A New Approach to Economic Development Ed Morrison IOpen October, 2005

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A New Approach to Economic DevelopmentEd
MorrisonI-OpenOctober, 2005
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Reality 1... We are squeezed by the collapsing
costs curves...Globalization is here to stay...
Source World Bank
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Reality 2... Old economic development strategies
are undercut by globalization
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Reality 3... The explosion of the Internet
creates new opportunities...
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Source Internet Systems Consortium
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Reality 4... To take advantage of new
opportunities we need to learn how to collaborate
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Open Source Economic Development provides a
roadmap for building globally competitive
communities
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Competitiveness in the knowledge economy starts
with building brainpower...
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We convert brainpower to wealth through networks
of entrepreneurship and innovation...often called
clusters...
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We keep wealth by building quality, connected
places that are sticky...they keep and attract
people
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We recruit new people and investment by telling a
clear, concise story...
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We build competitive communities with strong
civic habits of collaboration
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Collaboration creates competitive advantages.
The regions that learn to collaborate will
learn faster, spot opportunities faster and align
resources faster.
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The civic habits involve both public
participation and leadership direction
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The challenge for Louisiana is clear... Can the
states civic leadership develop a new approach
to economic development? (The old ways will only
spiral downward)
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