What are the New Faces of Economic Development?

The theme for MEDA’s 2013 Annual Meeting, to be held in Grand Rapids, will be The New Face of Economic Development. I hope you agree that this is an intriguing title as it wasn’t made lightly when the committee discussed it many months ago. The committee concluded that so much has changed in the Great Lakes State, that this was the logical title and theme for the meeting. As we come out of the economic slump, I feel much has changed in the realm of economic development and it is important to address those changes within our profession while continuing to investigate new approaches to economic development. Let me provide you a sneak preview of the types of sessions which make up our theme this year. We will discuss what the role of the economic developer is and how it has changed – what is expected of them and how have the resources been changed; a session will include a team of international speakers who will cover the global outreach that we face for business attraction; discussions will also cover crowd funding and regionalism.

Change in economic development seems to continue almost on a daily basis, but for starters, I do believe Michigan Governor Rick Snyder and Michigan Economic Development Corporation (MEDC) President Michael Finney have offered a refreshing change on the approach to business attraction and retention. Whether you are a fan or not, the incentive structure has been altered and I don’t know that I have seen much fall out from this change in direction. Secondly, regional partnership has been embraced by utilizing strengths from several of our private economic development agencies across the state. Organizations such as Detroit Regional Chamber, The Right Place, and Southwest Michigan First are just a few strong organizations that are helping assist the MEDC with this regional “touch” by providing their strong areas to the overall Pure Michigan efforts.

Next are the Young Professionals, a relatively new group within MEDA that will help identify, mention and education up and coming economic development professionals in providing them the network and tools that will help them grow in their respective roles. A kickoff reception will be held at the Annual Meeting and if you are 40 and under, you are welcome to attend.

Register today for the MEDA Annual Meeting and I look forward to seeing you at the Amway Grand on August 21st!

Recently I transitioned into the new position of President/CEO for the Troy Chamber of Commerce from being the Economic Development Director for the City of Novi for the past six years. I was fortunate to have worked with some fine people and businesses in Novi and now as I am in Troy, my past background and experience will hopefully benefit the Troy Chamber and business community. Chambers can be vital in economic development by helping educate businesses on how to network effectively and create relationships that are mutually beneficial. They can also assist in being an arm to their marketing department. Helping get the word out there about how strong of a company they are so that the bottom line is positively affected.

Finally, speaking of a new face for economic development, the Troy Transit Center is currently under construction with a planned completion and opening in September. This will be a 2,400 square foot facility equipped with restrooms, commercial concessions, pedestrian bridge and over a hundred parking spots. The Troy Chamber was an advocate for this project and felt that it can be an added boost for local economic growth. Amtrack and SMART would utilize this center and in many cases can be a great welcome for patrons to our city.

Authored by: Ara Topouzian, President/CEO of Troy Chamber of Commerce. Ara serves as Vice President of MEDA.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s