Ec Dev Myth 7: Proximity is the key

Old school economic developers will often pitch a locale based on its proximity to other places: 4 hours to this city, 2 hours to another one. What they don't list are the things that important to entrepreneurs, who often like to work hard and play harder: mountains, beach, hiking, other outdoor activities. It's part of what makes Silicon Valley what it is today.

It's obvious why old-school economic development listed proximity: they chased big manufacturing that needed big power, big logistics and big draws for big company executives, who want high-end shopping and arts that aren't available in the locale being pitched. But it's almost as if those pitching the locale as being n hours from somewhere else would rather be there than here.

Economic Development Myth 6 - EcDev and The Single Entrepreneur

Some old-school economic development types tend to shy away from selectively helping Entrepreneurs and startup companies for fear of the perception of favoritism. In economic development spin:

Singling out one Entrepreneur (or Startup) means others don’t get assistance

The corollary, in reality, is this belief:

All Entrepreneurs (and Startups) Are Created Equal

Not much to say here that hasn’t already been said. I don’t know why economic developers would ever ascribe to the limited pie theory; if you’re in the business of creating opportunity don’t shy away from it!

Use this instead:

Targeted growth of sectors and business clusters starts with - and is complemented by - tests with a few key Entrepreneurs.

Think of these key entrepreneurs - many of them serial entrepreneurs - as the control group to gauge future cluster participants against.