From May 6-10 more than 1,000 economic development professionals throughout the U.S. will celebrate Economic Development Week.
It isn’t easy to define the work of an economic developer. At its core, economic development is about identifying and nurturing the primary employers that form the backbone of a region’s economy. These are the companies that export goods and services out of their region, and they come in all stages and sizes, from start-ups to mature-stage employers. In the two counties Lakeshore Advantage serves, Ottawa and Allegan, there are more than 600 employers that fit that definition.
We work to keep our base strong so other businesses can benefit from the purchasing power of our primary employers, and all continue to thrive. How we do that is both an art and a science.
The art is connecting the dots that others cannot see. Through hundreds of one-on-one visits and outreach each year, we see patterns of challenges, opportunities and potential connection points. We bring resources provided by our state, federal and nonprofit partners right to our employers’ doorsteps. Essentially, we serve as an easy button for our primary employers.
Our team also works to grow the next generation of primary employers by supporting start-ups with big ideas that could become future major employers. Each start-up’s needs are different, and we serve as their no-cost business coach to help them scale quickly or fail fast. Currently, Lakeshore Advantage is supporting approximately 30 early-stage employers that could be our next Gentex, MillerKnoll or Haworth — all started by entrepreneurs with a grand vision.
The science is that we work behind the scenes to avert barriers to growth and make a compelling value proposition to growing companies outside of the region that fit within our current business landscape. Each challenge is different and complex. Each project we support has unique needs. We work as confidential consultants providing vast amounts of community-related data, site information and regulatory requirements seamlessly.
Our work is a true team sport. We collaborate daily with our state partners at the Michigan Economic Development Corporation, federal and state elected officials, local units of government, educational institutions and an array of other nonprofits that stand ready to be part of our team when one of our employers has a need. Learning is a daily occurrence — we must be able to provide a CliffsNotes version of hundreds of programs, services and tools that could benefit our employers. Together, we create investment momentum, generate trust and mitigate risk.
As we celebrate Economic Development Week, let us recognize the vital art and science of the role economic developers play in strengthening our communities. Through innovative approaches and a collaborative spirit, proactive economic development builds a brighter future for us all.
Jennifer Owens is the president of Lakeshore Advantage, the leading economic development organization for West Michigan’s Ottawa and Allegan counties.