Unique collaborations maximize results for economic development organizations

Community collaboration is the genesis of many economic development organizations, but partnership efforts often stall at the regional level. Results-driven EDOs need to work through the barriers funding and geographic boundaries can present to drive returns. Forming strategic alliances with other groups, agencies, or local governments maximizes resources, allows for cross-promotion, and generates positive externalities. Capturing these benefits requires finding unique ways to work toward common goals while maintaining community-specific efforts. 

Collaborating with other EDOs

According to a U.S. Department of Housing and Urban Development Office of Policy Development and Research publication, contemporary regional planning requires cooperative relationships among local governments and stakeholders – like EDOs. However, navigating collaborative efforts can be tricky. Many EDOs are formed with strict requirements limiting efforts to a specific geographical area. Funding restrictions may also apply, but many opportunities for collaboration exist beyond any codified parameters or can be addressed with a governing body on a case-by-case basis. 

For example, U.S. Small Business Administration Small Business Development Centers are typically created through partnerships with colleges and universities and serve a geographical region encompassing several EDOs. SBDCs and similar initiatives provide a natural jumping-off point for collaboration on seminars, training designed to grow local businesses, and more.

Workforce development efforts operate similarly. Governments adhere to strict geographical boundaries, but workers cross county, state, and national borders daily. Partnering on workforce initiatives recognizes the larger labor market fueling local industries and avoids duplication of efforts when both entities work toward a mutually beneficial goal, such as growing a larger base of skilled workers. Creating strategic alliances for specific programs helps maximize sometimes limited resources while allowing EDOs to still act competitively when necessary. 

Partnering for tourism

Many EDOs find partnering with local convection and visitor bureaus or tourist boards is a natural fit. Tourism fuels development in multiple sectors, creating jobs and contributing to the local tax base. Tourism dollars in many locations also help support ongoing efforts to attract visitors. This steady revenue stream creates unique opportunities for far-reaching marketing campaigns and local investments benefitting both travelers and residents. Through strategic planning with tourism-focused agencies, EDOs can identify shared priorities and present a cohesive vision of a region and its appeal as both a short-term destination and a place to settle down with a family or grow a business. 

Connecting with utilities

Utility companies frequently collaborate with economic development organizations to grow local communities and expand services to more business and industrial accounts. They may support an EDO through financial contributions and resource-sharing. Power cooperatives and for-profit energy providers are repositories of information site selectors rely on when choosing a location and companies need to craft business plans. Some utility providers, such as Entergy, offer more expansive services and assist with site selection, reviewing workforce options, and analyzing quality of life for relocating or expanding businesses. For EDOs with less staffing or resources, energy companies are often a powerful ally able to streamline processes and help enterprises cut costs in the site selection phase. 

Strategic collaborations are essential for economic development organizations to maximize opportunities and deliver the best outcomes for their communities. To learn more about strategic collaborations and partnerships, contact Golden Shovel Agency today.